June crude oil closed up $0.62 at $59.65 a barrel today. Prices closed near mid range today and did hit a fresh 5 1/2 month high. A weaker U.S. dollar is supporting buying interest in crude. Bulls have the near term technical advantage. A four week old uptrend is in place on the daily bar chart.
June natural gas closed down 19.0 cents at $3.949 today. Prices closed nearer the session low today. Bears still have the near term technical advantage and are regaining downside momentum.
The June U.S. dollar index closed down 72 points at 82.03 today. Prices closed near the session low and closed at a fresh 4 1/2 month low today. Prices are still in a 10 week old downtrend on the daily bar chart. Bears still have the near term technical advantage and gained more strength today.
The U.S. stock indexes closed mixed today after solid gains posted on Monday. Bulls still have some fresh upside near-term technical momentum. Bears are anticipating the "sell in May and go away" phenomenon that has occurred in the past. However, the recent rally in stocks has surprised most with its resilience. Too many analysts expecting a downturn has actually prolonged the rally.
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