Today’s sample of Futures Analysis from

U.S. equity markets are consolidating at the mid-session ahead of tomorrow’s U.S. inflation and retail sales reports. Besides the reports, traders are anticipating Fed Chairman Bernanke’s testimony. Some traders feel Bernanke will offer more guidance on when the Fed will raise interest rates.

At the mid-session, the Dow has been toying with the 11,000 area after closing above it on Monday. Traders seem a little tentative chasing strength in this market and may opt once again to support the long side on dips only. Weighing on trader’s minds at the mid-session is the direction of the Dollar and corporate earnings.

June Treasury Bonds and Treasury Notes are barely holding on to this morning’s earlier gains. The strong surge in Treasuries was attributed to traders hedging bets against a drop in equity prices due to the possibility of worse than expected earnings reports. Based on the short-term range of 118’12 to 114’06, the current rally has retraced back into a potential resistance zone at 116’15 to 116’29. Selling resurfaced this morning inside of the retracement zone, putting pressure on the market at the mid-session.

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