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Minyanville's T3 Morning Market Call: Euro Fears Weigh on Stock Futures


Overseas markets are taking a bit of a breather this morning and US stock futures point to a lower open.

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Overseas markets are taking a bit of a breather this morning and US stock futures point to a lower open. The market has been focused on improving US data, surging in spite of a weak euro. However, this morning there is some anxiety building over some Spanish and Italian debt auctions as well as concerns about Hungary. Fitch also warned the European Central Bank that they must "do more" to prevent a collapse of the euro currency.

Also putting the market under pressure this morning is news of a Microsoft (MSFT) warning of weak PC sales. Urban Outfitters (URBN) is also down 18% overnight after announcing the resignation of its CEO. Crocs (CROX) is up about 6% after announcing last night that it expects annual revenue to exceed $1 billion for the first time.

Yesterday markets didn't have the power to break out and go, but that's been the composure of this year's trading so far. It's been a very stock-specific trade both long and short, a nice environment for the active trader that can pick chart patterns and find the relative strength or weakness.

Short-term market composure will be measured by how much of yesterday's gap we can hold. Let's use the S&P 500 (SPY). Yesterday's low is 128.95, which starts some probing of yesterday's upside gap. Under that it gets filled down to $128.18. Bulls would like to see a portion of this hold, perhaps the $128.40 area is worth a look for some support.

Midterm momentum traders like me, trying to hold a portfolio of longs since the December 20 gap-and-go would not want to see $127.40-127.60 breached. The 10-day moving average is $127.10.

Last night Jim Cramer included some of my charts on Mad Money. This is type of analysis we do on our daily T3Live Off the Charts newsletter.

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Scott Redler is long SPY, OIH, GOOG, CSCO, GS, JPM, GMCR, and GOOG calls
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