Markets: Your Must-Read Morning Report 6.28.10

The exclusive Markets Morning Report is supplied by Precision Capital Management.

The Precise Take – Markets relatively quiet as quarter draws to a close

Big Picture Analysis:  The ES broke out of its steep downward trend channel on Friday, and remains in its largest value area (blue, below) which extends from 1065.00 to 1082.00.  Failure to accept above on any rally attempt would also constitute a failure of the 20 day moving average, which would be short term bearish.  The next major target above is the 50% retracement of the recent down leg at 1096.25.  As stated Friday, acceptance below 1065.00 will likely lead to a retest and failure of the ~1040 support area.  On the news calendar, there are some housing related reports and ISM Manufacturing on Thursday.  However, the major report is Friday’s monthly Employment Situation.  The term “double dip” is increasingly making its way into main stream media outlets and equities have not been able to shake off…

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