Jun 302010

The Euro rose against both the Dollar and the Yen as the European Central Bank send it would lend 131.9B Euros to banks which is much less than the 250B to 300B estimates. This naturally pushes down the US financials while buoying both the European and US stock markets. The ADP employment report this morning was dismal showing only 13K new jobs versus 57K in May. The market was quick to react with a tumble to the downside. Thus we have mixed biases this morning with Europe looking good and the employment report looking bad. If the Chicago PMI comes in much worse than expected, this market could be in for another sell-off with price levels not seen since Oct and Nov 2009. On the comp profiles, the 1026 area is the center of the next acceptance area. From there it’s down to the 1016 area for the next LVN. This could be a very tricky day. If prices start breaking through the lows, fear may kick back in and prices could continue to tumble. If prices move above the OH (44.50), there is a large LVN area all the way up to 55 making specific rejection areas difficult to identify.

 Posted by at 9:17 am

  3 Responses to “6/30/2010 Pre-Market Commentary”

  1. Hi
    The LVN at 1016 – where was that most ealily seen – on which chart?

  2. I was wondering if anyone would remember reading that level in yesterday’s commentary. 🙂 Pretty amazing how the ES bounced right off of it this morning. I pulled that 1016 level from the daily volume composite that goes back to 10/10/2007. The MD chart name is “ES Daily Composite Profile”. That LVN runs down to about 1008 into the next major HVN area centered around 1000.

Sorry, the comment form is closed at this time.