Where The SP500 Is Headed Next Week

Everyone wishes they knew where the stock market was going to go next. What sector is going to rally? When is the subsequent market sell off? When and where to put your money to work are the questions strive to figure out. Nothing is perfect. You cannot predict the future, but if you follow something close enough, you can get a good feeling of where it’s headed next, based on what it has recently been doing.

There are two moving averages here, the 50 day and the 20 day moving average. When the price is above these moving averages in general, and they’re sloping upwards, this means the market is most likely going to continue to trend higher.

When the price is sloping down, the price is below the moving average, and the 20 day moving average is below the 50 day, just what the market is doing this week; this tells us that there’s actually a mixed market signal. The market is struggling and in a new. As the saying goes, “the trend is your friend,” so it’s always best to trade with the market trend for the chart time frame you are following....Continue Reading Here

Natural Gas and Crude Oil Diverging Setups for Technical Traders

Over the past few weeks and months, we’ve been alerting our followers to the incredible setups in Natural Gas and Crude Oil. If you’ve been following our research, you already know on May 21st we called for Oil to break down from $62 level with a target of $55 then $49 price levels.

We’ve been alerting that Natural Gas was setting up an incredible seasonal trade with a move that was likely to push lower into the $2.00 to $2.20 level – suggesting any move into this range would be a solid buying opportunity for the seasonal upside move. Well, here we are about 35 days later and look at what happened.

Crude Oil Weekly Chart

The US/China trade issues and global economic turmoil is taking a toll on Crude Oil. Price rotated downward very sharply last week with an incredible -8% downside move in one day. Currently, price is resting just above the Moving Average and should soon breakdown below this level towards the $49 price level. At that point, price should stall, briefly, before attempting to find support below $50.

Our Fibonacci price modeling system suggests true support is found near $45 and $40. Be prepared for a potential downside move of -20% to -25% from current levels.

Natural Gas Weekly Chart

Natural Gas has done exactly what we expected. On this Weekly chart, you can see our shaded BLUE support range area and our GREEN and RED arrows from months ago highlighting what we expected to happen in price. Yes, price is lower than we currently expected, but it has aligned with our expected price rotation almost perfectly.

At this point, the sub $2.20 level is a perfect opportunity for skilled technical traders to prepare for the seasonal trend that will push Natural Gas back above the $2.65 to $3.15 level. Allow us to go through our expectations with you so you understand how to plan for and trade this move.

August is typically moderately bearish for NG. So expect to try to pick your entry for this trade in August. The ratio of bearish price activity in August is 1.2x the bullish price activity.

September is STRONGLY BULLISH – with an upside ratio of 10x compared to historical downside price activity. September is where we should see a big upside price move.

October is still STRONGLY BULLISH – with an upside ratio of 3x compared to historical downside price activity.

November is moderately bullish with a 1.3x upside ratio compared to downside price activity.

Video – Todays Market Analysis SPX, Bonds, Gold, Crude Oil, Natural Gas

If you want to get access to my trading indicators and market prediction tools 

Check Out These Charts Here

CONCLUDING THOUGHTS

This means two things. First, Crude Oil should continue to breakdown and target the $49 price level over the next few days and weeks while Natural Gas sets up an incredible upside price setup below $2.25 for skilled technical traders. Oil is moving lower because of lower demand related to the global economic slowdown and larger supply issues. Natural Gas is setting up a seasonal pattern that could become a fantastic trading opportunity for traders that time their entries and understand the setup. In late August or early September price should begin to rally well above $2.50 with an ultimate upside target of well above $3.00.

In short, if you want to know what the market is going to nearly every day and get my trade alerts complete with entry, targets and stop prices join my Wealth Building Newsletter here at The Technical Traders.

Chris Vermeulen
The Technical Traders

Gold Still In Bear Cycle?

