S&P 500 (JUN) 04/07/2011: 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 close over the
pivot swing is a somewhat positive setup. The near-term upside target is at
1340.45. The next area of resistance is around 1334.30 and 1340.45, while 1st support
hits today at 1324.10 and below there at 1320.05.
JAPANESE YEN (JUN) 04/07/2011: The market made a new contract low on the break.
Momentum studies are still bearish but are now at oversold levels and will tend
to support reversal action if it occurs. The market's short-term trend is negative
as the close remains below the 9-day moving average. The market's close below the
1st swing support number suggests a moderately negative setup for today. The next
downside objective is now at 116.34. The 9-day RSI under 20 suggests the market
is extremely oversold. The next area of resistance is around 117.57 and 118.21,
while 1st support hits today at 116.64 and below there at 116.34.
EURO (JUN) 04/07/2011: 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. Since the close was above
the 2nd swing resistance number, the market's posture is bullish and could see
more upside follow-through early in the session. The next upside target is 144.19.
The market is becoming somewhat overbought now that the RSI is over 70. The next
area of resistance is around 143.77 and 144.19, while 1st support hits today at
142.45 and below there at 141.55.
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