The Market Club Updates June 24, 2009
KEY EVENTS TO WATCH FOR:
Wednesday, June 24, 2009
7:00 AM ET. June 19 Mortgage Applications
Market Composite Index (previous 514.4)
Market Composite Index Cur Chg (previous -15.8%)
Purchase Index (S.A.) (previous 261.2)
Purchase Index (S.A.) Cur Chg (previous -3.5%)
Refinance Index (previous 1998.1)
Refinance Index Cur Chg (previous -23.3%)
8:30 AM ET. May Durable Goods
Total Orders (expected -0.8%; previous +1.7%)
Orders, Ex-Defense (previous +1%)
Orders, Ex-Transportation (previous +0.8%)
10:00 AM ET. May New Home Sales
Overall Sales (expected 360K; previous 352K)
Percent Change (expected +2.3%; previous +0.3%)
10:30 AM ET. June 19 US Energy Dept Oil Inventories
Crude Oil Stocks (previous 357.72M)
Crude Oil Stocks (Net Change) (expected -1.3M; previous -3.87M)
Gasoline Stocks (previous 205.03M)
Gasoline Stocks (Net Change) (expected +1M; previous +3.39M)
Distillate Stocks (previous 150.03M)
Distillate Stocks (Net Change) (expected +600K; previous +308K)
Refinery Usage (expected 86%; previous 85.9%)
N/A Two-Day FOMC meeting continues; interest rate decision
expected around 2:15 p.m. EDT
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THE STOCK INDEXES
The September NASDAQ 100 was higher due to short covering overnight as it consolidated some of this week’s decline. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the 25% retracement level of this spring’s rally crossing at 1399.87 is the next downside target. First resistance is the 10-day moving average crossing at 1452.62. Second resistance is the 20-day moving average crossing at 1463.37. First support is Tuesday’s low crossing at 1412.00. Second support is the 25% retracement level crossing at 1399.87. The September NASDAQ 100 was up 5.75 pts. at 1429.75 as of 6:02 AM CST. Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.
The September S&P 500 Index was higher due to short covering overnight as it consolidates some of Monday’s decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the reaction low crossing at 874.00 is the next downside target. Closes above the 20-day moving average crossing at 920.27 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 911.28. Second resistance is the 20-day moving average crossing at 920.27. First support is Tuesday’s low crossing at 884.30. Second support is the reaction low crossing at 874.00. The September S&P 500 Index was up 3.60 pts. at 893.80 as of 6:03 AM CST. Overnight action sets the stage for a higher opening by the September 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: currenies direct updates, first resistance, First support, June NASDAQ 100, June S&P 500 index, Key Events and Commentary, marketclub updates, second resistance, second support 
