FOREIGN EXCHANGE
EUR/USD closed slightly lower on Friday as it consolidated some of last week's gains but remains above the retracement level of the December-January decline crossing . Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. The high-range close sets the stage for a steady to higher opening on Monday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed lower on Friday and below the retracement level of the December-January rally crossing as it extended last week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
GBP/USD gapped down and closed sharply lower on Friday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target.
USD/CHF closed lower on Friday but remains above the retracement level of the December-January rally crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
BULLION
Gold closed sharply lower on Friday as it extended last week's decline and closed below the reaction low crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
Silver closed sharply lower on Friday and spiked below the retracement level of the October-February rally crossing . The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Friday as it extended last week's decline and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. SPI closed lower on Friday as it extended last week's decline but remains above the retracement level of the rally off last June's low crossing . The low-range close sets the stage for a steady to lower opening on Monday. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted. NDI closed lower on Friday as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
ENERGY
Crude Oil posted an inside day with a lower close on Friday as it consolidates below the retracement level of the December-January decline crossing . The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed lower on Friday but remains above support marked by February's low crossing . The low- range close sets the stage for a steady to lower opening on Monday. Closes below the reaction low crossing would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
COFFEE
Coffee closed lower on Friday as it extended last Thursday's decline below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If it extends last week's decline, February's low crossing is the next downside target.
Monday, March 05, 2007
Friday, March 02, 2007
Market Commentary - - Friday, 2 March 2007
FOREIGN EXCHANGE
EUR/USD closed lower on Thursday as it consolidated some of this week's gains but remains above the retracement level of the December-January decline crossing . Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening on Friday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY gapped down and closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
GBP/USD closed lower on Thursday and below the 10-day moving average crossing . The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.
USD/CHF closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
BULLION
Gold closed sharply lower on Thursday as it extended this week's decline and closed below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
Silver closed sharply lower on Thursday and below the previous reaction low crossing confirming that a top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Thursday but well off early session lows due to short covering. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. SPI closed lower on Thursday as it extended this week's decline and spiked below the retracement level of the rally off last June's low crossing. The high-range close sets the stage for a steady to firmer opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. NDI closed lower on Thursday as it extended this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term.
ENERGY
Crude Oil closed slightly higher on Thursday after testing the retracement level of the December-January decline crossing. Profit taking tempered early gains however, the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural gas closed slightly higher on Thursday as it consolidated some of this week's decline after falling just short of testing the February low crossing in early trading. A short covering bounce ahead of the close tempered early losses and the high-range close sets the stage for a steady to firmer opening on Friday. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
COFFEE
Coffee closed lower on Thursday and below the 10-day moving average crossing as it extends this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If it extends this week's decline, February's low crossing is the next downside target
EUR/USD closed lower on Thursday as it consolidated some of this week's gains but remains above the retracement level of the December-January decline crossing . Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening on Friday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY gapped down and closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.
GBP/USD closed lower on Thursday and below the 10-day moving average crossing . The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.
USD/CHF closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
BULLION
Gold closed sharply lower on Thursday as it extended this week's decline and closed below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
Silver closed sharply lower on Thursday and below the previous reaction low crossing confirming that a top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Thursday but well off early session lows due to short covering. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. SPI closed lower on Thursday as it extended this week's decline and spiked below the retracement level of the rally off last June's low crossing. The high-range close sets the stage for a steady to firmer opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. NDI closed lower on Thursday as it extended this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term.
ENERGY
Crude Oil closed slightly higher on Thursday after testing the retracement level of the December-January decline crossing. Profit taking tempered early gains however, the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural gas closed slightly higher on Thursday as it consolidated some of this week's decline after falling just short of testing the February low crossing in early trading. A short covering bounce ahead of the close tempered early losses and the high-range close sets the stage for a steady to firmer opening on Friday. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
COFFEE
Coffee closed lower on Thursday and below the 10-day moving average crossing as it extends this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If it extends this week's decline, February's low crossing is the next downside target
Thursday, March 01, 2007
Market Commentary - -Thursday, 1 March 2007
FOREIGN EXCHANGE
EUR/USD gapped down and closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction high crossing are needed to confirm that a high has been posted. If it renews this this month's rally, the retracement level of this fall's rally crossing is the next upside target.
