Monday 28 May 2012
US Banks will be closed in observance of Memorial
Day, US Economic statistics may hold the focus of the holiday shortened week.
Will Greece leave the Euro Zone? Questions has been popping up and there’s no
one who can tell us Yes or No, and even though someone can tell, I am not sure whether the result follows (hehe ^_^), and I guess… most probably we might only get to know after the
election on 17 June. But market will
certainly pay closer look when we are approaching to the day...
Last Friday DJIA fell 74.92 pts., or 0.6% to 12,454.83 pts.
at the close.
Even though market were badly affected by European
sovereign debt troubles, over last week, DJIA gained 0.7%. And in most of the headlines, were the
listing of Facebook, did u pay attention to it?
So, for the coming 4 days trading week, we believe US Economic
statistics may hold the focus, and lets look at the major announcement calendar.
Major announcement (based on GMT+8 :: SG/MY Time)
[Tuesday ]
10:00pm CB Consumer confidence, consensus 69.6, previous
69.2.
[Wednesday]
10:00pm Pending Home Sales;
[Thursday]
8:30pm Prelim GDP q/q, ADP Non Farm Employment Change,
Unemployment Claims;
[Friday]
8:30pm NFP, Unemployment Rate;
10pm ISM Manufacturing PMI.
Since market is closed on Monday, my forecast is now
based on YM on Broco Trader (MT4).
I reckon market to trade sideways with the top restricted
to current resistance 12480 region.
And to test current support 12385 on Monday. Since the major announcement only come into
play on Tuesday night, I suggest traders to stay sideline and take some time to
discover other US dollar denominated asset like Gold.
Chart:
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