Crude Oil Closes Higher On Friday, Sets The Stage For Higher Open On Tuesday

July crude oil closed higher on Friday and the high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If July extends the rally off April's low, the reaction high crossing at 61.33 is the next upside target. Closes below the 25% retracement level of the 2008-2009 decline crossing at 68.49 are needed to confirm that a short term top has been posted.

First resistance is Wednesday's high crossing at 62.26
Second resistance is the 25% retracement level crossing at 68.49

First support is the 10 day moving average crossing at 59.88
Second support is the 20 day moving average crossing at 57.37

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The June Dollar closed lower on Friday and below December's low crossing at 80.20. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that additional weakness is possible near term.

If June extends this month's decline, weekly support crossing at 78.77 is the next downside target. Multiple closes above the 20 day moving average crossing at 83.22 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 81.99
Second resistance is the 20 day moving average crossing at 83.22

First support is today's low crossing at 79.90
Second support is weekly support crossing at 78.77

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The June S&P 500 index closed lower on Friday as it extended Thursday's decline. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If June extends this week's decline, the 25% retracement level of this spring's rally crossing at 862.80 is the next downside target. Closes above the 10 day moving average crossing at 896.88 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 896.88
Second resistance is Wednesday's high crossing at 923.20

First support is Thursday's low crossing at 878.00
Second support is the reaction low crossing at 875.40

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