USD/JPY closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
GBP/USD closed slightly higher on Wednesday as it extended last week's rally above the reaction high crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing will signal that a high has likely been posted.
USD/CHF closed higher on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction low crossing are needed to confirm that a low has been posted.
BULLION
Gold closed sharply lower on Wednesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging but remain bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed sharply lower on Wednesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed higher on Wednesday and above the 10-day moving average crossing tempering the near term bearish outlook in the market. The high-range close sets the stage for a steady to higher opening on Thursday. SPI closed higher on Wednesday as it consolidated some of yesterday's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Closes above last week's high crossing are needed to renew last month's rally. NDI closed higher on Wednesday as it consolidated some of the decline off last week's high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
ENERGY
Crude Oil closed higher on Wednesday and above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are bullish hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed lower on Wednesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. If it extends last month's rally, gap resistance crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline but remains below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If it renews this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target.
EUR/USD gapped down and closed lower on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction high crossing are needed to confirm that a high has been posted. If it renews this this month's rally, the retracement level of this fall's rally crossing is the next upside target.
USD/JPY closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
GBP/USD closed slightly higher on Wednesday as it extended last week's rally above the reaction high crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing will signal that a high has likely been posted.
USD/CHF closed higher on Wednesday and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction low crossing are needed to confirm that a low has been posted.
BULLION
Gold closed sharply lower on Wednesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging but remain bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed sharply lower on Wednesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed higher on Wednesday and above the 10-day moving average crossing tempering the near term bearish outlook in the market. The high-range close sets the stage for a steady to higher opening on Thursday. SPI closed higher on Wednesday as it consolidated some of yesterday's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Closes above last week's high crossing are needed to renew last month's rally. NDI closed higher on Wednesday as it consolidated some of the decline off last week's high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
ENERGY
Crude Oil closed higher on Wednesday and above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are bullish hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed lower on Wednesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. If it extends last month's rally, gap resistance crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline but remains below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If it renews this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target.
Wednesday, February 28, 2007
Market Commentary - Wednesday, 28 February 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Tuesday and the high-range closes sets the stage for a steady to higher opening on Wednesday. Prices this week have seen a bullish upside breakout from a recent narrow and sideways trading range. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
USD/JPY closed lower on Tuesday and the low range-closes sets the stage for a steady to lower opening on Wednesday. Stochastics and RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction low crossing are needed to signal that a short-term low has been posted.
GBP/USD closed lower on Tuesday. The mid-range closes sets the stage for a steady opening on Wednesday. Bull's still currently have the technical advantage. Stochastics and RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above this months trading range are needed to signal that a low has been posted.
USD/CHF closed lower on Tuesday and the low-range closes sets the stage for a steady to lower opening on Wednesday. Closes below the 20-day moving average crossing would signal that a short-term top has been posted. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term.
BULLION
Gold closed lower on Tuesday and the mid-range closes sets the stage for a steady opening on Wednesday. Closes below the 10-day moving average crossing will signal that a high has been posted. Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible. Closes above this month's high are needed to continue last week's rally.
Silver closed lower on Tuesday. The mid-range closes sets the stage for a steady opening on Wednesday. Closes below the 20-day moving average crossing would confirm that a top has been posted. Stochastics and the RSI remain bullish signaling that sideways to higher prices are still possible near-term.
U.S. STOCK MARKET INDICES
DJI closed lower on Tuesday and the low-range closes sets the stage for a steady to lower opening on Wednesday. Stochastics and RSI are overbought and are bearish signaling that a short-term top might be in or is near.
SPI closed lower on Tuesday and the low-range closes sets the stage for a steady to lower opening on Wednesday. It is likely there will be strong follow-through selling pressure on Wednesday morning. Stochastics and the RSI are turning bearish signaling that a high might have been posted.
NDI closed lower on Tuesday and the low-range closes sets the stage for a steady to lower opening on Wednesday. Stochastics and RSI are overbought and are bearish signaling that a short-term top might be in or is near.
ENERGY
Crude Oil closed slightly higher on Tuesday and the high-range closes sets the stage for a steady to higher opening on Wednesday. Bulls have recently gained confidence that a near-term low is in place, but those hopes may be dashed. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
Natural Gas closed lower on Tuesday and the low-range closes sets the stage for a steady to lower opening on Wednesday. Bulls had the slight near-term technical advantage, but are likely to lose it on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are likely.
