Stock Market Index and Currency Daily Spread Trading Technical Analysis: Analysis for DJIA, Nasdaq 100, US Stock Markets
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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 - 20 April 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed lower due to profit taking on Thursday and the low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If the Dow extends the rally off last week's low, this month's high crossing is the next upside target. If the Dow renews the decline off April's high, the 25% retracement level of the October-April rally crossing is the next downside target.
 S&P 500 Index Technical Analysis
The S&P 500 futures market closed lower on Thursday and the low-range close sets the stage for a steady-to-lower opening when Friday'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 are needed to confirm that a short-term low has been posted. If it renews the decline off March's high, the 25% retracement level of the October-March rally crossing is the next downside target.
 Nasdaq Index Technical Analysis
The Nasdaq futures market closed lower on Thursday and the low-range close sets the stage for a steady-to-lower on Friday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the 20 day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this month's decline, the 25% retracement level of the October-April rally crossing is the next downside target.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
The EUR/USD closed slightly higher on Thursday. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are neutral-to-bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing are needed to temper the near-term bearish outlook. If it renews this month's decline, March's low crossing is the next downside target.
 Dollar / Yen Technical Analysis
The USD/JPY closed higher on Thursday and the high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are turning 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 renews the decline off March's high, the 50% retracement level of the February-March rally crossing is the next downside target.
 Sterling / Dollar Technical Analysis
The GBP/USD closed higher on Thursday extending the rally off this month's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, last October's high crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a double top has been posted.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed lower on Thursday. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. Multiple closes below the last Thursday's low crossing are needed to confirm that a short-term high has been posted. If it renews the rally off this month's low, March's low 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 Market Index and Currency Daily Spread Trading Technical Analysis: Analysis for DJIA, Nasdaq 100, US Stock Markets' edited by PipTrade, updated 20-Apr-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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