Morning update:
May 27 (Bloomberg) -- Confidence among U.S. consumers fell to the lowest level in more than 15 years, raising the risk that spending will slump.
The Conference Board's confidence index declined more than forecast to 57.2, the lowest level since October 1992, from a revised 62.8 in April, the New York-based research group said today.
Equity ISE dropped hard at the open, suggesting too many bears woke up this morning and a modest squeeze was on. NQ found resistance at its weekly pivot (1986). ES 5 dma is at 1391, so any bounce for now is just a retrace, unless we close above that level. However, bulls have the bond drop on their side, at least today.
COMP 20 dma is at 2473, an important level for the markets.
Oil seems to have support at 129, although the 10 dma is a little lower at 128.25. Weekly pivot at 130.69 is current resistance. That problem for equities is not gone yet, unless we manage a close below 127.70/128.
May 27 (Bloomberg) -- Confidence among U.S. consumers fell to the lowest level in more than 15 years, raising the risk that spending will slump.
The Conference Board's confidence index declined more than forecast to 57.2, the lowest level since October 1992, from a revised 62.8 in April, the New York-based research group said today.
Equity ISE dropped hard at the open, suggesting too many bears woke up this morning and a modest squeeze was on. NQ found resistance at its weekly pivot (1986). ES 5 dma is at 1391, so any bounce for now is just a retrace, unless we close above that level. However, bulls have the bond drop on their side, at least today.
COMP 20 dma is at 2473, an important level for the markets.
Oil seems to have support at 129, although the 10 dma is a little lower at 128.25. Weekly pivot at 130.69 is current resistance. That problem for equities is not gone yet, unless we manage a close below 127.70/128.
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on Tuesday, May 27, 2008 at 5/27/2008 10:12:00 AM.
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