European stocks rose early in their session, but have retreated a bit this morning. They were set for their first rise three days, but it appears persistent fears about the China growth are weighing on the market. US stock futures are weakening late this morning as well after earlier trading higher.
The Euro strengthened as Greece’s Prime minister won approval for the international bailout. Big Ben Bernanke will be speaking about how some of the financial strains in Europe have eased. Combine this with consistent positive U.S Data and you have stock market stair stepping higher.
Yesterday, the S&P’s held/tested upper support and continued to act in a very impressive fashion. Dips have been very shallow and riding the trend with a tactical approach has rewarded market participants. Seems like a lot of Market pro’s out there seem like the cool thing to do is call a top in Apple (NASDAQ:AAPL) or the Stock market, but it’s not the profitable one!
SPX resistance stands at 1409-1414. A major zone higher is 1420-1440. Support stands at 1396-1402, and then the 10day moving average stands at 1387-1389.
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