Intraday Market Thoughts

Archived IMT (2009.05.04)

by Ashraf Laidi
May 4, 2009 15:25

Better than expected US pending home sales and the first increase in construction spending in 6 months empowers stocks to new 4-month highs. S&P500 looks to test the 902 trend line resistance extending from the week of Oct 23. While S&P500 is now above the 30% rally mark from its March closing low, will it finally close above 880? And will the Dow manage to close above 8,400-8,500? Aussie outperforms, eyeing the 74-cent figure, while 75.09 stands as the 38% retracement of the decline from its all time high to the Nov low.


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