June crude oil was higher overnight as it extends this week's rally above March's high crossing at 56.10. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If June extends last week's rally, January's high crossing at 59.66 is the next upside target. Closes below the 20 day moving average crossing at 52.17 are needed to confirm that a short term top has been posted.
Friday's pivot point, our line in the sand is 56.84
First resistance is Thursday's high crossing at 58.57.
Second resistance is January's high crossing at 59.66.
First support is the 10 day moving average crossing at 53.44.
Second support is the 20 day moving average crossing at 52.17.
Today’s Stock Market Club Trading Triangles
The June Dollar was lower overnight as it extends this week's trading range. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If June extends the decline off April's high, March's low crossing at 83.14 is the next downside target. Closes above the 20 day moving average crossing at 85.19 would temper the near term bearish outlook in the market.
First resistance is the 10 day moving average crossing at 84.58.
Second resistance is the 20 day moving average crossing at 85.19.
First support is Thursday's low crossing at 83.55.
Second support is March's low crossing at 83.14.
Today’s Stock Market Club Trading Triangles
The June S&P 500 index was higher overnight due to short covering as it consolidates some of Thursday's decline. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20 day moving average crossing at 868.82 are needed to confirm that a short term top has been posted.
Friday's pivot point is 911.5
First resistance is Thursday's high crossing at 925.75
Second resistance is January's high crossing at 943.25
First support is the 10 day moving average crossing at 894
Second support is the 20 day moving average crossing at 880
Friday sets up as a possible sideways trading day and we will trade the 906-913 range as a "battle ground" area.
The June S&P 500 Index was up 11.40 points. at 918.40 as of 6:03 AM CST. Overnight action sets the stage for a higher opening by the June S&P 500 index when the day session begins later this morning.
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