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
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