Due to the lack of negative news, the market has recovered nicely during the past 2 weeks.As can be deducted from the graph above, the MACD and RSI indicators indicate that the market is trading in overbought territory.
News out today is the British GDP at 10:30 and out of the US their retail sales figures at 14:30. The market doesn't really react to negative news at the moment, since the momentum is quite strong to the upside and it would take something significant to sway sentiment amongst investors.
We can expect resistance around the 28800 level. A break through there would pave the way for a movement up to 29500. Although we think this is a bit optimistic.
Futures close out is on Thursday and we expect the market to be strong up until then at least.
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