Well, not a merry Christmas for Gold buyers just yet. We have said in our TMTF forecast service to watch 1190 as KEY support and 1241 would also need to be taken out on a closing basis before we could confirm a new uptrend in Gold and the end to the 5 wave bear cycle. Not quite yet, and in fact in my stock service we have avoided Gold stocks entirely even with the recent temptations to get long because Gold to us is key.

If we are not over 1241 then we are not buyers of Gold equities, plain and simple. With 5000 stocks to choose from, why not stick with the sectors that are in the stronger uptrends and avoid those mired in the mud like Gold? For example you could be looking at Security stocks given all the cyber attacks worldwide that are only getting worse. Gold is money as we all know, but a downtrend is a downtrend. Trust what you see, not what you think for best results.

So right now the problem is we just gave up the 1190 support and the 30 week MA line on the weekly chart is your guide for key resistance to take out. We remain in the sidelines until its taken out. The chart below shows the blue line with the 30 week Moving average resistance, and you can use this same chart for the uptrend in the SP 500 which we have used recently for our subscribers as well. Don’t suffer from history bias and the hay days of Gold stocks and Gold, which ended in 2011…wait for the next Hay days to arrive, watch the 30 week moving average line before acting.



The SP 500 meanwhile is in wave 3 up from 1973 38% shallow wave 2 lows. That was a quick correction and the waves now are likely to be faster and shorter as we are in Primary wave 5 of this bull cycle, the last stages of the Bull if I’m right. 2131-2138 is your bogey ahead for first Fibonacci pivot resistance on the way to the 2181 target I had out over a month or so ago.

Join us with a 33% holiday discount at Market Trend Forecast

Ray aka the Crude Oil Trader


Get out latest FREE eBooK "Understanding Options"....Just Click Here

Mike Seerys Weekly Crude Oil Market Recap for Week Ending Friday December 19th

Crude oil futures in the February contract are up $3 this Friday afternoon in New York currently trading at 57.40 after settling last Friday around 58.08 a barrel finishing down nearly $1 for the trading week and traded as low as 53.94 before slightly rallying as oversupply and lack of demand continue to push oil prices to 5 year lows.

If you’re still short this market I would continue to place my stop above the 10 day high which in Monday’s trade will be 64.35 risking around 700 points or $7,000 per contract plus slippage and commission, however the chart structure will improve on a daily basis as the 10 day high will be lowered significantly in the next several days.

Get more commodity calls from our trading partner Mike Seery......Just Click Here

This has been one of the best trends in recent memory as prices have basically collapsed in recent weeks ever since OPEC announced that they will not cut production on Thanksgiving Day which sent prices sharply lower as there is also huge supplies here in the U.S. so who knows how low prices can go as I still highly recommended not to be buying this market so if you are currently not short I would sit on the sidelines and look for a market with better chart structure and less risk.

Crude oil futures are trading far below their 20 and 100 day moving average as consumers around the country are certainly benefiting from lower oil prices at the pump which is also good for the stock market in my opinion as volatility in oil is as high as I’ve ever seen it so be careful as volatility is here to stay.
Trend: Lower
Chart structure: Improving

Get our latest FREE eBook "Understanding Options"....Just Click Here!

Telephone Stocks Hang Up and Autos Run Us Over as Markets Head Lower. Here's our Summary - Gold, Crude Oil, Natural Gas, SP 500 and Coffee

The DOW closed sharply lower on Monday as it extends the decline off January's high. Today's sell off was triggered by a sharp decline in telephone stocks, disappointment over auto sales by Ford and General Motors and reports that Jos. A. Bank Clothiers will not enter into takeover talks.

Are you one of the "New Millionaires"

The SP500 closed sharply lower [March contract] on Monday and below the 2012-2013 uptrend line crossing near 1744.00 confirming that am intermediate trend change is taking place. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near term. If March extends this year's decline, the 25% retracement level of the 25% retracement level of 2012's rally crossing at 1692.03 is the next downside target. Closes above the 20 day moving average crossing at 1811.38 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1791.33. Second resistance is the 20 day moving average crossing at 1811.38. First support is today's low crossing at 1735.50. Second support is the 25% retracement level of 2012's rally crossing at 1692.03.


