One Pattern The S&P 500, Nasdaq, And Dow All Had
Mixed signals were given today
in the futures markets. Last week, when the broader index futures were in
decline, we saw traders running to foreign currencies, bonds, and gold. Today,
the broader index declined again, but so did the currencies.
Bonds traded lower in a narrow range and gold dropped on profit taking. The June S&P
500, Nasdaq 100 and DowÂ
futures all had bearish
descending triangles on their daily charts.
Last week, the June S&P 500
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broke through the 1100 level from a descending triangle. Today, it
closed just below the 1052.00 support level at 1051.79 down 21.19 or 1.98%.
Last week, the June Nasdaq 100
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broke below 1350, its support on the descending triangle. Today,
the NDM2 continued its decline, closing at 1165.50 down 32.00 or 2.67%.
The June Dow Jones Industrial
Average
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9790, a decline of 196.00 or 1.96%. The next support level for the Dow futures
is 9600.00.
Not much of trading range occurred in the Treasuries today, ahead of the FOMC meeting tomorrow. The
June 30 year bond
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year note
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Iraq was unsuccessful in swaying support for an oil embargo against the U.S. and
other allies of Israel, and on Sunday its cabinet voted to resume oil
exports, which will begin tomorrow. This caused crude oil to decline
in price today. June crude oil
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a barrel. June heating oil
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at 64.98. June unleaded gasoline
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Today in the currency market,
their were mixed signs. The June British pound
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The June Swiss franc
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June Canadian dollar
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has been rallying from a pullback from the high on a daily chart. Today the
Canadian dollar tried to take out its Dec. 16 2001 high at .64040, but was not
successful, closing at .63.76, down .19. The Japanese yen
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.17 to 78.71. The June euro, which has been on the rise was unchanged at .91.
The June dollar was also unchanged at at 113.87
June gold
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May silver dropped .10 to 459.60 and May copper
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71.