05.24.03
Top Day Market News
The two main engines of world economic activity both sputtered yesterday. Chinese manufacturing “declined” to 7.7% while at the same time the Federal Reserve gave indications that it was tapering its asset purchase program sooner rather than later. The Nikkei declined by 7% while US stocks open lower then floated back to the surface as the day progressed. Nevertheless, markets hate uncertainty and as we are situated directly in front of the three-day holiday more profit-taking should be expected. A reasonable downside objective in the S&P is suggesting 1596.50 over time.
The EC managed to trade higher overnight as German confidence as measured by the IFO registered positive for the first time in several months.
Today we do get the all-important durable goods number then it is book squaring and a cloud of dust as traders leave. If only the weather would cooperate. Enjoy the weekend and keep the powder dry.
|
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 |
PRD( D) |
1606 |
1635 |
1635.50 |
1661.75 |
1679 |
1694 |
|
Jun Nasdaq |
PRD( D) |
2937 |
2981 |
2966 |
30.13 |
3049 |
3072 |
|
Jun JY |
D |
94.52 |
96.22 |
96.75 |
99.38 |
98.19 |
99.46 |
|
Jun EC |
D |
126.53 |
127.42 |
128.51 |
129.87 |
129.76 |
130.21 |
|
Jun 10 Year |
D |
130.29 |
131.12 |
130.27 |
131.22 |
132.13 |
132.31 |
|
Jun 30 Year |
D |
142.09 |
143.04 |
142.05 |
143.31 |
145.06 |
146.13 |
|
July Soybeans |
U |
13.74 |
14.11 |
14.75 |
15.35 |
1467 |
14.86 |
|
July Corn |
PRD( U) |
6.20 |
6.36 |
6.51 |
6.70 |
6.77 |
6.85 |
|
June Gold |
D |
1292 |
1325 |
1365 |
1407 |
1419 |
1481 |
|
July Silver |
PRD( U) |
20.92 |
21.56 |
22.07 |
22.79 |
23.34 |
24.48 |
|
July Copper |
U |
314 |
323 |
325 |
336 |
338 |
346 |
|
July Crude |
U |
90.54 |
93.28 |
92.82 |
95.07 |
97.60 |
99.18 |
|
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|
|
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