MarketClub Updates

Key Events and Commentary available earlier every morning, via The MarketClub

KEY EVENTS TO WATCH FOR:

Wednesday, May 6, 2009
7:00 AM ET. May 1 Mortgage Applications

Market Composite Index (previous 960.6)

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Market Composite Index Cur Chg (previous -18.1%)

Purchase Index (S.A.) (previous 251.6)

Purchase Index (S.A.) Cur Chg (previous -0.6%)

Refinance Index (previous 5108.2)

Refinance Index Cur Chg (previous -21.9%)

8:15 AM ET. April ADP National Employment Report

Private Payrolls Forecast (expected –650000; previous –742000)

10:30 AM ET. May 1 US Energy Dept Oil Inventories

Crude Oil Stocks (previous 374.7M)

Crude Oil Stocks (Net Change) (expected +2M; previous +4.1M)

Gasoline Stocks (previous 212.6M)

Gasoline Stocks (Net Change) (expected +500K; previous -4.7M)

Distillate Stocks (previous 144.1M)

Distillate Stocks (Net Change) (Expected +1M; previous +1.8M)

Refinery Usage (expected 82.9%; previous 82.7%)

3:00 PM ET. April Treasury STRIPS

Key Events and Commentary available earlier every morning, via The MarketClub

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The June NASDAQ 100 was lower overnight due to profit taking as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, the 38% retracement level of the 2008-2009 decline crossing at 1441.17 is the next upside target. Closes below the 20-day moving average crossing at 1358.32 are needed to confirm that a short-term top has been posted.

First resistance is Tuesday’s high crossing at 1428.25. Second resistance is the 38% retracement level crossing at 1441.17. First support is the 10-day moving average crossing at 1389.00. Second support is the 20-day moving average crossing at 1358.32.

The June NASDAQ 100 was down 7.50 pts. at 1419.75 as of 5:35 AM CST. Overnight action sets the stage for a lower opening by June NASDAQ 100 when the day session begins later this morning.

The June S&P 500 index was lower overnight due to profit taking as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, January’s high crossing at 937.00 is the next upside target. Closes below the 20-day moving average crossing at 860.33 are needed to confirm that a short-term top has been posted.

First resistance is Tuesday’s high crossing at 904.90. Second resistance is January’s high crossing at 937.00. First support is the 10-day moving average crossing at 874.28. Second support is the 20-day moving average crossing at 860.33.

The June S&P 500 Index was down 5.80 pts. at 897.60 as of 5:37 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

Key Events and Commentary available earlier every morning, via The MarketClub

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The contents of this report are for information purposes only.

Posted in The Market Club Tagged: 100, currency market updates, first resistance, First support, June NASDAQ, June S&P 500 index, Key Events and Commentary, Market Club, market club updates, MarketClub, RSI, second resistance, second support, Stochastics, Stochastics and the RSI, stock indexes, The Market Club