Get our Gold, Crude Oil& Index ETF Trading Analysis Newsletter

Crude oil closed lower due to profit taking on Monday as it consolidated some of the rally off January's low. Today's low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 95.00 would confirm that a short term top has been posted. If March extends the aforementioned rally, the 87% retracement level of the December-January decline crossing at 99.58 is the next upside target. First resistance is the 75% retracement level of the December-January decline crossing at 98.47. Second resistance is the 87% retracement level of the December-January decline crossing at 99.58. First support is today's low crossing at 96.26. Second support is the 20 day moving average crossing at 95.06.

We are offering INO TV for FREE right now!

Natural gas [March contract] closed lower on Monday. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bearish hinting that a pause in the rally is possible or that a short term top has been posted. Closes below the 20 day moving average crossing at 4.528 would confirm that a short term top has been posted. If March renews this winter's rally, monthly resistance crossing at 6.108 is the next upside target. First resistance is last Wednesday's high crossing at 5.486. Second resistance is monthly resistance crossing at 6.108. First support is the 10 day moving average crossing at 4.843. Second support is the 20 day moving average crossing at 4.528.

Here's detailed analysis on the March Natural Gas contract

Gold closed higher [April contract] on Monday. The mid range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If April extends last week's decline, the reaction low crossing at 1215.30 is the next downside target. If April renews the rally off December's low, the 50% retracement level of the August-December decline crossing at 1306.20 is the next upside target. First resistance is last Monday's high crossing at 1280.10. Second resistance is the 50% retracement level of the August-December decline crossing at 1306.20. First support is the reaction low crossing at 1230.80. Second support is the reaction low crossing at 1215.30.

Here's our complete FREE trading webinar schedule, courtesy of Premier Trader University

Coffee closed sharply higher on Monday [March contract] as it extends this rally off November's low. The high range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If March extends the rally off November's low, last July's high crossing at 13.80 is the next upside target. Closes below the 10 day moving average crossing at 11.87 would confirm that a short term top has been posted.

Get our "Gold and Crude Oil Trade Ideas"

Commodity Markets Summary for Thursday December 19th

Crude oil closed higher on Thursday renewing the rally off November's low. The high range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near term. If January renews the rally off November's low, the 50% retracement level of the August-November decline crossing at 99.87 is the next upside target. Closes below the 20 day moving average crossing at 96.19 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 99.17. Second resistance is the 50% retracement level of the August-November decline crossing at 99.87. First support is the 20 day moving average crossing at 96.19. Second support is November's low crossing at 91.77.

Natural gas closed sharply higher on Thursday renewing the rally off November's low. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging but are turning neutral signaling that sideways to higher prices are possible near term. If January extends the rally off November's low, the 75% retracement level of this year's decline crossing at 4.487 is the next upside target. Closes below the 20 day moving average crossing at 4.104 would confirm that a short term top has been posted. First resistance is today's high crossing at 4.471. Second resistance is the 75% retracement level of this year's decline crossing at 4.487. First support is the reaction low crossing at 4.172. Second support is the 20 day moving average crossing at 4.104.

The March S&P 500 closed lower due to light profit taking on Thursday as it consolidated some of this week's rally. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. If March renews the decline off November's high, the reaction low crossing at 1738.70 is the next downside target. First resistance is today's high crossing at 1806.10. Second resistance is unknown. First support is Monday's low crossing at 1755.00. Second support is the reaction low crossing at 1738.70.

Gold closed lower on Thursday renewing the decline off August's high. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are diverging but bearish signaling that sideways to lower prices are possible near term. If February renews the decline off August high, June's low crossing at 1187.90 is the next downside target. Closes above last Tuesday's high crossing at 1267.50 are needed to confirm that a low has been posted. First resistance is last Tuesday's high crossing at 1267.50. Second resistance is the reaction high crossing at 1294.70. First support is today's low crossing at 1190.00. Second support is June's low crossing at 1187.90.

