Currency Market Updates | The Market Club Update

The Market Club Update

KEY EVENTS TO WATCH FOR:
Monday, March 30, 2009
10:30 AM ET. Mar Dallas Fed Mfg Outlook Survey

Business Activity Index (previous -57.3)

Manufacturing Production Index (previous -36.1)

Key Events and Commentary available earlier every morning, via The Market Club

The June NASDAQ 100 closed posted an inside day with a lower close on Friday as it consolidated some of this week’s rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral hinting that a short-term top might be in or is near. If June extends this week’s rally, February’s high crossing at 1285.25 is the next upside target. Closes below the 20-day moving average crossing at 1160.66 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 1281.75. Second resistance is February’s high crossing at 1285.25. First support is the 10-day moving average crossing at 1219.27. Second support is the 20-day moving average crossing at 1160.66.

The June S&P 500 index posted an inside day with a lower close on Friday as it consolidated some of this week’s rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, the reaction high crossing at 833.20 is the next upside target. Closes below the 20-day moving average crossing at 750.12 would temper the near-term friendly outlook. First resistance is Thursday’s high crossing at 830.50. Second resistance is the reaction high crossing at 833.20. First support is the 10-day moving average crossing at 793.43. Second support is the 20-day moving average crossing at 750.09.

The Dow closed lower due to profit taking on Friday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are still possible near-term. If the Dow extends this month’s rally, the reaction high crossing at 7970 is the next upside target. Closes below the 20-day moving average crossing at 7202 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 7931. Second resistance is the reaction high crossing at 7970. First support is the 10-day moving average crossing at 7565. Second support is the 20-day moving average crossing at 7202.

Key Events and Commentary available earlier every morning, via The Market Club

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