10.24.12
Top Day Market News
New home sales and the oil inventory numbers will be overshadowed today by the culmination of the two day Federal Reserve Open Market Committee meeting and the rate announcement at 2:15 this afternoon. Although the universal expectation is to keep rates artificially low for the foreseeable future, the language of the communique will be deconstructed to dust with this meeting coming so close to the election. Every phrase is a candidate for the candidates, prospectively.
The past several sessions have seen a markdown in equity values based primarily on earnings shortfalls and guidance as well as forebodings about the election and the fiscal cliff with its attendant sequestrations (draconian program cuts). It should be shown however that the ratio of Nasdaq versus S+P hit its low on Monday and has resisted further deterioration even as sentiment deteriorated. As always, the market is attempting to tell us something. See chart below:
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Week of October 22 - October 26 |
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|
Date |
ET |
Release |
For |
Actual |
Briefing.com Forecast |
Briefing.com Consensus |
Prior |
Revised From |
|
|
Oct 24 |
07:00 |
MBA Mortgage Index |
10/20 |
|
NA |
NA |
-4.2% |
|
|
|
Oct 24 |
10:00 |
|
Sep |
|
385K |
385K |
373K |
|
|
|
Oct 24 |
10:00 |
FHFA Housing Price Index |
Aug |
|
NA |
NA |
0.2% |
|
|
|
Oct 24 |
10:30 |
Crude Inventories |
10/20 |
|
NA |
NA |
2.860M |
|
|
|
Oct 24 |
14:15 |
FOMC Rate Decision |
Oct |
|
0.25% |
0.25% |
0.25% |
|
|
|
Oct 25 |
08:30 |
|
10/20 |
|
375K |
375K |
388K |
|
|
|
Oct 25 |
08:30 |
|
10/13 |
|
3275K |
3237K |
3252K |
|
|
|
Oct 25 |
08:30 |
|
Sep |
|
12.0% |
7.4% |
-13.2% |
|
|
|
Oct 25 |
08:30 |
Sep |
|
0.2% |
1.0% |
-1.6% |
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|
Oct 25 |
10:00 |
Pending Home Sales |
Sep |
|
1.0% |
2.4% |
-2.6% |
|
|
|
Oct 26 |
08:30 |
|
Q3 |
|
0.9% |
1.9% |
1.3% |
|
|
|
Oct |
08:30 |
Q3 |
|
2.6% |
2.0% |
1.6% |
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||
|
Date |
ET |
Release |
For |
Actual |
Briefing.com Forecast |
Briefing.com Consensus |
Prior |
Revised From |
|
26 |
|
|
|
|
|
|
|
|
|
Oct 26 |
09:55 |
Oct |
|
82.5 |
83.1 |
83.1 |
|
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 |
|
Dec ES |
U |
1390.25 |
1407.00 |
1395 |
1426 |
1450.0 0 |
1476 |
|
Dec Nasdaq |
U |
2587.50 |
2625.75 |
2643 |
2686 |
2740.5 0 |
2817 |
|
Dec Yen
|
D |
124.73 |
125.61 |
124.96 |
125.70 |
127.31 |
128.45 |
|
Dec EC
|
U |
127.76 |
129.03 |
129.30 |
130.55 |
131.52 |
132.74 |
|
DEC 10 Year
|
D |
131.02 |
131.23 |
131.23 |
132.18 |
133.07 |
134.02 |
|
Dec 30 Year
|
D |
144.06 |
145.25 |
146.03 |
148.11 |
149.17 |
151.16 |
|
Nov Soybeans
|
PRD(U) |
14.55 |
14.94 |
15.36 |
15.62 |
15.54 |
15.95 |
|
Dec Corn
|
U |
7.17 |
7.395 |
7.49 |
7.62 |
7.76 |
7.90 |
|
DEC Gold
|
D |
1691.50 |
1706.50 |
1698 |
1725 |
1746 |
1770.50 |
|
Dec Silver
|
D |
30.97 |
31.53 |
31.40 |
32.33 |
33.05 |
34.02 |
|
Dec Copper
|
D |
353 |
358 |
353 |
362 |
372 |
381 |
|
Nov Crude
|
U |
88.12 |
89.30 |
85.14 |
88.74 |
92.66 |
94.72 |
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