Intraday Market Thoughts

Archived IMT (2011.03.23)

by Ashraf Laidi
Mar 23, 2011 15:56

Back to Stocks: After posting a 3-day rebound, both S&P500 and the Dow-30 fall back down, struggling to regain those important 55-day moving averages (1,301 and 12,003 respectively). The two indices have also failed to take out the trendline extending from the Feb high. This presents the pattern of LOWER HIGHS, suggesting 1,266 and 11,705 will be the next key levels to watch (100-dma). Meanwhile, BOTH EURUSD AND GBPUSD race to the bottom, awaiting the final vote Portuguese austerity (expected at around 13:00 ET or 17:00 GMT). EURUSD seen set to lose further ground below $1.41 but emerging support expected to build at the Feb 14 trendline at 1.3970. GBPUSD posts a bearish engulfing daily candle, suggesting potential losses towards 1.6140 but trendline stands at 1.6080. EURGBP unable to break out of the top of the Mar 18 wedge, whose falling trenbdine resistance now stands at 0.8710, eysing 0.8660 interim target, a break of which is needed to call up 0.8620.


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