Wk33: Market Forecast

17 Aug

In the week ahead look for these news announcements to act as potential market movers
· Mon: Treasury International Capital 9:00 AM ET
· Mon: Housing Market Index 1:00 PM ET
· Tues: Housing Starts 8:30 AM ET
· Tues: Producer Price Index 8:30 AM ET
· Weds: EIA Petroleum Status Report 10:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Thurs: EIA Natural Gas Report 10:30 AM ET
· Fri: Existing Home Sales 10:00 AM ET

OPTIONS EXPIRY FRIDAY!

Ben Bernanke Speaks at 10:00 AM ET on Friday (8/21) about the year’s crisis.

Next week watch for a break of 1020 or 980 on the S&P as those are the current support and resistance levels. If we break lower look to retrace back to at least the 980 level, if not further to the $945 area. If we break higher, the 50% retracement would be our target with a price of $1,121 on the S&P.

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