COT Fund fav coffee closed lower on Thursday as it consolidates some of the rally off November's low. The low range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. If March extends this month's rally, the reaction high crossing at 12.10 is the next upside target. Closes below the 20 day moving average crossing at 11.04 would confirm that a short term top has been posted.

Click Here to attend one of our FREE Trading Webinars

Weekly Futures Market Recap - Natural Gas, Gold and Coffee

For this weeks weekly futures recap we've asked our trading partner Mike Seery to weigh in on three of our favorite markets. Natural gas, gold and coffee......

Natural gas futures were up another 24 points this week in the January contract trading at 4.35 still above its 20 & 100 day moving average now hitting a 6 month high continuing its bullish momentum with extreme cold weather throughout much of the country stirring up demand as temperatures are far above average causing natural gas prices to continue its bullish run.

Many of the other commodities are starting to move higher with natural gas and in my opinion a triple bottom has occurred around 3.50 and as I’ve written in many previous blogs I am just outright bullish the natural gas sector due to the fact that I do believe the United States government is going to mandate natural gas usage here in the next 3 to 5 years which could double or triple prices just on demand without factoring any weather premium and in my opinion I’m advising all investors who have a long term horizon to be buying natural gas in the December contract of 2015 and holding because prices could skyrocket from these ridiculously low levels.

Remember natural gas prices traded as high as 13 – 14 just in the year 2008 that’s how far we’ve come and with the green energy policies and the trend getting away from fossil fuels continuing I believe natural gas demand will soar in the next decade as traders will shake their heads wondering why they were not in natural gas at 4.00.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT

Gold futures had a wild trading week with a $30 up day and $30 down day finishing up about $5 for the trading week in the February contract going out this Friday in New York at 1,235 an ounce finishing up $11 this Friday afternoon as the trend still remains bearish in my opinion & I still believe that there’s a high probability that prices will retest the summer lows of 1,180 here in the next couple of weeks.

Next week will be very interesting to see if the Fed does taper bond purchases and how these markets will react so expect extreme volatility in the precious metals especially if tapering is announced. I would definitely expect prices to drop rather significantly quickly but the opposite could happen as well as if there is no tapering you could get a big knee jerk reaction to the upside so I’m advising just to sit on the sidelines and see what the statement says and go from there because it’s like flipping a coin at this time but the trend is to the downside so at least in the short term prices still look vulnerable.

Gold is still trading below its 20 and 100 day moving average we really have gone nowhere in the last month but we had extreme volatility as there is major support down at those levels. Gold is down about 35% from its all-time high of about 1,900 just a couple years ago and eventually there will be a bottom in this market I just don’t think quite yet.
TREND: LOWER
CHART STRUCTURE: OK

Coffee futures have broken out to a 7 week high trading nearly up 900 points this week currently at 115.20 in the March contract as a possible bottom has finally been formed after hovering around 5 year lows as the bulls have come back in this market with the next major resistance at 120. If you think coffee prices have bottomed my recommendation would be to buy a futures contract place a stop below the contract low of about 104 risking around $4,000 per contract as coffee is one of the largest commodities contracts with as every 100 points equaling $375 profit or loss.

The fundamentals have not changed in coffee with large world supplies and low demand at this time but eventually prices come to a bottom but I’m not 100% convinced that the sell off is over but I certainly would not be short this market as the short term trend is higher and I always try to trade with the short term trend. Coffee futures are trading above their 20 day moving average but still below their 100 day moving average which stands at 119 and I suspect that there will be some buy stops up at that level so prices could still have more room to run to the upside in the next several days.currently.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT


Sign up for our "Gold and Crude Oil Trade Ideas"

Weekly Futures Market Recap - SP 500, Bonds, Gold, Coffee

It's the weekend and that means it's time to check in with Michael Seery of INO.com for his weekly recap of the Futures market. Seery has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets......


The S&P 500 rose sharply this Friday afternoon after finishing lower for 5 consecutive trading days which is very rare in the month of December as this Friday afternoon prices finished up 19 points at 1803 and remember the fact we have not have a down day on a Friday since early October as Friday generally is a positive up day going into the weekend.

