Monday, July 26, 2010
Stock Market and Commodities Commentary For Monday Evening
Natural gas closed up 2.7 cents at $4.59 today. Prices closed near the session high today and saw tepid short covering in a bear market. The bears have the overall near term technical advantage. Prices are still in a six week old downtrend on the daily bar chart.
The U.S. stock indexes closed higher and near the session high today in the wake of upbeat economic data in the form of a stronger than expected new home sales report today. The stock index bulls have gained some fresh upside near term technical momentum recently and the indexes today hit fresh multi week highs.
The U.S. dollar index closed down 44 points at 82.18 today. Prices closed near the session low today and hit a fresh three month low. Bears have the near term technical advantage. Prices are in a seven week old downtrend on the daily bar chart.
Gold closed down $4.50 at $1,187.10 today. Prices closed near mid-range today in quieter trading. A weaker U.S. dollar index today did not help the gold bulls. The gold market bulls still have the slight overall near term technical advantage as trading has turned choppy recently. Prices just last month hit a fresh all time record high. However, prices are also in a six week old downtrend on the daily bar chart.
Back and Better than Ever....MarketClub 2 Week Free Trial