The Market Club Updates
KEY EVENTS TO WATCH FOR:
Friday, June 5, 2009
8:30 AM ET. May Employment Report
Non-Farm Payrolls (expected -525K; previous -539K)
Unemployment Rate (expected 9.2%; previous 8.9%)
Average Hourly Earnings (previous 18.51)
Average Hourly Earnings Net Change (expected +0.1%; previous +0.1)
Manufacturing Payrolls (previous -149K)
Overall Workweek (previous 33.2)
Overall Workweek Net Change (previous 0)
Service Producing Payrolls (previous -269K)
3:00 PM ET. April Consumer Credit, in dollars (expected -7B; previous -11.1B)
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 above the 38% retracement level of the 2008-2009-decline crossing at 1442.87. 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 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 1410.57 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1497.75. Second resistance is the 50% retracement level crossing at 1566.62. First support is the 10-day moving average crossing at 1444.55. Second support is the 20-day moving average crossing at 1410.57. The June NASDAQ 100 was up 4.25 pts. at 1497.25 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 Thursday’s rally. 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 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 910.38 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 948.50. Second resistance is the 38% retracement level crossing at 1040.33. First support is the 10-day moving average crossing at 920.71. Second support is the 20-day moving average crossing at 910.40. The June S&P 500 Index was up 3.80 pts. at 944.30 as of 6:03 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 