COFFEE
Coffee closed down Tuesday. Prices closed nearer the session low amid the general selling pressure in many commodity markets today. Bulls are fading after showing some recent strength and the next upside price objective is the solid resistance at last week's high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
Tuesday, February 27, 2007
Market Commentary - Tuesday, 27 February 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Monday and above the retracement level of the Dec-Jan decline crossing thereby renewing this year's rally. The high range close sets the stage for a steady to higher opening on Tuesday. Closes below the 20-day moving average crossing would confirm that a short-term high has been posted.
USD/JPY closed lower on Monday as it consolidated some of last week's rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing would signal that a short-term low has been posted.
GBP/USD closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.
USD/CHF closed lower on Monday and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold and are turning bearish hinting that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
BULLION
Gold closed higher on Monday as it extended last week's rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Close below the 20-day moving average crossing would confirm that a top has been posted. .
Silver closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Close below the 20-day moving average crossing would confirm that a top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and RSI are overbought and are bearish signaling that a short-term top might be in or is near.
SPI closed lower on Monday. The mid-range close sets the stage for a steady opening on Tuesday. Closes below the 20-day moving average crossing would confirm that short-term has been posted. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
NDI closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing would signal that a high has been posted.
Natural Gas closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing would confirm that a short-term high has been posted.
COFFEE
Coffee closed down 125 points on Monday. Prices closed nearer the session low on a corrective pullback after solid gains last week. Bulls still have some upside technical momentum, amid the recent rallies in many commodity markets. Stochastics and the RSI are neutral signaling that sideways prices are possible near-term.
Monday, February 26, 2007
Market Commentary - Monday, 26 February 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Friday and above the retracement level of the December-January decline crossing thereby renewing this year's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening on Monday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed lower on Friday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing are needed to continue last week's rally.
GBP/USD gapped above the 20-day moving average crossing and closed higher on Friday thereby confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.
USD/CHF closed lower on Friday and below trading range resistance crossing . The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
BULLION
Gold closed higher on Friday as it extended last week's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a top has been posted.
Silver closed above December's high crossing on Friday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Friday and below the 10-day moving average crossing . The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are bearish signaling that a short-term top might be in or is near.
SPI closed lower on Friday as it extended last week's sideways trading range. The mid-range close sets the stage for a steady opening on Monday. Closes below the 20-day moving average crossing would confirm that a short- term top has been posted.
NDI closed lower on Friday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed slightly higher on Friday as it extended last Thursday's rally above the retracement level of the December- January decline crossing. Profit taking tempered early gains ahead of the weekend and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a short- term top has been posted.
Natural gas posted an inside day with a higher close on Friday as it continued last week's rally and remains above the 10-day moving average. The mid-range close sets the stage for a steady opening on Monday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
COFFEE
Coffee closed unchanged on Friday as it consolidated some of last Thursday's rally but remains above the 20-day moving average crossing . The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are still possible. If it extends last week's rally, the reaction high crossing is the next upside target.
Friday, February 16, 2007
Market Commentary - Friday, 16 Feburary 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Thursday as it extended yesterday's breakout above the reaction high crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing would confirm that a short-term top has been posted.
USD/JPY gapped down and closed below the previous reaction low crossing on Thursday confirming that a high has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Closes above Thursday's gap crossing would confirm that a short-term low has been posted.
GBP/USD closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
USD/CHF closed lower on Thursday and is challenging the lower boundary of this year's trading range crossing . The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
BULLION
Gold closed higher on Thursday as it consolidates above the retracement level of last summer's decline crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a top has been posted.
Silver closed slightly lower on Thursday but remains above the retracement level of the December-January decline crossing .The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI posted a new all-time high on Thursday as it extended the long-term uptrend. The high-range close sets the stage for a steady to higher opening on Friday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
SPI posted an inside day with a new high close for the year on Thursday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing would confirm that a short-term top has been posted
NDI closed higher on Thursday and above resistance marked by last Friday's high crossing . The high-range close sets the stage for a steady to higher opening on Friday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
ENERGY
Crude oil closed slightly lower on Thursday as it consolidates below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed higher on Thursday as it consolidated some of this week's decline but remains below the 20- day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
EUR/USD closed higher on Thursday as it extended yesterday's breakout above the reaction high crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing would confirm that a short-term top has been posted.
