The S&P 500 had a positive end to the US session on Friday

Good Morning,
- The Euro may once again will come under further pressure following the fallout from Thursday’s move by the SNB. A steep slide to new multi year lows at 1.1460 was seen, amidst general US$ strength.
- Gold continues to benefit from the fall-out and stocks recovered from new trend lows to post a strong Friday finish.
- The S&P 500 had a positive end to the US session on Friday after an early dip to a new trend low of 1970, in attempting to test the 16 Dec low at 1967. Despite the positive finish to the week, equities appear to remain under some pressure from the fall in the oil price. If risk aversion returns in force, then the downside will again be the direction to watch.
- Oil had a choppy but generally positive session, heading higher late in the day on Friday after holding on above the 100/200 HMA support (47.45/46.60). The choppy trade looks set to continue, with a mildly positive bias.
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