Stock Index and Forex Financial Spread Betting Technical Analysis Reviewing Euro/Dollar, Sterling/Dollar, US Indices
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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 - 22 February 2012
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Indices Technical Analysis
Dow Jones Index Technical Analysis
The Dow Jones futures market closed lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. 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 slightly lower on Tuesday and the mid-range close sets the stage for a steady opening when Wednesday'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 lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. 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 unchanged on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning 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 resumes last week's decline, the reaction low crossing is the next downside target.
Dollar / Yen Technical Analysis
The USD/JPY closed higher on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 62% retracement level of the 2011 decline 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 posted a key reversal down on Tuesday and he low-range close sets the stage for a steady-to-lower opening on Wednesday. Stochastics and the RSI have turned 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 last Tuesday's decline, the reaction low crossing is the next downside target.
Dollar / Swiss Franc Technical Analysis
The USD/CHF closed higher on Tuesday renewing the decline off January's high. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning bearish 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 renews last week's rally, the reaction high crossing is the next upside target.
Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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'Stock Index and Forex Financial Spread Betting Technical Analysis Reviewing Euro/Dollar, Sterling/Dollar, US Indices' edited by PipTrade, updated 22-Feb-12
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Technical Analysis Index - an Index of Daily Technical Analysis articles covering Trends, Supports and Resistance Levels for some of the major Forex markets as well as US Stock Market Indices like the Dow, NASDAQ 100 and S&P 500.
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