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Bank of Japan starts a two day meeting

Market News

Top Day Market News

5.21.12

No economic releases today. Over the weekend, there was some progress in Europe as Merkel and Hollande met in front of a European summit and China indicated that it would support its economy. The market is looking for at least a relief rally as last week saw the worst performance of the year. German bond yields are higher on the belief that some sort of proactive action to deal with Greece. Fears of the consequence of a Greek withdrawal form the EU drained 4 trillion of equity values from world markets last month. The sense coming out of the meeting between Merkel and Hollande was that growth rather than austerity will be emphasized in any action going forward. The Bank of Japan starts a two day meeting.

 

 

 

Week of May 21 - May 25

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

May

22

 

10:00

 

Existing Home Sales

 

Apr

 

 

4.80M

 

4.65M

 

4.48M

 

May

23

 

07:00

 

MBA Mortgage Index

 

05/19

 

 

NA

 

NA

 

9.2%

 

May

23

 

10:00

 

New Home Sales

 

Apr

 

 

340K

 

340K

 

328K

 

May

23

 

10:00

FHFA Housing Price

Index

 

Mar

 

 

NA

 

NA

 

0.3%

 

May

23

 

10:30

 

Crude Inventories

 

05/19

 

 

NA

 

NA

 

2.128M

 

May

24

 

08:30

 

Initial Claims

 

05/19

 

 

365K

 

365K

 

370K

 

May

24

 

08:30

 

Continuing Claims

 

05/12

 

 

3250K

 

3250K

 

3265K

 

May

08:30

Durable Orders

Apr

 

-1.5%

0.3%

-3.9%

-4.0%

 

 

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

24

 

 

 

 

 

 

 

 

May

24

 

08:30

Durable Orders -ex

Transportation

 

Apr

 

 

0.0%

 

1.0%

 

-1.3%

 

-0.8%

May

25

 

09:55

Michigan Sentiment - Final

 

May

 

 

77.0

 

77.5

 

77.8

 

 

MARKET PLACE

 

Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

 

Legend

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

 

 

Trend

WS2

WS1

DS

DR

WR1

WR2

June

ES

D

1249.25

1270.00

1283.50

1317.75

1331.2

5

1371.75

June

Nasda q

D

2369.25

2418.75

2450.25

2504.00

2567.0

0

2665.75

June

Yen

PRD(U)

123.29

124.89

125.57

126.79

127.36

128.23

June

EC

D

125.00

126.19

126.56

128.78

128.82

130.26

June

10

Year

U

132.23

133.08

133.11

133.03

134.03

134.12

June

30

Year

U

143.25

146.02

147.03

148.25

149.21

150.31

July

Soybea ns

U

13.36

13.70

13.93

14.27

14.444

14.84

July

Corn

U

5.54

5.95

6.23

6.50

6.57

6.79

 

 

June

Gold

PRD(U)

1501.2

1546.5

1573.9

1615.4

1617.3

1642.8

July

Silver

PRD(U)

25.86

27.26

28.03

29.14

29.53

30.40

July Coppe r

PRD(U)

327

336

342

351

360

376

July

Crude

D

88.07

89.86

90.95

92.94

94.83

98.01

 

 

 

 

 

 

 

 

 

News