Intraday Market Thoughts

Archived IMT (2010.06.04)

by Ashraf Laidi
Jun 4, 2010 2:23

200-DAY MA RESISTANCE. And once again 1107 in S&P500 and 10290 in the Dow-30 continue to hold as key ceilings for nearly 2 weeks, representing the 200-day moving averages. Last Friday, these levels were abt to break only for the Fitch downgrade of Spain to stand in the way. Could todays jobs report be the catalyst preventing these two indices from closing above their 20-day MAs? US ADP May payrolls rose 55K (vs expected +70K) following a revised 65K in April from 32K but continuing jobless rose by 31K to 4.7 The employment component of the services ISM did regain the 50 level. YESTERDAYs USDJPY CHART remains on the way up


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