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Trader's Diary Notes 6/2/10
- Looking at new upside Positive Reversals with targets at 1252 weekly, 1270 daily
and 1284 monthly.
- (30 yr) Look like they have, or are topping. Res. at 123.16- 124.08
up to resistance should fail as sma9 rolling over on daily and sma9 below LoLine on hourly.
Watch for R on daily RSI at the 60 level.
Dow and SP500
- Daily CFG and now RSI (3 period) both showing Negative Reversals.
These NR's are coming soon after the Bullish Divergences formed which usually tells me
that the downside should accelerate once the NR Target has been achieved and
surpassed on a closing basis.
For now my initial downside targets are as follows:
SP500 -- 1066.03 and 1063.27 Near term R at 1103-1105
and then BTR at 1110 on close.
Dow -- 9911.16 and 9861.56 Wkly Pivot Low at 9896 and Wkly Lower Pivot at 9756. Near
term R at LoLine at 10386 with the Daily # at 10485 and the sma9 below the #
Dollar and Euro
-- Euro trend remains down with Dollar still up. Both appear to be getting
overextended in their respective trends.