Stock Index and Forex Trading Technical Analysis on US Indices, Dow, Nasdaq
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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 - 29 May 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market 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 bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted. If the Dow renews this month's decline, the 38% retracement level of the rally off the 2011 low crossing is the next downside target.
 S&P 500 Index Technical Analysis
The S&P 500 futures market closed higher due to profit taking on Monday and the low-range close sets the stage for a steady-to-lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted. If it renews this spring's decline, the 38% retracement level of the October-March rally crossing is the next downside target.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed higher on Monday and the low-range close sets the stage for a steady-to-lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this spring's decline, the 50% retracement level of the August-April rally crossing is the next downside target.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed higher on Monday as it extends this month's decline. The low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. If it extends this month's decline, weekly support crossing is the next downside target. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted.
 Dollar / Yen Technical Analysis
The USD/JPY closed lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral-to-bearish hinting that a short-term high might be in or is near. If it renews the rally off March's high, the 62% retracement level of the February-March rally crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term bottom has been posted.
 Sterling / Dollar Technical Analysis
The GBP/USD closed lower 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-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, the 75% retracement level of this year's rally crossing is the next downside target. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed higher on Monday and the low-range close sets the stage for a steady-to-lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signalling that additional strength is possible near-term. If it extends this month's rally, weekly support crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term high has been posted.
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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
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'Stock Index and Forex Trading Technical Analysis on US Indices, Dow, Nasdaq' edited by PipTrade, updated 29-May-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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