Forex and Stock Market Trading Market Analysis on USD/JPY, S&P 500, Forex for 09 May 2012

09 May 2012 Forex and Stock Market Trading Market Analysis on USD/JPY, S&P 500, Forex

Indices Technical Analysis
	Dow Jones Index
	S&P 500 Index
	Nasdaq Index
Forex Technical Analysis
	Euro / Dollar
	Dollar / Yen
	Sterling / Dollar
	Dollar / Swiss Franc
Commodities Technical Analysis
	Commodities Analysis

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.

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Today’s Technical Analysis:

Technical Analysis - 9 May 2012

Indices Technical Analysis

Dow Jones Index Technical Analysis

The Dow Jones futures market closed lower on Tuesday and the high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI have turned bearish signalling that sideways-to-lower prices are possible near-term. If the Dow extends today's decline, the reaction low crossing is the next downside target. If the Dow renews this year's rally, monthly resistance crossing is the next upside target.

S&P 500 Index Technical Analysis

The S&P 500 futures market closed higher due to short covering on Tuesday and the high-range close sets the stage for a steady-to-higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends last week's decline, the 25% retracement level of the October-March rally crossing is the next downside target. Closes above the 10 day moving average crossing would temper the bearish outlook.

Nasdaq Index Technical Analysis

The Nasdaq futures market closed higher due to short covering on Tuesday and the high-range close sets the stage for a steady-to-higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. If it extends last week's decline, March's low crossing is the next downside target. Closes above the 20 day moving average crossing would signal that a short-term low has been posted.

For another view also see Indices Trading News
For more information on speculating on indices see Indices Spread Trading

Forex Technical Analysis

Euro / Dollar Technical Analysis

The EUR/USD closed lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. Closes below this year's trading range support crossing would open the door for a possible test of January's low crossing. Closes above the 10 day moving average crossing would confirm that a short-term low has been posted.

Dollar / Yen Technical Analysis

The USD/JPY closed lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term bottom might be in or is near. Closes above the 20 day moving average crossing are needed to confirm that a short-term bottom has been posted. If it extends the rally off March's high, the 62% retracement level of the February-March rally crossing is the next downside target.

Sterling / Dollar Technical Analysis

The GBP/USD closed lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off April's low, the 87% retracement level of the 2011-2012 decline crossing is the next upside target.

Dollar / Swiss Franc Technical Analysis

The USD/CHF closed higher on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends today's rally, March's high crossing is the next upside target. Closes below the 10 day moving average crossing would confirm that a short-term high has been posted.

For another view also see Forex Trading News
For more information on speculating on forex see Forex Spread Trading

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'09 May 2012 Forex and Stock Market Trading Market Analysis on USD/JPY, S&P 500, Forex' edited by PipTrade, updated 09-May-12

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