Stock Market and Commodities Commentary For Monday Evening Oct. 11th

The U.S. stock indexes closed mixed again today in quieter holiday trading. The stock index bulls still have the overall near term technical advantage as uptrends are in place on the daily bar charts. However, the uptrends have turned into more sideways price action recently, which is likely to continue in the near term. Stock index bulls have been very pleased with price action so far this autumn a time which is normally not favorable to market bulls.

Crude oil closed down $0.61 at $82.05 a barrel today. Prices closed near the session low today on profit taking from recent gains. Prices are still in a six week old uptrend on the daily bar chart. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $86.00 a barrel.

Natural gas closed down 4.9 cents at $3.602 today. Prices closed near the session low today and closed at a fresh contract low close. The bears still have the solid overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.00.

Gold futures closed up $9.30 at $1,354.60 today. Prices today closed near the session high and closed at a fresh contract and all time record high close. Bargain hunters stepped in to buy some early session weakness and prices pushed higher. The gold bulls have the solid overall near term technical advantage and have regained upside momentum the past two trading sessions. Prices are in a 2 1/2 month old uptrend on the daily bar chart.

The U.S. dollar index closed up 19 points at 77.75 today. Prices closed near the session high today and hit a fresh nine month low. Tepid short covering in a bear market was featured. Bears still have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.


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