S&P 500 (JUN) 04/27/2011: The market made a new contract high on the rally. Daily
stochastics have risen into overbought territory which will tend to support
reversal action if it occurs. The close above the 9-day moving average is a positive
short-term indicator for trend. The market has a bullish tilt coming into today's
trade with the close above the 2nd swing resistance. The next upside target is
1356.55. The next area of resistance is around 1349.90 and 1356.55, while 1st
support hits today at 1332.50 and below there at 1321.75.
EURO (JUN) 04/27/2011: The market rallied to a new contract high. Studies are
showing positive momentum but are now in overbought territory, so some caution
is warranted. The market's short-term trend is positive on the close above the
9-day moving average. The outside day up and close above the previous day's high
is a positive signal. The market setup is supportive for early gains with the
close over the 1st swing resistance. The next upside objective is 147.52. The
next area of resistance is around 147.01 and 147.52, while 1st support hits today
at 145.38 and below there at 144.25.
Main idea long in Eur/usd as well in Eur/jpy
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