USD/JPY gapped down and closed below the previous reaction low crossing on Thursday confirming that a high has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Closes above Thursday's gap crossing would confirm that a short-term low has been posted.
GBP/USD closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
USD/CHF closed lower on Thursday and is challenging the lower boundary of this year's trading range crossing . The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
BULLION
Gold closed higher on Thursday as it consolidates above the retracement level of last summer's decline crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a top has been posted.
Silver closed slightly lower on Thursday but remains above the retracement level of the December-January decline crossing .The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI posted a new all-time high on Thursday as it extended the long-term uptrend. The high-range close sets the stage for a steady to higher opening on Friday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
SPI posted an inside day with a new high close for the year on Thursday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing would confirm that a short-term top has been posted
NDI closed higher on Thursday and above resistance marked by last Friday's high crossing . The high-range close sets the stage for a steady to higher opening on Friday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
ENERGY
Crude oil closed slightly lower on Thursday as it consolidates below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed higher on Thursday as it consolidated some of this week's decline but remains below the 20- day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
Thursday, February 15, 2007
Market Commentary - Thursday, 15 February 2007
FOREIGN EXCHANGE
EUR/USD gapped up and closed above the reaction high crossing on Wednesday confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing would confirm that a short-term top has been posted.
USD/JPY closed lower on Wednesday and below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Closes below the reaction high crossing are needed to confirm that a high has been posted. If it extends this winter's rally, weekly support crossing is the next upside target.
GBP/USD gapped up and closed sharply higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near-term. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
USD/CHF gapped down and closed lower on Wednesday but remains locked in this year's trading range. The mid- range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed higher on Wednesday and above the retracement level of last summer's decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed higher on Wednesday and spiked above the retracement level of the December-January decline crossing . The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted
U.S. STOCK MARKET INDICES
DJI posted a new all-time high on Wednesday as it extended the long-term uptrend. The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
SPI posted a new high for the year on Wednesday thereby renewing last year's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
NDI closed sharply higher on Wednesday and is poised to test resistance marked by last Friday's high crossing . The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
ENERGY
Crude oil posted an inside day with a lower close on Wednesday and below the 10-day moving average crossing . The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews this year's rally, the retracement level of the December-January decline crossing is the next upside target.
Natural Gas closed lower on Wednesday and below the 20-day moving average crossing as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
EUR/USD gapped up and closed above the reaction high crossing on Wednesday confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing would confirm that a short-term top has been posted.
USD/JPY closed lower on Wednesday and below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Closes below the reaction high crossing are needed to confirm that a high has been posted. If it extends this winter's rally, weekly support crossing is the next upside target.
GBP/USD gapped up and closed sharply higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near-term. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
USD/CHF gapped down and closed lower on Wednesday but remains locked in this year's trading range. The mid- range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed higher on Wednesday and above the retracement level of last summer's decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed higher on Wednesday and spiked above the retracement level of the December-January decline crossing . The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted
U.S. STOCK MARKET INDICES
DJI posted a new all-time high on Wednesday as it extended the long-term uptrend. The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
SPI posted a new high for the year on Wednesday thereby renewing last year's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
NDI closed sharply higher on Wednesday and is poised to test resistance marked by last Friday's high crossing . The high-range close sets the stage for a steady to higher opening on Thursday. Closes below the reaction low crossing would confirm that a short-term top has been posted.
ENERGY
Crude oil posted an inside day with a lower close on Wednesday and below the 10-day moving average crossing . The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews this year's rally, the retracement level of the December-January decline crossing is the next upside target.
Natural Gas closed lower on Wednesday and below the 20-day moving average crossing as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
Wednesday, February 14, 2007
Market Commentary - Wednesday, 14 February 2007
FOREIGN EXCHANGE
EUR/USD gapped up and closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted.
USD/JPY gapped down and closed lower on Tuesday as it consolidates above January's low crossing . The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing would signal that a short-term high has been posted.
GBP/USD closed lower on Tuesday as it extended last week's decline below the reaction low crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
USD/CHF gapped down and closed lower on Tuesday as it consolidated some of Monday's rally and remains below the 10-day moving average. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction high crossing are needed to confirm that a high has been posted.
