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Phone: 800.840.5617
Phone: 312.920.0212
Fax: 855.994.4111


ADDRESS

United Futures Trading Company, Inc.
9247 Broadway
Suite EE
Merrillville, IN 46410

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The Nikkei was down approximately 7% last night.

Market News

05.23.03

Top Day Market News


The release yesterday of the federal open market committee meeting minutes basically reversed the impression given by the fed chairman earlier in the day. Minutes suggested that a tapering of quantitative easing would begin sooner rather than later. This was enough to create a key reversal (a higher high, a lower low and a lower close than the previous day). Overnight, a contraction in Chinese manufacturing to 7.7% was another reason for equity markets to pause and take profits. The Nikkei was down approximately 7% last night. Yesterday’s action now makes traders leery of higher prices and should be enough to trigger a 5% correction.


Today could be a reversal day in intermediate trend for crude oil with a lower close. Monday of course is a major market holiday. We do get initial claims continuing claims and new home sales today.


 

Week of May 20 - May 24

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com Forecast

Briefing.com Consensus

 

Prior

Revised From

 

May 22

 

07:00

 

MBA Mortgage Index

 

05/18

 

 

NA

 

NA

 

-7.3%

 

 

May 22

 

10:00

 

Existing Home Sales

 

Apr

 

 

5.05M

 

4.98M

 

4.92M

 

 

May 22

 

10:00

 

Bernanke Testimony

 

 

 

 

 

 

 

May 22

 

10:30

 

Crude Inventories

 

05/18

 

 

NA

 

NA

- 0.624M

 

 

May 22

 

14:00

 

FOMC Minutes

 

5/1

 

 

 

 

 

 

May 23

 

08:30

 

Initial Claims

 

05/18

 

 

350K

 

348K

 

360K

 

 

May 23

 

08:30

 

Continuing Claims

 

05/11

 

 

3015K

 

3005K

 

3009K

 

 

May 23

 

09:00

 

FHFA Housing Price Index

 

Mar

 

 

NA

 

NA

 

0.7%

 

 

May 23

 

10:00

 

New Home Sales

 

Apr

 

 

425K

 

425K

 

417K

 

 

May 23

 

10:30

 

Natural Gas Inventories

 

05/18

 

 

NA

 

NA

 

NA

 

 

May 24

 

08:30

 

Durable Orders

 

Apr

 

 

-1.5%

 

1.6%

 

-6.9%

 

-5.8%

 

May 24

 

08:30

 

Durable Goods –ex transportation

 

Apr

 

 

-0.5%

 

0.5%

 

-2.9%

 

-1.5%

 

 

                 
 
 


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 (Change of Trend)

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

Jun ES


U

1606

1635

1639.50

1678.00

1679

1694

Jun Nasdaq


U

2937

2981

2972

3041

3049

3072

Jun JY


D

94.52

96.22

96.29

97.61

98.19

99.46

Jun EC


PRD( U)

126.53

127.42

127.86

129.51

129.76

130.21

Jun 10 Year


D

130.29

131.12

130.24

132.01

132.13

132.31

Jun 30 Year


D

142.09

143.04

141.30

144.14

145.06

146.13

July Soybeans


U

13.74

14.11

14.78

15.02

1467

14.86

July Corn


D

6.20

6.36

6.44

6.65

6.77

6.85

June Gold


D

1292

1325

1342.50

1402.7

1419

1481

July Silver


D

20.92

21.56

21.95

23.12

23.34

24.48

July Copper


U

314

323

329

342

338

346

July Crude


U

90.54

93.28

92.64

95.64

97.60

99.18

 

 

 

 

 

 

 

 

 

 News