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The European market open has been hectic, with equity trade trying to hold the positive open, but being impeded by S&P futures trade that looks determined to move lower. Oil and gold have also moved off the highs of the session, and re-enforced the fact that nothing is going to move too far in the current environment without a reality check from the S&P futures market.

As a gauge of global market sentiment it has no peers, and outside of the U.S. Treasury market, there is an impact felt in all markets whenever sentiment changes on S&P 500 futures. The dollar has strengthened in response to the equity moves, but not to the degree that anything jumps out as a short candidate.

The Trade Plans are all in short-dollar mode, and as such anything taken will have to be with tight targets and reduced lot sizes. The S&P futures market is currently trading at 939, with major resistance at 950 that it just dropped from in European trade, and 930 as support that it looks more than capable of testing.

In between, things are nothing more than a coin flick, and volume is not strong enough to really force a move outside of either range. European and Asian markets are trying to do their part in pushing stocks higher, and by default moving the dollar lower, but until the S&P range is broken it seems as though currency values will spin their wheels.