BULLION
Gold closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed higher on Tuesday and above the retracement level of the December-January decline crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed sharply higher on Tuesday and above the 10-day moving average crossing tempering the near-term bearish outlook in the market. The high-range close sets the stage for a steady to higher opening on Wednesday. SPI closed sharply higher on Tuesday as it consolidated some of the decline off last Fridays high but remains below the10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Closes above last week's high crossing are needed to renew this winter's rally. NDI closed higher on Tuesday as it consolidated some of the decline off last Friday's high. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
ENERGY
Crude oil sharply higher on Tuesday and above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but are bullish hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas closed higher on Tuesday and above the 20-day moving average crossing on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. If it extends Monday's decline, the reaction low crossing is the next downside target. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed lower on Tuesday as it extended Monday's decline. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
Tuesday, February 13, 2007
Market Commentary - Tuesday, 13 February 2007
FOREIGN EXCHANGE
EUR/USD gapped down and closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this winter's decline, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY closed higher on Monday as it extended last week's rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing would signal that a short-term high has been posted.
GBP/USD closed lower on Monday as it extended last week's decline and below the reaction low crossing . The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.
USD/CHF closed higher on Monday as it extended last week's rally above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply lower on Monday as it consolidated some of last Friday's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought, diverging but remain bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed sharply lower on Tuesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Monday and below the 20-day moving average crossing as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that a short-term top has been posted. SPI closed lower on Monday as it extended last Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. NDI closed lower on Monday as it extended last Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term.
ENERGY
Crude oil closed sharply lower on Monday and below the 10-day moving average crossing signaling that a short- term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but are neutral hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas gapped down and closed below the 20-day moving average crossing on Monday confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. If it extends Monday's decline, the reaction low crossing is the next downside target. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed lower on Monday as it extended last Friday's breakout below January's low crossing. The low- range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.
EUR/USD gapped down and closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this winter's decline, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY closed higher on Monday as it extended last week's rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing would signal that a short-term high has been posted.
GBP/USD closed lower on Monday as it extended last week's decline and below the reaction low crossing . The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.
USD/CHF closed higher on Monday as it extended last week's rally above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply lower on Monday as it consolidated some of last Friday's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought, diverging but remain bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing would signal that a top has been posted.
Silver closed sharply lower on Tuesday as it consolidated some of last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Monday and below the 20-day moving average crossing as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that a short-term top has been posted. SPI closed lower on Monday as it extended last Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. NDI closed lower on Monday as it extended last Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term.
ENERGY
Crude oil closed sharply lower on Monday and below the 10-day moving average crossing signaling that a short- term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but are neutral hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Natural Gas gapped down and closed below the 20-day moving average crossing on Monday confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. If it extends Monday's decline, the reaction low crossing is the next downside target. Closes above Monday's gap crossing would temper the near-term bearish outlook in the market.
COFFEE
Coffee closed lower on Monday as it extended last Friday's breakout below January's low crossing. The low- range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.
Monday, February 12, 2007
Market Commentary - Monday, 12 February 2007
FOREIGN EXCHANGE
EUR/USD closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this winter's decline, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY closed higher on Friday as it extended Thursday's rally above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Tuesday's high would open the door for a possible test of gap resistance crossing.
GBP/USD gapped down and closed lower on Friday as it extended Thursday's breakout below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.
USD/CHF closed lower on Friday as it extended last week's breakout below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are turning neutral hinting that sideways prices are possible near-term. Closes below the reaction high crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply higher on Friday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, weekly resistance crossing is the next upside target. Closes below the 20- day moving average crossing would signal that a top with December's high has been posted.
silver closed higher on Friday and above the retracement level of the December-January decline crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, fib resistance crossing is the next upside target.
U.S. STOCK MARKET INDICES
DJI closed lower on Friday as it consolidates some of last week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. SPI closed sharply lower on Friday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. NDI closed sharply lower on Friday and below the 10-day moving average crossing. The low- range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed higher on Friday and spiked above the retracement level of the December-January decline crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but are bullish hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Natural Gas closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. If it extends this rally, gap resistance crossing is the next upside target. Stochastics and the RSI are overbought and diverging signaling that a high might have been posted. Closes below the 20-day moving average crossing would confirm that a high has likely been posted.