I’ve been recommending a long position in the S&P 500 for quite some time I do believe we will continue to move higher possibly up to the 1850 level here by New Year’s as there’s no other game in town with excellent earnings and the possibility of tapering coming after the monthly unemployment number which showed 203, 000 new jobs with an unemployment rate of 7.0% which was considered very bullish despite the fact that there could be tapering of US bonds soon , but that story is becoming old sending prices sharply higher right near all time highs once again.

The NASDAQ 100 is up 25 points at 3503 despite the fact that Apple Computer was down nearly $8 as investors are still in love with the technology sector especially after a minor setback that it had the last week and I still suggest you be bullish either with options or outright futures positions. The NASDAQ 100 cash index I believe will break 4500 which is the next stop which will take a couple of months in my opinion but prices remain strong.

Both of these markets are still trading above their 20 and 100 day moving average despite the five day losing streak & that just shows you how far prices have comes to the upside and I do think there’s more good news around the world which should prop up stock prices especially with low interest rates in Europe and the Japanese continuing their QE programs which will prop up the Nikkei so across the world bullish news will continue to push equity prices higher.

Bond Futures

The 5 year note sold off sharply this Friday afternoon hitting a 6 week low before rallying to finish down 3 ticks at 120-08 as the monthly unemployment was construed bullish the stock market and bearish bonds because of the possibility of tapering. I'm recommending a short position in the five year note as the government cannot continue to print forever and one day if you're a long-term investor this will pay off as interest rates will start to rise eventually as the five year note is only yielding 1.50% at the present time. This is an excellent market with low volatility compared to many of the other commodity markets and it has excellent chart structure and I'm recommending outright futures contract to the downside & If you are long term investor I would continue to sell the five year note futures and I would not place a stop because I would hold on continuing to rollover for years to come because the five year note eventually could go back up to 4% or 5% which would be a huge gain if you are short the futures for the entire time and that could take several years but will pay you off in the long run in my opinion. The five year note is now trading below its 20 and 100 day moving average and it looks like a possible head and shoulders top has been formed so take a shot at the downside.

The 10 year note is currently trading at 124-09 in the March contract finishing lower for the 3rd straight trading session and it also looks like its topped out so I'm recommending a short position placing your stop above 125.20 risking around $1,500 per contract as I do think prices will retest at 120 level down the road as the yield on the 10 year stands at 2.89% as people are rotating out of bonds and continue to pour money into the S&P 500 which I think will continue for the rest of the year so sell rallies in the bond market. Trend....mixed. Chart Structure....excellent.

Gold Futures

The monthly unemployment report came out at this morning stating that we added 203, 000 new jobs which was construed very bullish sending the stock market higher and gold lower due to the fact of tapering possibly happening as soon as March as the unemployment rate is now 7.0% as traders see no reasonable to own gold as the economy here in the United States and around the world are improving dramatically sending the S&P right near record highs once again today and selling off gold by $4 at 1,228 currently here on the night session this Friday afternoon in New York. Gold is trading below its 20 & 100 day moving average continuing its bearish trend hitting a 5 month low with major support at 1,210 which was hit twice this week and rebounded but it looks to me that we almost certainly have to retest 1,180 which was last summer’s low. Trend lower....Chart structure....excellant.

Coffee Futures

Coffee in the March contract closed down over 450 points this week at 106.40 reversing earlier gains hitting a 4 week high at 1 point trading up at 112.90 on Wednesday before a major reversal sent it right back down into its recent trading range as many the commodity markets were sharply higher this week but the coffee fundamentals still at this time remain bearish. If your bullish coffee prices as we’ve have had a nice sideways channel for over 4 weeks and that’s what to look for in a bottoming pattern so my recommendation would be to buy a futures contract at today’s price placing a stop below the contract low at 104 risking around $1,100 per contract but I remain neutral on coffee because there really is no trend right now. It would not surprise me if you get a snap back to the upside like we’ve gotten in oil, gold, and silver prices today as massive short covering is taking place and that could happen in coffee as well because of the short interest currently. Trend....neutral. Chart structure excellent.

