Today’s sample of Futures Analysis from FuturesHound.com

U.S. equity markets could not hold on to its earlier gains and fizzled into the close. Earlier today, the market got a boost, driven higher by good corporate earnings reports and a better than expected consumer confidence report.

Before the opening, stock markets were called lower after a volatile Asian trade triggered by a possible debt rating cut in Japan and another sign that China was serious about tightening its monetary policy. Trading became progressively rangebound as investors began to close positions ahead of the Fed FOMC meeting.

Treasury futures opened higher because of increased demand for safer assets, but cooler heads prevailed throughout the day-session, sending higher risk assets up and fixed income markets lower. The March Treasury Bonds once again failed inside a major 50% retracement zone, but managed to close off its low to prevent a daily closing price reversal. Look for sideways trading overnight.

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