Crude Oil Bulls Take Charge On Better Than Expected Unemployment Numbers

July crude oil traded slightly lower Thursday due to profit taking as it consolidates some of Thursday's rally but remains above the 25% retracement of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are overbought and are turning bearish hinting that a short term low might be in or is near. Closes below the 20 day moving average crossing at 62.82 are needed to confirm that a short term top has been posted.

If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.

Crude oil's pivot point for Friday is 68.14

First resistance is Thursday's high crossing at 69.60
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 65.95
Second support is the 20 day moving average crossing at 62.82

4 FREE Videos for INO TV! Click Here

The June Dollar was higher overnight due to short covering as it consolidates some of this spring's decline but remains below the 62% retracement level of the July-March rally crossing at 79.80. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 80.84 would confirm that a short term low has been posted.

If June extends the decline off April's high, the 75% retracement level of the aforementioned rally crossing at 77.55 is the next downside target.

First resistance is the 10 day moving average crossing at 79.69
Second resistance is the 20 day moving average crossing at 80.84

First support is Tuesday's low crossing at 78.37
Second support is the 75% retracement level crossing at 77.55

Real-Time Forex Click Here

July Henry natural gas was slightly lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes above Tuesday's high are needed to renew the rally off last week's low and would open the door for a possible test of May's high crossing at 4.690.

If July extends this week's decline, last week's low crossing at 3.500 is the next downside target.

The pivot point for natural gas for Friday is 3.75

First resistance is the 20 day moving average crossing at 4.053
Second resistance is Tuesday's high crossing at 4.284

First support is Thursday's low crossing at 3.550
Second support is last Tuesday's low crossing at 3.500

Futures Prices Click Here

The June S&P 500 index was higher overnight as it extends Thursday's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

For day traders the first challenge for the bulls will be the 23% retracement at 954.25. Beyond that level the next target would be the swing highs at 960.25. If the market finds a way to put a bad spin on the 9.4% unemployment numbers our target to the down side is 932 would strong support at 929.75.

If June extends this spring's rally, the 38% retracement level of the 2008-2009 decline crossing at 1040.33 is the next upside target. Closes below the 20 day moving average crossing at 910.38 would confirm that a short term top has been posted.

The SP 500's pivot point for Friday is 937

First resistance is Tuesday's high crossing at 948.50
Second resistance is the 38% retracement level crossing at 1040.33

First support is the 10 day moving average crossing at 920.71
Second support is the 20 day moving average crossing at 910.40

The June S&P 500 Index was up 3.80 points. at 944.30 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.

Today’s Stock Market Club Trading Triangles