Thursday, September 9, 2010

Market Summary For Thursday Sept. 9th

The S&P 500 index closed higher on Thursday as it extended the rally off August's low. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral bullish signaling that additional gains are possible near term. If September extends the aforementioned rally, August's high crossing at 1120.90 is the next upside target. Closes below the 20 day moving average crossing at 1069.61 would confirm that a short term top has been posted. First resistance is today's high crossing at 1106.50. Second resistance is August's high crossing at 1120.90. First support is the 10 day moving average crossing at 1072.22. Second support is the 20 day moving average crossing at 1069.63.

Crude oil closed lower on Thursday due to profit taking as it extends the trading range of the past two weeks. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 75.58 are needed to confirm that a short-term low has been posted. If October renews the decline off August's high, May's low crossing at 70.35 is the next downside target. First resistance is the reaction high crossing at 75.58. Second resistance is today's high crossing at 75.96. First support is August's low crossing at 70.76. Second support is May's low crossing at 70.35.

Natural gas closed lower on Thursday as it extends the trading range of the past two weeks. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish hinting that a short covering rebound is possible near term. Closes above the 20 day moving average crossing at 3.996 are needed to confirm that a short term low has been posted. If October renews this year's decline, weekly support crossing at 3.225 is the next downside target. First resistance is last Friday's high crossing at 3.946. Second resistance is the 20 day moving average crossing at 4.048. First support is August's low crossing at 3.697. Second support is weekly support crossing at 3.225.

Gold closed lower due to profit taking on Thursday as it consolidates some of the rally off July's low. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short term top might be in or is near. If August extends the rally off July's low, June's high crossing at 1267.10 is the next upside target. Closes below the 20 day moving average crossing at 1237.10 are needed to confirm that a double top with June's high has been posted. First resistance is Wednesday's high crossing at 1263.20. Second resistance is June's high crossing at 1267.10. First support is today's low crossing at 1242.30. Second support is the 20 day moving average crossing at 1237.10.

The U.S. Dollar closed higher on Thursday as it extends the trading range of the past four weeks. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. If December renews the rally off August's low, the reaction high crossing at 84.94 is the next upside target. If December extends last week's decline, August's low crossing at 80.75 is the next downside target. First resistance is Tuesday's high crossing at 83.29. Second resistance is August's high crossing at 83.96. First support is last Friday's low crossing at 82.23. Second support is August's low crossing at 80.75.

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