May crude oil closed up $0.12 at $49.53 a barrel today. Prices closed nearer the session low again today. Trading has turned choppy. A bearish weekly DOE storage report did limit gains in crude and kept prices under pressure most of the day. Crude oil bulls and bears are still on a level near term technical playing field.
The U.S. stock indexes closed mixed but nearer their session highs today following more weak U.S. economic data. However, there were some minor positives in the data that gave stock traders some confidence the worst of the economic crisis is past. Stock index futures prices are still in uptrends from the March lows.
The June U.S. dollar index closed up 32 points at 85.25 today. Prices closed near mid range today. Bulls and bears are back on a level near term technical playing field. Bulls' next upside price objective is to close prices above solid technical resistance at 86.61.
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