Technical Analysis 3 February 2011
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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.
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Today’s Technical Analysis:
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Technical Analysis - 3 February 2011
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed slightly higher on Wednesday as it extends the rally off last year's low. The high-range close sets the stage for a steady-to-higher opening on Thursday. At the same time, stochastics and the RSI are diverging but are turning neutral signalling that sideways-to-higher prices are possible near-term.
 S&P 500 Index Technical Analysis
SPI closed lower on Wednesday as it consolidated some of this week's rally. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term.
 Nasdaq Index Technical Analysis
NDI closed lower due to light profit taking on Wednesday as it consolidated some of this week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
EUR/USD closed lower on Wednesday as it consolidates some of the rally off January's low. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, the 75% retracement level of the November-January decline crossing is the next downside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
 Dollar / Yen Technical Analysis
USD/JPY posted an inside day with a higher close on Wednesday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off January's high, December's high crossing is the next downside target. Closes above last Thursday's high crossing would confirm that a short-term bottom has been posted.
 Sterling / Dollar Technical Analysis
GBP/USD closed higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are diverging but are bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off December's low, November'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.
 Dollar / Swiss Franc Technical Analysis
USD/CHF closed higher due to profit taking on Wednesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady-to-higher opening on Thursday. 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, December's low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term bottom has been posted.
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'Technical Analysis 3 February 2011' edited by PipTrade, updated 03-Feb-11
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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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