21 Feb 2012 Currency and Stock Index Daily Trading Analysis: Technical Review of US Stock Markets, DJIA, USD/CHF
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Daily Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major FX markets, the Dow Jones, S&P 500 and NASDAQ.
Supplied and sponsored by PipTrade.
Today’s Technical Analysis:
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Technical Analysis - 21 February 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed higher on Monday as it extends the rally off October's low. The high-range close sets the stage for a steady-to-higher opening on Tuesday. If the Dow extends the rally off October's low, the 87% retracement level of the 2007-2009 decline crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted.
 S&P 500 Index Technical Analysis
The S&P 500 futures market closed higher on Monday and the high-range close sets the stage for a steady-to-higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, weekly resistance crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed higher on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, weekly resistance crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that short-term top has been posted.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed higher on Monday and above the 20 day moving average crossing tempering the near-term bearish outlook. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above this month's high crossing are needed to renew the rally off January's low. If it extends last week's decline, the reaction low crossing is the next downside target.
 Dollar / Yen Technical Analysis
The USD/JPY closed higher on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 50% retracement level of the 2011 rally crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term high has been posted.
 Sterling / Dollar Technical Analysis
The GBP/USD closed higher on Monday and the low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to renew the rally off January's low. If it renews Tuesday's decline, the reaction low crossing is the next downside target.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning neutral signalling that sideways-to-lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the decline off January's high. If it extends last week's rally, the reaction high crossing is the next upside target.
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'21 Feb 2012 Currency and Stock Index Daily Trading Analysis: Technical Review of US Stock Markets, DJIA, USD/CHF' edited by PipTrade, updated 21-Feb-12
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