June 17th, Daily Report

Last week ended with falls in the major indices. This week's macroeconomic data have a mixed tone, so the stock markets are still waiting for the FOMC meeting (decision making of Fed) next Wednesday.

The week started in the Asia-Pacific region with widespread increases: the Japanese Nikkei ended the session with a rise of +2.73%. The session begins in the old continent with the same movement.

During today's session we will not know any data of particular importance, except for what may be happening in the G8 meeting, which starts today in Ireland (where it is treated, among other things, global growth, trade situation of international markets and the consequences of the monetary policies of the various Central Banks).

In the United States, we will know this afternoon the Empire State manufacturing index that measures the health of the manufacturing sector in the state of New York, which is expected to improve slightly from -1.4 to -0.5.

The most important event of the week is the Fed meeting and subsequent statements by Ben Bernanke. I expect some volatility during the previous days, but there should not be significant movements before knowing the position of the Fed.

INDICES:

S&P 500

Attention to the main bearish trend in the SP500, as we could see the index in the bottom of the channel again and there could be a rebound. The 200 day moving average and the indicators continue to show a bearish trend for the index. Volatility is also increasing and there are high levels of uncertainty in the market.

Dax 30

From the technical standpoint, the German index is in a bearish channel on the 4 hour chart. Indicators are giving signals of a downward trend, so it can give us important opportunities for opening short positions. The 200 day moving average has a positive slope still, so be attentive at last week's lows of 7964 points.

Ibex 35

The area of 7.950 points (last week's minimum) will be the reference point to consider. The price marks highs and lows since the top of the channel, but if we add the loss of the 200-day SMA, we find the index in a bearish technique situation.