The Market Club Update

The Market Club Update

KEY EVENTS TO WATCH FOR:

Friday, May 29, 2009
8:30 AM ET. 1 Quarter GDP, prelim

GDP 1st Est. (expected -5.5%: previous -6.1%)

Chain-Weighted Price Index (expected +2.9%; previous +2.9%)

Purchase Price Index (previous -1%)

PCE Price Index (previous -1%)

Real Final Sales (previous -3.4%)

9:45 AM ET. May Chicago PMI

Employment Index (previous 31.8)

New Orders Index (previous 42.1)

Prices Paid Index (previous 28.4)

Purchasing Managers Index (Adjusted) (expected 42; previous 40.1)

Supplier Deliveries Index (previous 45.4)

9:55 AM ET. May Reuters/Univ Of Michigan Consumer Confidence Index, final

Sentiment Index End month (expected 67.9; previous 65.1)

Sentiment Index Mid Month (previous 67.9)

Expectations Index End Month (previous 63.1)

Expectations Index Mid Month (previous 69)

12-Month Inflation Forecast (previous 2.6)

5-Month Inflation Forecast (previous 2.8)

Value (Current Period) End Month (previous 68.3)

Value (Current Period) Mid Month (previous 66.2)

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

THE STOCK INDEXES

The June NASDAQ 100 was higher overnight as it extends this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, this month’s high crossing at 1437.75 is the next upside target. Closes above the reaction high crossing at 1437.75 or below the reaction low crossing at 1336.50 are needed to clear up near-term direction in the market. First resistance is the overnight high crossing at 1429.00. Second resistance is this month’s high crossing at 1437.75. First support is the 20-day moving average crossing at 1393.03. Second support is the 10-day moving average crossing at 1391.90. The June NASDAQ 100 was up 9.75 pts. at 1428.00 as of 6:00 AM CST. Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.

The June S&P 500 index was higher overnight as it extends this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, the reaction high crossing at 923.20 then this month’s high crossing at 929.00 are the next upside targets. From a broad perspective, June needs to close above 929.00 or below 875.40 to clear up near-term direction in the market. First resistance is Wednesday’s high crossing at 913.80. Second resistance is last Wednesday’s high crossing at 923.20. First support is Tuesday’s low crossing at 876.90. Second support is the reaction low crossing at 875.40. The June S&P 500 Index was up 6.60 pts. at 911.70 as of 6:02 AM CST. Overnight action sets the stage for a higher 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 Market Club

 

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The contents of this report are for information purposes only. Compiled by Tom Nadir

Posted in The Market Club Tagged: currency market updates, first resistance, First support, Key Events and Commentary, market club updates, second resistance, second support, The Market Club Update