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The plan to rescue the debt-starved European nations has pushed the futures sharply higher in pre-opening trade as the June e-mini S&P were up 48 points with the Dow futures up 385 points just before 7 am ET this morning. The 50-day MA on the S&P is at 1169 with chart resistance strong in the 1180 area. The NYSE Composite has strong support at 6600 just below Thursday’s lows and the A/D line did confirm the recent highs, indicating that the intermediate trend was still positive.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
