Thursday, November 11, 2010

Stock Market and Commodities Commentary For Thursday Evening Nov. 11th

The U.S. stock indexes closed lower today and saw more profit taking pressure after hitting fresh for the move highs early this week. The stock index bulls still have the overall near term technical advantage as price uptrends are still in place on the daily bar charts. The stock index bulls do not want to see a technically bearish weekly low close on Friday.

Crude oil closed down $0.07 at $87.74 a barrel today. Prices closed near the session low today after hitting another fresh six month high early on. The bulls still have upside momentum. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $90.00 a barrel.

Natural gas closed down 11.6 cents at $3.93 today. Prices closed near the session low today. The bears have the overall near-term technical advantage and gained some fresh downside momentum today. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $4.249.

Gold futures closed up $6.10 at $1,405.30 today. Prices closed near mid range today. Gold made gains today despite a firmer U.S. dollar index, which is encouraging for the gold market bulls. Gold bulls have the overall near term and longer term technical advantage and have made a good recovery from Tuesday's selling pressure. A 3 1/2 month old uptrend on the daily bar chart is in place.

The U.S. dollar index closed up 56 points at 78.33 today. Prices closed near the session high today and hit a fresh two week high. Dollar index bears still have the overall near term technical advantage, but the bulls this week have gained upside momentum.


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