Check out more of Mike's calls and subscribe to his newsletter at INO.com


Sign up for our three part training session "Diversify, use history,trade gold"

Mid Week COT Market Summary for Thursday November 14th

December Nymex crude oil Stochastics and the RSI are diverging but have turned bearish signaling that sideways to lower prices are possible near term. If December extends the decline off August's high, the 75% retracement level of the April-August rally crossing at 91.54 is the next downside target. Closes above the 20 day moving average crossing at 96.14 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 94.18. Second resistance is the 20 day moving average crossing at 96.14. First support is Tuesday's low crossing at 92.86. Second support is the 75% retracement level of the April-August rally crossing at 91.54.

December Henry natural gas trades lower as it consolidates some of the rally off last Tuesday's low. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20 day moving average crossing at 3.623 are needed to confirm that a short term low has been posted. If December renews this year's decline, weekly support crossing at 3.178 is the next downside target. First resistance is the 20 day moving average crossing at 3.623. Second resistance is the reaction high crossing at 3.835. First support is last Tuesday's low crossing at 3.379. Second support is weekly support crossing at 3.178.

Subscribe to these Free Market Technical Analysis and Commentary

December gold was higher due to short covering on Wednesday night as it consolidates some of the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If December extends the decline off October's high, October's low crossing at 1251.00 is the next upside target. Closes above the 20 day moving average crossing at 1316.40 are needed to confirm that a short term top has been posted. First resistance is the 10 day moving average crossing at 1294.80. Second resistance is the 20 day moving average crossing at 1316.40. First support is Tuesday's low crossing at 1275.80. Second support is October's low crossing at 1251.00.

The December U.S. Dollar traded higher in Wednesday evenings trading but remains below the 38% retracement level of the July-October decline crossing at 81.41. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If December extends the rally off October's low, the 50% retracement level of the July-October decline crossing at 82.14 is the next upside target. Closes below the 20 day moving average crossing at 80.26 would confirm that a short term top has been posted. First resistance is last Friday's high crossing at 81.58. Second resistance is the 50% retracement level of the July-October decline crossing at 82.14. First support is the 10 day moving average crossing at 80.96. Second support is the 20 day moving average crossing at 80.26.

How much lower can COT favorite Coffee go? December coffee closed down 295 points at 102.85 cents on Wednesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. The coffee bears have the solid overall near term technical advantage.

Enrollment in our PowerStocks Mentoring program is open, limited seating so move now

COT Week Ending Market Summary - Crude Oil, Natural Gas, SP 500 nad Gold

October crude oil closed lower on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish hinting that sideways to lower prices are possible near term. Multiple closes below Tuesday's low crossing at 106.39 are needed to confirm that a short term top has been posted. If October renews this summer's rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is August's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is Tuesday's low crossing at 106.39. Second support is the reaction low crossing at 103.50.

Get Todd's free strategy now...paper trade it and see for yourself tomorrow.

October Henry natural gas closed higher on Friday. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If October renews the rally off August's low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20 day moving average crossing at 3.568 would confirm that a short term top has been posted while opening the door for additional weakness near term. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20 day moving average crossing at 3.568. Second support is August's low crossing at 3.154.

Ready to start trading crude oil? Start right here....Advanced Crude Oil Study – 15 Minute Range

The December S&P 500 closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If December extends the rally off August's low, the reaction high crossing at 1684.40 is the next upside target. Closes below the 20 day moving average crossing at 1648.00 would confirm that a short term top has been posted. First resistance is Thursday's high crossing at 1683.00. Second resistance is the reaction high crossing at 1684.40. First support is the 10 day moving average crossing at 1657.60. Second support is the 20 day moving average crossing at 1648.00.

Advanced Swing Trading methods from one of my favorite hedge fund managers. For free!

