Technical Analysis
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The Daily Technical Analysis report covering both Support and Resistance Levels as well as Stochastics and RSI Indicators for the key Forex markets and the major US Stock Market Indices.
Supplied and sponsored by PipTrade.
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Technical Analysis - 6 February 2012
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
The Dow Jones futures market closed higher on Friday and is poised to test last May's high crossing. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI turned bullish with last week's rally signalling that sideways-to-higher prices are possible near-term. If the Dow extends the rally off October's low, last May's high 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 sharply higher on Friday and the high-range close sets the stage for a steady-to-higher opening when Monday's night session begins trading. Stochastics and the RSI turned bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, last May's high 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 sharply higher on Friday and the high-range close sets the stage for a steady-to-higher opening on Monday. 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 slightly higher on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 50% retracement level of the aforementioned decline crossing is the next upside target. Closes below the 20 day moving average crossing would temper the near-term friendly outlook.
 Dollar / Yen Technical Analysis
The USD/JPY closed higher on Friday and the high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term bottom might be in or is near. Closes below the 20 day moving average crossing would temper the near-term friendly outlook. If it extends the decline off January's high, October's high crossing is the next upside target.
 Sterling / Dollar Technical Analysis
The GBP/USD closed higher on Friday as it consolidates above December's high crossing. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, November's high crossing is the next upside target. Closes below the 20 day moving average crossing would temper the near-term friendly outlook.
 Dollar / Swiss Franc Technical Analysis
The USD/CHF closed higher on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off January's high, the reaction low crossing is the next downside target. Closes below the 20 day moving average crossing would temper the near-term friendly outlook.
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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'Technical Analysis' edited by PipTrade, updated 06-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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