STOCK OVERVIEW -- The June stock indexes opened lower yesterday morning, whipsawed lower throughout most of the day and then surged higher into the close to finish higher across the board. The settlements were: SPM +2.00 at 1085.10, DJM +29 at 10152 and NDM +4.00 at 1264.50. All of the contracts posted 1-week lows and completed bullish hook reversals. The RSI situation strengthened with SPM at 48.5, DJM at 50.7 and NDM at 46.5 where they are all neutral. Despite yesterday's 1-week lows, the short-term trend is cautiously bullish as all of the indexes have traded higher over the past 2-weeks. The intermediate-term trend (1-month to 1-year) is bearish as all of the indexes have zigzagged sideways to lower throughout the past year. The long-term trend is neutral as all of the indices have traded higher over the past 4-years but made multi-year lows 8-months ago.
MOVING AVERAGES --SPM02: 200>100>50>4>5>3>30>9=10>Settle>20>18 DJM02: 5>50>9>10>3>Settle>100>30>18>20>200
SPM crossed below the 9 & 10-day averages and is now above only the 18 & 20-day averages. DJM crossed above the 18 thru 30, 100 and 200-day averages and remained below the rest. SPM's & DJM's oscillator's weakened as their 3-9 days crossed down into negative territory while their 5-20 days turned lower in positive territory.
BREADTH & SENTIMENT INDICATORS -- Market breadth was bullish with advancing issues (1,614) leading declining issues (1,549) so that the Advance/Decline line rose +66 to -25,109. The OB/OS indicator rose +46 to -134 were it is now slightly oversold. The TRIN 10-day average was rose +.06 at +1.17 where it is slightly bearish.
VOLUME/OPEN INTEREST -- NYSE volume for yesterday's session was 1.136 billion shares. S&P actual volume for Tuesday's session was 77,200 contracts while open interest rose +80 to 542,358. S&P estimated volume for yesterday's session was 66,442. Dow futures volume for Tuesday's session was 20,878 while open interest rose +3 to 33,651.
SUPPORT/RESISTANCE COMMENT -- SPM posted a high at 1086.80 and posted a 1-week low at 1075.70. DJM posted a high at 10160 and posted a 1-week low at 10061.
S&P 500 & DOW FUTURES-CASH PREMIUMS FOR | PREM AT | PREM AT | PREM AT | DIV | EXP 05/23| EURO RATE | TB RATE | ED&TB AVG | PTS | DAYS SPM02| .17 @ 1.89%| .03 @ 1.72%| .10 @ 1.80%| 1.43| 28 SPU02| 1.84 @ 1.94%| 1.21 @ 1.77%| 1.53 @ 1.86%| 5.16| 119
DJM02| -1.7 @ 1.89%| -3.0 @ 1.72%| -2.4 @ 1.80%| 16.63| 28 DJU02| 11.4 @ 1.94%| 5.5 @ 1.77%| 8.4 @ 1.86%| 54.05| 119
SUPPORT/RESISTANCE LEVELS -- S&P FUTURES (SPM02)
1705.50 Contract high (9/1/00) 1695.60 Contract high settle (9/1/00) 1617.10 1-1/3 year high (9/28/00) 1615.60 1-1/3 year high settle (9/28/00) 1581.20 1-1/2 year high and high settle (11/6/00) 1467.50 1-1/4 year high (1/31/01) 1462.50 1-1/4 year high settle (1/30/01) 1362.60 1-year high (5/22/01) 1359.60 1-year high settle (5/21/01) 1277.30 11-1/2 month high (7/2/01) 1256.40 10-1/2 month high (7/19/01) 1210.80 9-1/2 month high (8/27/01) 1181.00 8-3/4 month high (1/4/02) 1177.00 