October gold closed sharply lower on Friday extending the decline off August's high. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. If October extends this week's decline, August's low crossing at 1272.10 is the next downside target. Closes above the 20 day moving average crossing at 1380.40 would temper the near term bearish outlook. First resistance is the 20 day moving average crossing at 1380.40. Second resistance is August's high crossing at 1432.90. First support is today's low crossing at 1304.60. Second resistance is August's low crossing at 1272.10.

Get Todd's Secret Weapon....Watch his "30 Minute Breakout Strategy"

Coffee Holds Above 20 Day Moving Average....you in?

Coffee prices sold off 60 points this Friday afternoon at 120.00 but up about 200 points for the week still stuck in a 17 day extremely tight consolidation with very little bullish news to prop up prices as massive supplies worldwide are keeping prices right at 4 year lows.

However we are sticking our neck out here and are advising traders to get long this market placing a stop loss at 114 risking around $2000 per contract as coffee is now trading above its 20 day moving average but below its 100 day moving average with outstanding chart structure & extremely low volatility.

Some of the best markets I’ve ever seen have been the ones that have no reason to go up or down and this market has absolutely no reason to move higher with massive supplies across the globe & crops doing extremely well at this time, but this news is already priced into the market and one day this market will start to turn to the upside it’s just a matter of when.

TREND: MIXED – CHART STRUCTURE: EXCELLENT

Don't miss the second video in this weeks series "The Truth about Trading the Trend"

COT Market Summary for Monday - Crude Oil, Natural Gas, SP 500, Gold and Coffee

October crude oil posted an inside day with a lower close on Monday as it consolidated some of the rally off April's low. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. If October renews this summer's rally, weekly resistance crossing at 114.83 is the next upside target. Closes below the 20 day moving average crossing at 107.28 are needed to confirm that a short term top has been posted. First resistance is August's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20 day moving average crossing at 107.28. Second support is the reaction low crossing at 103.50.

Ready to start trading crude oil? Start right here....Advanced Crude Oil Study – 15 Minute Range

October Henry natural gas closed higher due to short covering on Monday as it consolidated some of last week's decline. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. Closes below the 20-day moving average crossing at 3.518 would confirm that a short term top has been posted. If October renews the rally off August's low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20 day moving average crossing at 3.518. Second support is August's low crossing at 3.154.

How to Trade Small Cap Stocks and 3x ETF's Current Setups

The December S&P 500 closed higher on Monday and above the 20 day moving average crossing at 1646.62 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If December extends the rally off August's low, the reaction high crossing at 1684.40 is the next upside target. Closes below the 10 day moving average crossing at 1638.32 would confirm that a short term top has been posted. First resistance is today's high crossing at 1662.00. Second resistance is the reaction high crossing at 1684.40. First support is the 10 day moving average crossing at 1638.32. Second support is August's low crossing at 1621.00.

Advanced Swing Trading methods from one of my favorite hedge fund managers. For free!

October gold closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If October extends last week's decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10 day moving average crossing at 1398.60 would temper the near term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August's low crossing at 1272.10.

The Gold & Oil Guys new Gold, Silver, & Mining Stocks Trade Setups

December coffee closed unchanged on Monday. The mid range close set the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20 day moving average crossing at 119.46 would confirm that a low has been posted.

Click Here to Subscribe to our Free Market Technical Analysis and Commentary

Upside Reversal in Crude Oil Gives the Bulls Momentum

October crude oil posted an upside reversal on Tuesday ending a two day decline. The high range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 106.34 are needed to confirm that a short term top has been posted. If October renews this summer's rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is last Wednesday's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20 day moving average crossing at 106.34. Second support is the reaction low crossing at 103.50.

If you attend one webinar this summer make it..."How to Beat the Market Makers" with John Carter. Click here to Sign up NOW!

October Henry natural gas closed higher on Tuesday and tested the 38% retracement level of the May-August decline crossing at 3.680. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If October extends this month's rally, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20 day moving average crossing at 3.457 would confirm that a short term top has been posted. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20 day moving average crossing at 3.457. Second support is August's low crossing at 3.154.

