Monday, September 23, 2013

COT Market Summary for Monday Sept. 23rd

October crude oil closed lower on Monday extending this month's decline. October decline as the United Nations Security Council worked toward a resolution based on the Geneva accord between the U.S. and Russia. The Syria premium has basically been taken out of the market. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If October extends the decline off August's high, the 38% retracement level of the April-August rally crossing at 102.43 is the next downside target. Multiple closes above the 20 day moving average crossing at 105.56 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. Second resistance is August's high crossing at 112.24. First support is the reaction low crossing at 104.21. Second support is the 38% retracement level of the April-August rally crossing at 102.43.

October Henry natural gas closed lower on Monday and below the 20 day moving average crossing at 3.631 confirming that a short term top has been posted while opening the door for additional weakness near term. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. If October extends today's decline, the reaction low crossing at 3.517 is the next downside target. If October renews the rally off August's low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the reaction low crossing at 3.517. Second support is the reaction low crossing at 3.418.

The December S&P 500 closed lower for the third day in a row on Monday. The December Standard & Poor's 500 Index posted its largest setback in a month as financial shares slumped while investors watched speeches from Federal Reserve officials for clues on monetary policies. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1666.23 would confirm that a short term top has been posted. If December renews the rally off August's low into uncharted territory, upside targets will be hard to project. First resistance is last Thursday's high crossing at 1726.50. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10 day moving average crossing at 1694.10. Second support is the 20 day moving average crossing at 1666.23.

October gold closed lower on Monday as the U.S. economy continues to improve. The Federal Reserve's surprise decision to hold stimulus for now will help prices only in the short term. However, gold could drop below $1,250 an ounce before the end of the year as economic data strengthens and investors expect the Fed to start reducing its asset purchases. Today's high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1365.80 are needed to confirm that a short term low has been posted. If October renews the decline off August's high, August's low crossing at 1272.10 is the next downside target. First resistance is the 20 day moving average crossing at 1365.80. Second resistance is August's high crossing at 1432.90. First support is last Wednesday's low crossing at 1281.80. Second resistance is August's low crossing at 1272.10.

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