Thursday, September 16, 2010

Stock Market and Commodities Summary For Thursday Evening

The U.S. stock indexes closed firmer again today and hit multi week highs. Bulls have gained upside near term technical momentum recently as the bulls have "climbed a wall of worry." While the months of September and October have been historically unkind to the stock market bulls, the indexes are getting through the month of September in good shape, so far.

Crude oil closed down $1.58 at $74.44 a barrel today. Prices closed near the session low today. Bulls are fading and bears again have the slight near term technical advantage. The next near-term upside price objective for the bulls is producing a close above solid technical resistance at this week's high of $78.04 a barrel.

Natural gas closed up 5.3 cents at $4.048 today. Prices closed nearer the session high today, hit another fresh three week high on more short covering in a bear market, and scored a bullish "outside day" up on the daily bar chart. The bears still have the overall near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.20.

Gold futures closed up $5.70 at $1,274.40 today. Prices closed near mid-range today and did hit another fresh contract and all time record high today. A weaker U.S. dollar index today helped to boost gold. Look for price volatility in the gold market to heat up in the near term, with bigger daily price movements likely, both on the upside and on the downside, with prices now in uncharted territory. Gold bulls still have the solid overall near term technical advantage.

The U.S. dollar index closed down 27 points at 81.47 today. Prices closed nearer the session low today. Bears still have the near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at last week's high of 83.31.

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