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FINANCIALS
BOND MARKET RECAP

6/23/2014
September Bonds finished down 0-010 at 135-100, 0-900 off the high and 0-010 up from the low.
September 10 Yr Treasury Notes closed down 0-031 at 124-234. This was 0-016 up from the low and 0-297 off
the high.
U.S. Treasury markets took on a higher track during the morning

hours, with September Bonds climbing up to the
136-00 level. The market garners some measure of support from the relative yield advantage compared to its
European counterpart. The market saw a slight downtick following this morning’s US economic data that came
with stronger than expected US manufacturing and existing home sales. However, the downside reaction was
limited. There is some focus in the market on upcoming Treasury auctions this week totaling $107 billion. The
strong start to the trading session for September Bonds was seen as a positive and was later confirmed by a
higher close as buying power above yesterday’s high showed the bulls in control. September 10-Year Treasury
Notes saw a higher open and closed in the upper half of today’s range, and the market’s short-term technical
indicators suggest that the trend is positive.
Technical Outlook
BONDS (SEP) 06/24/2014: Positive momentum studies in the neutral zone will tend to reinforce higher price
action. The market’s short-term trend is negative as the close remains below the 9-day moving average. The daily
closing price reversal down puts the market on the defensive. The market has a slightly positive tilt with the close
over the swing pivot. The near-term upside target is at 136-060. The next area of resistance is around 135-210
and 136-060, while 1st support hits today at 134-310 and below there at 134-250.10 YR TREASURY NOTES (SEP) 06/24/2014: Momentum studies are rising from mid-range, which could
accelerate a move higher if resistance levels are penetrated. A negative signal for trend short-term was given on
a close under the 9-bar moving average. The market could take on a defensive posture with the daily closing
price reversal down. The market’s close below the pivot swing number is a mildly negative setup. The near-term
upside objective is at 124-195. The next area of resistance is around 124-125 and 124-195, while 1st support hits
today at 124-030 and below there at 124-000.

STOCK INDICES RECAP
6/23/2014
September S&P closed up 11.8 at 1965. This was 14.8 up from the low and -5.5 off the high.
September S&P E-Mini finished down 0.25 at 1953, 6.75 off the high and 3 up from the low.
September Dow finished up 660 at 17500, -593 off the high and 646 up from the low.
US equity markets grinded lower throughout Monday’s trading session despite a round of positive US economic
readings and fresh merger and acquisition news. This morning’s data on manufacturing PMI and Existing Homes
Sales both came in better than expected. Perhaps the market is a bit overbought on a near-term basis give the
latest six-day winning streak that brought major US indices into new record high territory. The major S&P sector
indices were evenly split between winners and losers, with standouts on the downside coming from consumer
staples and industrial-related shares.
Technical Outlook
S&P 500 (SEP) 06/24/2014: A new contract high was made on the rally. Daily stochastics have risen into
overbought territory which will tend to support reversal action if it occurs. The market’s short-term trend is positive
on the close above the 9-day moving average. The downside closing price reversal on the daily chart is
somewhat negative. It is a slightly negative indicator that the close was under the swing pivot. The next upside
objective is 1962.37. The market is becoming somewhat overbought now that the RSI is over 70. The next area of
resistance is around 1955.94 and 1962.37, while 1st support hits today at 1946.65 and below there at 1943.78.
S&P E-MINI (SEP) 06/24/2014: A new contract high was made on the rally. Momentum studies are trending
higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term
indicator for trend. It is a slightly negative indicator that the close was under the swing pivot. The near-term upside
target is at 1963.68. The market is approaching overbought levels with an RSI over 70. The next area of
resistance is around 1957.87 and 1963.68, while 1st support hits today at 1948.13 and below there at 1944.19.
NASDAQ (SEP) 06/19/2014: The rally brought the market to a new contract high. Stochastics turning bearish at
overbought levels will tend to support lower prices if support levels are broken. The close above the 9-day moving
average is a positive short-term indicator for trend. The market has a bullish tilt coming into today’s trade with the
close above the 2nd swing resistance. The next downside objective is 3781.75. With a reading over 70, the 9-day
RSI is approaching overbought levels. The next area of resistance is around 3879.50 and 3859.75, while 1st
support hits today at 3840.50 and below there at 3781.75.

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