BMO 300507

Index Futures at 7:06:13 AM ET
S&P 500 (JUN) -6.75 | NASDAQ 100 (JUN) -9.00 | Dow ($5) (JUN) -63.00

Currency
US vs Euro 1.3430 -0.12%
US vs Yen 0.0082 -0.03%
US vs GBP 1.98 -0.28%

Commodities
Gold (CMX ) 663.40 +2.00
Light Crude (NYM ) 63.15 -2.05

From Briefing.com:

Wednesday, May 30:

• Earnings: Dollar Tree (DLTR), Polo Ralph Lauren (RL), Williams-Sonoma (WSM), Chico's FAS (CHS), Novell (NOVL), Payless Shoesource (PSS), TiVo (TIVO)
• Economic Data: FOMC Minutes
• Events: None
• Conferences: Bank of America Healthcare Conference, Cowen and Company 35th Annual Technology Conference 2007 Focus on Mid Cap, Deutsche Bank Securities Energy and Utilities Conference, Lehman Brothers Worldwide Wireless & Wireline Conference, Merill Lynch Small Cap Technology Healthcare Conference
• Fed Speakers: None

Commentary
Tonight is the mother of all market movers: the FOMC minutes. Up or down, it depends. What I know is, the current interest rate is 5.25%, the Fed has made several statements which show that core inflation is under control (PCE at 2.1%) but not within the comfort level of 1.0-2.0%, the housing sector is slowing down but it's not the main concern of the Fed, what really decides a rate cut or hike now depends on the jobs market - which has data due out on Friday. I wouldn't dare to say anything but I'll just put down my 2 cents of candles.

Dow Jones Industrial Index 13,521.34 +14.06
The doji yesterday landed on a very nice support which was the resistance level of the year long uptrend. A doji has formed at the end of a 2-week consolidation. Technically, we will go up.

1st intraday resistance: 13,549
2nd intraday resistance: 13,580
1st intraday support: 13,489
2nd intraday support: 13,440

5 day interday high(resistance): 13,625
5 day interday low(resistance): 13,354

Direction for 290507: UP


NASDAQ Composite Index 2,572.06 +14.87
Combine yesterday's candle and the previous day's and you will get a bullish Harami at the end of a consolidation again!

1st intraday resistance: 2,579
2nd intraday resistance: 2,586
1st intraday support: 2,561
2nd intraday support: 2,551

5 day interday high(resistance): 2,601
5 day interday low(resistance): 2,520

Direction for 290507: UP




S&P500 Index 1,518.11 +2.38

Another Doji coming out. Combine candles and you will also get a Harami. It looks trapped in the uptrending support and 68.2% fibonacci retracement level. Tonight might be a volatile night but it will close narrowly.

1st intraday resistance: 1,522
2nd intraday resistance: 1,529
1st intraday support: 1,512
2nd intraday support: 1,507

5 day interday high(resistance): 1,533
5 day interday low(resistance): 1,500

Direction for 290507: Flat

The Fear Gauges...
The $VIX & $VXN

SAME~! Everything's like pointing the market up.


So there it is. We shall wait for 2pm before we know the direction...