The U.S. Dollar posted an inside day with a lower close on Tuesday as it consolidated some of Monday's rally. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
As of 10:30 EST the dollar was slightly higher in the over night session increasing the likelihood of a lower open in crude oil Wednesday morning. Supporting the bears case that a near term high in crude is in.
If September renews the rally off last week's low, the reaction high crossing at 83.69 is the next upside target. Closes below the reaction low crossing at 79.62 would temper the near term friendly outlook in the market.
First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69
First support is last Thursday's low crossing at 79.62
Second support is the reaction low crossing at 78.83
Today’s Stock Market Club Trading Triangles
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