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The Dow Futures Report
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US Equities higher on better than expected pending home sales
Wed, Jun 3 2009, 07:52 GMT
by Paul Brittain
US EQUITIES HIGHER ON BETTER THAN EXPECTED PENDING HOME SALES. GAINS MUTED AHEAD OF WEEKLY EMPLOYMENT DATA.
US equities posted slight gains on Tuesday, bolstered by a strong than expected reading on pending home sales data which offered some additional positive sentiment that the recent gains in equities may continue further than many expected. Financial shares were mixed as a number of the largest financial institutions continue their efforts to raise capital to meet the required stress test levels imposed by US auditors in May. Additional signs of market stabilization appeared today as the VIX (volatility index) level fell back below the psychologically important 30 level.
Homebuilders, technology, and consumer stocks support the markets eventual bullish outcome today. It is not surprising that gains were muted today as the lagging indicator of employment data appears for consideration this week. Positive sentiment appears to be on the horizon as acceptance of the gloomy employment picture is being considered and inevitability and should remain so while the data moves along its timeline to the psychologically important level of 10% unemployment in the US.
Technically, June Dow futures are skirting near overbought territory based on daily and 60 minute RSI. Based on the ranges and the chart progression, the market should expect to set up with a series of higher lows for the near term. Look for a possible pullback to 8560 sometime within this week. Longer term support sets up at 8460. Resistance sets up at 8870.
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 8690 | 8770 | 8670 | 8714 | 26 |
| SPM9 (JUNE S&P) | 939.9 | 948.5 | 937 | 942.6 | 3.5 |
| NDM9 (JUNE NASDAQ) | 1469 | 1495 | 1466 | 1478.5 | 8.50 |
_20090603080754.JPG "Dow")
Published on Wed, Jun 3 2009, 08:57 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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