The markets are fairly quiet, but the erosion is still showing a face in the s&p future, while that nasdaq is hanging tough.
The nasdaq continues to show strength as this future hasn't seen a test of its daily fib level at 2343.75. This future made a pit low of 2347.00 offer, mini low of 2346.25. It has since followed with a high of 2352.75, which held its last high of 2353.50, holding its pivotal price of 2353.25 once again as resistance. Downside still looks to test levels of 2341.75, 2338.25, and settle / daily pivot objectives at 2332.50 & 2332.75 respectively. A move back above the 2353.50 price, will need a bid followed at 2357.00. That should turn this future higher and a chance at new highs.
The bonds did catch a bid to make new highs. Holding a last low of 125.23 (upside # price), led to new highs at 126.05. A low of 125.31 was seen, followed by a one tic new high at 126.06. This future still may feel the need to test that key price of 126.16 and if that happens, I can't see why the index futures would rally. However, that last high leads to a one tic rejection of an extended move higher if the 125.31 price goes offer. Would then think another test of the 125.23 price would be in the cards, which would then see these two index futures firm up.
Food Stamps Went to Record 44.199 Million in February, USDA Food Stamps Went to Record 44.199 Million in February, USDA Says By Alan Bjerga - May 2, 2011 4:18 PM CT
The number of Americans receiving food stamps rose to a record 44.199 million in February, up from 44.188 million in the previous month, the government said.Recipients of Supplemental Nutrition Assistance Program subsidies for food purchases jumped 12 percent from a year earlier, the U.S. Department of Agriculture said today in a statement on its website.
Participation has set records every month since December 2008. Increases have slowed in recent months as unemployment levels declined.
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