Monday, May 10, 2010

Major resistance levels to watch in May 2010

European finance ministers and central bankers agreed late Sunday on a new loan program that could top 750 billion euros ($970.6 billion), designed to keep the Greek debt crisis from spreading to other vulnerable European countries.
Euro/USD shows an excellent short squeeze. I think it is going to test the 1.32 resistance level as long as it would stay above 1.27, please note if Euro/USD drop below 1.27 it would wipe out the 1.32 scenario.
For the U.S. stock market we should pay attention to 1152 resistance in S&P500. If market get above 1161 it has chance to shoot for 1200-1220.
Pay attention to 1152 and 1161, as major resistance in coming days.