COFFEE
Coffee closed lower on Friday and below January's low crossing thereby renewing this year's decline. The low- range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If it extends this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target. Closes above last week's high crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
EUR/USD closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this winter's decline, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY closed higher on Friday as it extended Thursday's rally above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Tuesday's high would open the door for a possible test of gap resistance crossing.
GBP/USD gapped down and closed lower on Friday as it extended Thursday's breakout below the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.
USD/CHF closed lower on Friday as it extended last week's breakout below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and are turning neutral hinting that sideways prices are possible near-term. Closes below the reaction high crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply higher on Friday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, weekly resistance crossing is the next upside target. Closes below the 20- day moving average crossing would signal that a top with December's high has been posted.
silver closed higher on Friday and above the retracement level of the December-January decline crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, fib resistance crossing is the next upside target.
U.S. STOCK MARKET INDICES
DJI closed lower on Friday as it consolidates some of last week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. SPI closed sharply lower on Friday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. NDI closed sharply lower on Friday and below the 10-day moving average crossing. The low- range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed higher on Friday and spiked above the retracement level of the December-January decline crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but are bullish hinting that additional short-term gains are still possible. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Natural Gas closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. If it extends this rally, gap resistance crossing is the next upside target. Stochastics and the RSI are overbought and diverging signaling that a high might have been posted. Closes below the 20-day moving average crossing would confirm that a high has likely been posted.
COFFEE
Coffee closed lower on Friday and below January's low crossing thereby renewing this year's decline. The low- range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If it extends this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target. Closes above last week's high crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
Saturday, February 10, 2007
Market Commentary - Friday, 09 February 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews the decline off last month's high, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY gapped up and closed above the 10-day moving average crossing on Thursday as it extended this week's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term high might be in or is near. Closes below Tuesday's low would open the door for a possible test of gap resistance crossing.
GBP/USD gapped down and closed sharply lower on Thursday and below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the decline off January's high. Closes above December's high crossing are needed to renew last fall's rally.
USD/CHF closed higher on Thursday and above the 10-day moving average crossing . The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply higher on Thursday as it consolidates above the 10-day moving average crossing. The high- range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, weekly resistance crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a double top with December's high has been posted.
Silver closed higher on Thursday and above the retracement level of the December-January decline crossing . The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Thursday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Friday. Multiple closes below the 20-day moving average crossing would confirm that a short-term top has been posted. SPI closed lower on Thursday as it consolidated some of Wednesday's rally but remains above the previous high crossing. The mid-range close sets the stage for a steady opening on Friday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. NDI posted an inside day with a lower close on Thursday but remains above the 20-day moving average crossing . The high-range close sets the stage for a steady to higher opening on Friday. If it extends this week's rally, the reaction high crossing is the next upside target.
ENERGY
Crude Oil closed higher on Thursday and above the retracement level of the December-January decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are neutral hinting that a short-term top might be in or is near. If it extends this year's rally, the retracement level of the December-January decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Natural Gas closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. If it extends this year's rally, gap resistance crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
COFFEE
Coffee closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If it renews this year's decline, the retracement level of this fall's rally crossing is the next downside target. Closes above last week's high crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
EUR/USD closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews the decline off last month's high, the retracement level of this fall's rally crossing is the next downside target.
USD/JPY gapped up and closed above the 10-day moving average crossing on Thursday as it extended this week's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term high might be in or is near. Closes below Tuesday's low would open the door for a possible test of gap resistance crossing.
GBP/USD gapped down and closed sharply lower on Thursday and below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the decline off January's high. Closes above December's high crossing are needed to renew last fall's rally.
USD/CHF closed higher on Thursday and above the 10-day moving average crossing . The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted.
BULLION
Gold closed sharply higher on Thursday as it consolidates above the 10-day moving average crossing. The high- range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this year's rally, weekly resistance crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a double top with December's high has been posted.
Silver closed higher on Thursday and above the retracement level of the December-January decline crossing . The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed lower on Thursday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Friday. Multiple closes below the 20-day moving average crossing would confirm that a short-term top has been posted. SPI closed lower on Thursday as it consolidated some of Wednesday's rally but remains above the previous high crossing. The mid-range close sets the stage for a steady opening on Friday. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. NDI posted an inside day with a lower close on Thursday but remains above the 20-day moving average crossing . The high-range close sets the stage for a steady to higher opening on Friday. If it extends this week's rally, the reaction high crossing is the next upside target.