4-3/4 month high (Mar 19) 1174.20 4-3/4 month high settle (Mar 19) 1156.80 2-month high (Mar 28) 1135.70 1-1/2 month high (Apr 17) 1126.20 200-day average 1121.70 100-day average 1112.50 50-day average 1109.10 3-week high (Last Friday) 1091.10 30-day average 1086.80 Yesterday's high *1085.10 Previous Settle (Wednesday) 1083.10 1-week low settle (Tuesday) 1082.50 Pivot Point 1075.70 1-week low (Yesterday) 1052.50 1-1/2 week low (May 10) 1047.40 7-3/4 month low settle (May 7) 1045.80 7-1/2 month low (May 6) 978.50 Contract low settle (9/21/01) 950.30 Contract low (9/21/01)
RETRACEMENTS-- S&P 500 FUTURES (SPM02)
8-month 230.70 point upmove from 950.30 (9/21/01) to 1181.00 (1/4/02)
59% retrace (5/7/02 low) 1045.80
HIGH 1/4 1/3 .382 1/2 .618 2/3 3/4 LOW 1181.00 1123.30 1104.10 1092.80 1065.60 1038.40 1027.20 1007.90 950.30
SUPPORT/RESISTANCE LEVELS -- DOW JONES INDUSTRIAL FUTURES (DJM02)
10965 Contract high & high settle (6/21/01) 10695 9-1/2 month high (Mar 13) 10675 9-1/4 month high settle (Mar 19) 10509 2-month high (Mar 28) 10400 1-3/4 month high (Apr 10) 10376 1-1/4 month high (Last Friday) 10220 50-day average 10160 Yesterday's high *10152 Previous Settle (Wednesday) 10124 Pivot Point 10123 1-week low settle (Tuesday) 10120 100-day average 10061 1-week low (Yesterday) 9963 200-day average 9910 1-1/2 week low (May 10) 9790 3-month low settle (May 6) 9780 3-month low (May 6) 9744 3-1/2 month low settle (Feb 8) 9735 3-1/4 month low (Feb 8) 9598 6-1/2 month low settle (Feb 7) 9585 3-3/4 month low (Feb 7 & 8) 9520 6-1/2 month low (Jan 30) 9059 7-1/2 month low settle (10/31/01) 9025 7-1/2 month low settle (11/1/01) 8292 Contract low and low settle (11/21/01)
RETRACEMENTS-- DOW JONES INDUSTRIALS FUTURES (DJM02)
8-month 2403 point upmove from 8292 (9/21/01) to 10695 (3/13/02)
38% retrace (5/6/02 low) 9780
HIGH 1/4 1/3 .382 1/2 .618 2/3 3/4 LOW 10695 10094 9894 9777 9494 9210 9093 8893 8292
SUPPORT/RESISTANCE LEVELS -- NASDAQ FUTURES (NDM02)
1736.50 Contract high (12/5/01) 1735.00 Contract high settle (12/5/01) 1687.00 5-1/2 month high and high settle (Jan 4) 1586.00 3-3/4 month high (Jan 24) 1584.00 4-month high (Mar 11) 1564.00 3-3/4 month high settle (Mar 8) 1532.00 2-1/4 month high (Mar 18) 1490.00 1-3/4 month high (Apr 1) 1442.50 100-day average 1440.50 1-1/2 month high (Apr 17) 1355.50 50-day average 1354.00 1-month high (Last Wednesday) 1294.00 30-day average 1271.00 Yesterday's high *1264.50 Previous Settle (Wednesday) 1260.50 1-week low settle (Tuesday) 1256.50 Pivot Point 1234.00 1-week low (Yesterday) 1187.00 1-1/2 week low (May 10 & 13) 1156.00 7-1/2 month low settle (May 7) 1144.00 7-1/2 month low (May 7) 1126.00 Contract low and low settle (9/27/01) 1097.00 3-1/2 yr weekly nearest low (9/17/01-U01)
RETRACEMENTS-- NASDAQ FUTURES (NDM02)
4-1/2 month 543.00 point downmove from 1687.00 (1/4/02) to 1144.00
(5/7/02)
39% retrace (Last Wednesday's high) 1354.00
HIGH 3/4 2/3 .618 1/2 .382 1/3 1/4 LOW 1687.00 1551.00 1506.00 1479.50 1415.50 1351.50 1325.00 1279.50 1144.00