The S&P 500 index closed higher on Friday as it extended the rally off August's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible near term. If December extends the aforementioned rally, August's high crossing at 1120.90 is the next upside target. Closes below the 20 day moving average crossing at 1070.98 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 1106.50. Second resistance is August's high crossing at 1120.90. First support is the 10 day moving average crossing at 1078.40. Second support is the 20 day moving average crossing at 1070.98.
Crude oil closed higher on Friday and has renewed the rally off August's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If October extends the rally off August's low, the reaction high crossing at 81.51 is the next upside target. Closes below the reaction low crossing at 72.63 would temper the near term friendly outlook. First resistance is today's high crossing at 76.59. Second resistance is August's high crossing at 81.51. First support the reaction low crossing at 72.63. Second support is August's low crossing at 70.76.
Natural gas closed higher due to short covering on Friday while extending the trading range of the past two weeks. The mid range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a short covering rebound is possible near term. Closes above the 20 day moving average crossing at 3.973 are needed to confirm that a short term low has been posted. If October renews this year's decline, weekly support crossing at 3.225 is the next downside target. First resistance is last Friday's high crossing at 3.946. Second resistance is the 20 day moving average crossing at 3.973. First support is August's low crossing at 3.697. Second support is weekly support crossing at 3.225.
Gold closed lower due to profit taking on Friday and below the 10 day moving average crossing at 1247.90 signaling that a short term top might be in or is near. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that additional profit taking is possible near term. Closes below the 20 day moving average crossing at 1238.70 would confirm that a double top with June's high has been posted. If October extends the rally off July's low, June's high crossing at 1267.10 is the next upside target. First resistance is Wednesday's high crossing at 1263.20. Second resistance is June's high crossing at 1267.10. First support is the 20 day moving average crossing at 1238.70. Second support is the reaction low crossing at 1232.40.
The U.S. Dollar closed lower on Friday while extending the trading range of the past four weeks. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If December renews the rally off August's low, the reaction high crossing at 84.94 is the next upside target. If December extends last week's decline, August's low crossing at 80.75 is the next downside target. First resistance is Tuesday's high crossing at 83.29. Second resistance is August's high crossing at 83.96. First support is last Friday's low crossing at 82.23. Second support is August's low crossing at 80.75.
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