ENERGY
Crude Oil closed higher on Thursday and above the retracement level of the December-January decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are neutral hinting that a short-term top might be in or is near. If it extends this year's rally, the retracement level of the December-January decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Natural Gas closed higher on Thursday and the high-range close sets the stage for a steady to higher opening on Friday. If it extends this year's rally, gap resistance crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
COFFEE
Coffee closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If it renews this year's decline, the retracement level of this fall's rally crossing is the next downside target. Closes above last week's high crossing are needed to confirm that a short-term low has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
Friday, February 09, 2007
Market Commentary - Thursday, 08 February 2007
FOREIGN EXCHANGE
EUR/USD closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews the decline off December's high, the 75% retracement level of this fall's rally crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a low has been posted.
USD/JPY closed higher on Wednesday and above the 20-day moving average crossing as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If it extends Monday's decline, gap support crossing is the next downside target. If it renews this winter's rally, weekly resistance crossing is the next upside target.
GBP/USD closed lower on Wednesday but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the decline off January's high. Closes above December's high crossing are needed to renew last fall's rally.
USD/CHF closed higher on Wednesday as it consolidates some of Tuesday's decline but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted. If it renews the rally off December's low, October's high crossing is the next upside target.
BULLION
Gold closed lower on Wednesday as it consolidated some of Tuesday's rally but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would signal that a double top with December's high has been posted. If it extends this year's rally, weekly resistance crossing is the next upside target.
Silver closed slightly higher on Wednesday and above the 75% retracement level of the December-January decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed unchanged on Wednesday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. SPI closed higher on Wednesday as it extended last week's breakout above the previous high crossing. The low-range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. NDI closed higher on Wednesday and above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed lower on Wednesday and below the 50% retracement level of the December-January decline crossing as it consolidates some of last week's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are neutral hinting that a short-term top might be in or is near. If it extends this year's rally, the 62% retracement level of the December-January decline crossing is the next upside target.
Natural Gas closed higher on Wednesday, however, the mid-range close sets the stage for a steady opening on Thursday. If it extends this year's rally, gap resistance crossing is the next upside target. Closes below the 20- day moving average crossing would confirm that a short-term top has been posted. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline but remains below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
EUR/USD closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews the decline off December's high, the 75% retracement level of this fall's rally crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a low has been posted.
USD/JPY closed higher on Wednesday and above the 20-day moving average crossing as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If it extends Monday's decline, gap support crossing is the next downside target. If it renews this winter's rally, weekly resistance crossing is the next upside target.
GBP/USD closed lower on Wednesday but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the decline off January's high. Closes above December's high crossing are needed to renew last fall's rally.
USD/CHF closed higher on Wednesday as it consolidates some of Tuesday's decline but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to confirm that a high has been posted. If it renews the rally off December's low, October's high crossing is the next upside target.
BULLION
Gold closed lower on Wednesday as it consolidated some of Tuesday's rally but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would signal that a double top with December's high has been posted. If it extends this year's rally, weekly resistance crossing is the next upside target.
Silver closed slightly higher on Wednesday and above the 75% retracement level of the December-January decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
U.S. STOCK MARKET INDICES
DJI closed unchanged on Wednesday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. SPI closed higher on Wednesday as it extended last week's breakout above the previous high crossing. The low-range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. NDI closed higher on Wednesday and above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.
ENERGY
Crude Oil closed lower on Wednesday and below the 50% retracement level of the December-January decline crossing as it consolidates some of last week's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought and are neutral hinting that a short-term top might be in or is near. If it extends this year's rally, the 62% retracement level of the December-January decline crossing is the next upside target.
Natural Gas closed higher on Wednesday, however, the mid-range close sets the stage for a steady opening on Thursday. If it extends this year's rally, gap resistance crossing is the next upside target. Closes below the 20- day moving average crossing would confirm that a short-term top has been posted. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
COFFEE
Coffee closed higher on Wednesday as it consolidated some of this week's decline but remains below the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If it renews this year's decline, the 62% retracement level of this fall's rally crossing is the next downside target.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk
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