Tuesday, September 10, 2013

COT Market Summary for Tuesday September 10th - Crude Oil, Natural Gas, SP 500, Gold and Coffee

October crude oil closed lower on Tuesday and below the 20 day moving average crossing at 107.38. Multiple closes below the 20 day moving average would confirm 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 when Wednesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. If October renews this summer's rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is August's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20 day moving average crossing at 107.38. Second support is the reaction low crossing at 103.50.

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October Henry natural gas closed lower on Tuesday. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 3.530 would confirm that a short term top has been posted while opening the door for additional weakness near term. 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 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20 day moving average crossing at 3.530. Second support is August's low crossing at 3.154.

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The December S&P 500 gapped up and closed higher on Tuesday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If December extends the rally off August's low, the reaction high crossing at 1684.40 is the next upside target. Closes below the 10 day moving average crossing at 1640.95 would confirm that a short term top has been posted. First resistance is today's high crossing at 1675.00. Second resistance is the reaction high crossing at 1684.40. First support is the 10 day moving average crossing at 1640.95. Second support is August's low crossing at 1621.00.

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October gold closed lower on Tuesday and below the 20 day moving average crossing at 1380.50 confirming that a short term low has been posted. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If October extends today's decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10 day moving average crossing at 1395.70 would temper the near term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August's low crossing at 1272.10.

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December coffee closed lower on Tuesday. The low range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 118.99 would confirm that a low has been posted.

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