The Market Club UpdatesKEY EVENTS TO WATCH FOR:
Friday, June 12, 2009
8:30 AM ET. May Import Prices
Import Prices (expected +1.5%; previous +1.6%)
Non-Petroleum Prices (previous -0.4%)
Petroleum Prices (previous +15.4%)
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9:55 AM ET. June Reuters/Univ Of Michigan Consumer Confidence Index, prelim
Sentiment Index End month (previous 68.7)
Sentiment Index Mid Month (expected 69.8; previous 67.9)
Expectations Index End Month (previous 69.4)
Expectations Index Mid Month (previous 69)
12-Month Inflation Forecast (previous 2.8)
Value (Current Period) End Month (previous 67.7)
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 consolidates above the 38% retracement level of the 2008-2009-decline crossing at 1442.87. Stochastics and the RSI are overbought but are neutral hinting that additional short-term gains are possible. If June extends this spring’s rally, the 50% retracement level of the 2008-2009-decline crossing at 1566.62 is the next upside target. Closes below the 20-day moving average crossing at 1440.68 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 1517.75. Second resistance is the 50% retracement level crossing at 1566.62. First support is the 10-day moving average crossing at 1488.77. Second support is the 20-day moving average crossing at 1440.68. The June NASDAQ 100 was up 2.75 pts. at 1494.75 as of 6:01 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 month’s trading range. Stochastics and the RSI are overbought but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this spring’s rally, the 38% retracement level of the 2008-2009-decline crossing at 1040.33 is the next upside target. Closes below the 20-day moving average crossing at 916.97 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 957.20. Second resistance is the 38% retracement level crossing at 1040.33. First support is the reaction low crossing at 922.70. Second support is the 20-day moving average crossing at 916.97. The June S&P 500 Index was up 1.60 pts. at 942.10 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.
