Top Day Market News
Lately, most markets aren’t trading so much as they are being marked down.
Overnight, GDP for the euro zone stagnated but was saved by the expansion of the German economy at a rate five times greater than previously forecast.
Euro finance ministers are meeting today and may give Greece more time to meet budget cuts. Greece is also expected to make a bond payment of nearly 500 million euros today. They are also attempting to cobble together a coalition government. The most vocal of the parties wants to stay in the Euro, stabilize unemployment (running at 21%) and repudiate austerity measures. There is no Greek exit strategy from the EU.
Big data inflections at 8:30 with retail sales, CPI and Empire State Manufacturing all hitting the wires simultaneously.
Week of May 14 - May 18
|May||08:30||Retail Sales ex-auto||Apr||0.2%||0.2%||0.8%|
|May||09:00||Net Long-Term TIC||Mar||NA||NA||$10.1B|
|May||07:00||MBA Mortgage Index||05/12||NA||NA||1.7%|
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
U is Up
D is Down
PRD is Potential Reversal Day
S2 is Weekly strong support
S1 is Weekly good support
DS is Daily Support
DR is Daily Resistance
R1 is Weekly Good Resistance and is calculated once a week on Sunday night
R2 is Weekly Strong Resistance and is calculated once a week on Sunday night
Levels are for the most active futures contract
Daily Support and Resistance