Dow Jones Prediction June 6 2012

Dow Jones Prediction June 6 2012 : U.S. equity markets closed higher overnight after a private industry gauge offered a better-than-hoped look at the services sector. By the close the Dow Jones had added 26 points to 12,128, with the NASDAQ gaining 18 points to 2778.

Ongoing concerns about Europe's debt problems kept markets under pressure, as the Spanish banking system teeters on the edge of collapse and Greece comes closer to a possible exit from the euro.

Spanish Treasury Minister Cristobal Montoro told a Spanish radio network early Tuesday that the country has been nearly shut out of global finance markets, and that its banking system would need help from other European countries. Credit rating agency Standard & Poor's said Monday that there is a one-in-three chance Greece will leave the euro currency union in the coming months.

Asian stocks rose for a second day as the U.S. services-industry grew faster than expected and a report said Europe’s bailout fund was preparing a credit line for Spain. The Australian dollar and oil advanced.

U.S. service industries sustained their pace of growth in May, showing the biggest part of the U.S. economy is withstanding the impact of the European debt crisis. Spain may receive a precautionary credit line from the European Financial Stability Facility, Germany’s Die Welt newspaper reported in a preview of a story that will run today, citing unidentified people familiar with talks about the possible option.

U.S. Federal Reserve Chairman Ben Bernanke will also speak on the U.S. economy before a congressional committee on Thursday.

Today's support:
12060.00 (main), where a delay and correction may happen. Break of the latter will give 12021.63, where correction also can be. Then follows 11997.13. Be there a strong impulse, we shall see 11968.03. Continuation will bring 11948.50.

Today's resistance:
12209.50 and 12243.11(main), where a delay and correction may happen. Break would bring 12265.50, where a correction may happen. Then follows 12301.87, where a delay and correction could also be. Be there a strong impulse, we'd see 12350.40. Continuation would bring 12378.10 and 12418.37.

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