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Crude oil prices are trading lower in early trading today. Trading has turned choppy but bears still have the overall near term technical advantage. In July crude, look for buy stops to reside just above resistance at $84.00 and then at $85.00. Look for sell stops just below technical support at $83.00 and then at $82.50.
In S&P 500 futures Prices hit a fresh four week high overnight. The shorter term moving averages (4-, 9- and 18- day) are bullish early today. The 4 day moving average is above the 9 day and 18 day. The 9 day is above the 18 day moving average. Short term oscillators (RSI, slow stochastics) are neutral to bullish early today.
Today, shorter term technical resistance comes in at the overnight high of 1,347.00 and then at 1,360.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Friday's low of 1,324.40 and then at 1,305.80. Sell stops are likely located just below those levels.
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