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Monday 16 September 2013

Stock Market Analysis

Lawrence Summer withdrew from being a candidate for Federal Reserve chairman
US & Russia reached an agreement to destroy Syria's chemical weapons instead of attacking them

US stock futures shot up to 1700 & might be too high
But the market is trying to build support @ 1700
However, 1700 can also become resistance if it fails to stay above because it's too high
1700 is also a psychological resistance
Federal Reserve officials will also decide at their September 17-18 meeting if they should start QE tapering
So the market might just stay around 1700 & wait for the news before going up higher if there's no QE tapering yet

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