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The Dow Futures Report
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US Equities rally to fresh technical highs
Thu, Apr 30 2009, 05:43 GMT
by Paul Brittain
US EQUITIES RALLY TO FRESH TECHNICAL HIGHS AS FOMC KEEPS NEAR ZERO RATE POLICY ON HOLD.
US Equities rebounded on Wednesday as fears regarding the economic costs of the growing swine flu epidemic subsided and the Federal Reserve offered signals from its rate meeting that the worst of the recessionary slide may be behind the US economy. Equities closed slightly off of their best levels of 2009. Stocks managed to post strong gains before the Fed meeting boost of recovery optimism as a worse than expected performance in US GDP was shrugged off by equity buyers as they seemed to find “diamonds in the rough” within the GDP figures (consumer spending was up 2.2%).
The verdict seemed to come in on the 1st quarter earnings season as well.
Measures released today showed that the ratio of companies that met or beat earnings expectations to those that fell short was nearly 10 to 1. Buyers also fled the secure Treasury markets and moved into equities and commodities as the US dollar fell and risk tolerance increased in the wake of subsiding concerns regarding the potential economic consequences of the evolving swine flu epidemic. A renewed sense of stability in the markets based on the comments by the Federal Reserve will likely cause the markets to pay special attention to the minutes of this latest meeting in order to establish further clarification of the extent by which recovery has been achieved so far and if the potential for inflation and a time frame for pulling back on the “golden goose” of easy monetary policy.
Expect the markets to take a session to digest the ramifications of the Fed decision.
Technically, June Dow Futures continue their upward trend toward a resistance level of 8260. The market should likely experience a pullback ahead of that move back to support at 7975. 7862 sets up as a key level of support for this market, with 7690 as a key Fibonacci 61.8% retracement level. Look for the market to hold above that level in the wake of a strong pullback.
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 8030 | 8205 | 8030 | 8125 | 158 |
| SPM9 (JUNE S&P) | 861.00 | 879.00 | 858.50 | 869.10 | 17.30 |
| NDM9 (JUNE NASDAQ) | 1370.00 | 1398.00 | 1369.00 | 1377.75 | 17.25 |
_20090430054659.JPG "Dow Futures")
Published on Thu, Apr 30 2009, 05:47 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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