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.
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Week of May 20 - May 24 |
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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 |
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|
|
May 22 |
10:00 |
Bernanke Testimony |
|
|
|
|
|
|
|
|
May 22 |
10:30 |
Crude Inventories |
05/18 |
|
NA |
NA |
- 0.624M |
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|
May 22 |
14:00 |
FOMC Minutes |
5/1 |
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|
|
|
|
|
|
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% |
|
|
|
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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
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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 |
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