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Economic Analysis Day Trading News: March 30, 2010

S & P 500 pins

The S & P 500 is approaching highs not seen since September 2008. Yesterday, the S & P 500 reached just below 1174 high Friday and above the pivot level 1167 1173.22.

Expect resistance between 1173 and 1174 and support levels in 1167. On March 25th at the main pivot was in 1168. This level was also convergence of 8, 21, 55, 144 Fibonacci levels in the 5 minutes chart. There should be a thick level of support between 1167 and 1168. main pivot for today is to expect the market to 1172 to go higher if it is priced above the 1172 and 1174 levels.

Commodities Analysis: Gold and crude

Gold rose for the third straight session, as it gradually recovers losses decline $ 15 last Wednesday. Gold imports in India are ahead of million weddings scheduled between April and May. Oil price down other currencies such as the dollar fell on increased oil prices to $ 2.17 to $ 82.39. The dollar lost ground yesterday also played well in driving commodity sector higher.

Last week, OPEC announced that keep the oil production ceiling unchanged, and will keep its profits fall dollar. Oil was now trading between $ 80 and $ 81 however, has recovered from the previous week and $ 82 reinforce OPEC decision to maintain oil production thereof.

Forex Analysis: Euro Vs Dollar

The euro rose to a 10-month low against the dollar as the International Monetary Fund could dictate the terms of assistance Greece. Greece raised 5 billion euros in state bond offering seven years at the rate of 5.9%. These events pushed the euro confidence level higher. Last week, the euro pushed lower due to the disqualification of Fitch credit rating of Portugal and Greece was seeking the help of the International Monetary Fund did not have a rescue plan in place to resolve the debt crisis.

Economic Numbers

Yesterday, personal spending 0.3% but increased personal income was flat in February. Today's report consumer confidence may give investors and traders a heads up on Friday's report employment status. This week is a week of operations due to the short Good Friday when we entered the month of April. Expect some market activity as more in April tax season. April First is an important day dissemination of economic information as it provides auto sales, ISM Manufacturing Index, construction spending and the numbers before Friday.

Resignation

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About the Author

Shamim Ziyaaudhin is one of the editors of TraderMongers.com, a one stop trading news feed source for worldwide traders and investors. Their philosophy is to establish the standard for providing market news feed that is comprehensive, accurate, and concise. Providing technical and fundamental trading setups, economic numbers, and calendar events throughout the trading day. Shamim has a Masters in Business Administration from Fairleigh Dickinson University and holds a degree in Psychology from Rutgers University. Check out his daily report on TraderMongers Blogger.

FOREX: Ringgit Lower Against U.S. Operated Early Session dollar KUALA LUMPUR, June 30 (PL) - The ringgit was traded lower against the U.S. dollar in the session early Wednesday as the dollar gained momentum with growing fears of debt crisis can derail Europe's economic recovery world, traders said.

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