Ready to start trading crude oil? Start right here....Advanced Crude Oil Study – 15 Minute Range

The September S&P 500 closed higher on Tuesday as it consolidates above the 50% retracement level of the June-August rally crossing at 1629.45. The low range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the decline off August's high, the 62% retracement level of the June-August rally crossing at 1611.47 is the next downside target. Closes above the 20 day moving average crossing at 1659.67 would confirm that a short term low has been posted. First resistance is today's high crossing at 1649.80. Second resistance is the 20 day moving average crossing at 1659.67. First support is last Wednesday's low crossing at 1625.00. Second support is the 62% retracement level of the June-August rally crossing at 1611.47.

Day Trading History of 16 Major Candlestick Patterns

October gold closed higher on Tuesday and the high range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1361.90 would confirm that a short term top has been posted. If October renews the rally off June's low, May's high crossing at 1489.00 is the next upside target. First resistance is last Wednesday's high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the 10 day moving average crossing at 1396.10. Second resistance is the 20 day moving average crossing at 1361.90.

Michelle "Mish" Schnieders new free eBook. Download now, and get "Mish's Daily" insight to the next moves!

Wednesdays market summary and a U.S. response. Wait for it, wait for it.

It's no surprise that yesterday's news that the U.S. was going to have a military response to Syria spooked the markets and sent the indices to their biggest loss in some time. Today, it looks like the markets are digested what they went through yesterday.

October crude oil closed higher on Wednesday as it extends this summer's rally. Profit taking tempered early session gains and the low range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If October extends this summer's rally, weekly resistance crossing at 114.83 is the next upside target. Closes below the 20 day moving average crossing at 106.04 would confirm that a short-term top has been posted. First resistance is today's high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20 day moving average crossing at 106.04. Second support is the reaction low crossing at 103.50.

October Henry natural gas closed higher on Wednesday as it extended this month's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If October extends this month's rally, the 38% retracement level of the May-August decline crossing at 3.680 is the next upside target. Closes below the 20 day moving average crossing at 3.421 would confirm that a short term top has been posted. First resistance is today's high crossing at 3.628. Second resistance is the 38% retracement level of the May-August decline crossing at 3.680. First support is the 20-day moving average crossing at 3.421. Second support is August's low crossing at 3.154.

October gold closed lower due to profit taking on Wednesday as it consolidated some of the rally off June's low. The low range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If October extends the aforementioned rally, May's high crossing at 1489.00 is the next upside target. Closes below the 20 day moving average crossing at 1346.80 would confirm that a short term top has been posted. First resistance is today's high crossing at 1432.90. Second resistance is May's high crossing at 1489.00. First support is the 10 day moving average crossing at 1383.50. Second resistance is the 20 day moving average crossing at 1346.80.

The September Dollar closed higher on Wednesday. The high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the reaction high crossing at 81.99 are needed to confirm that a short term low has been posted. If September renews the decline off July's high, June's low crossing at 80.61 is the next downside target. First resistance is the reaction high crossing at 81.99. Second resistance is August's high crossing at 82.61. First support is last Tuesday's low crossing at 80.77. Second support is June's low crossing at 80.61.

And last but not least.....September coffee closed higher on Wednesday as it consolidated some of this summer's decline. The high range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September renews this month's decline, monthly support crossing at 10.21 is the next downside target. Closes above the 20 day moving average crossing at 118.11 would confirm that a low has been posted.

Here's the Premier Trader University "Free Training Webinar" Schedule

Markets Drop for a Fourth Day on Bond Price and Bank Worries

The September S&P 500 closed lower on Monday and below the 38% retracement level of the June-August rally crossing at 1647.42 as it extended this month's decline. The low range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off August's high, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. Closes above the 20 day moving average crossing at 1683.59 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 1683.49. Second resistance is August's high crossing at 1705.00. First support is today's low crossing at 1646.00. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.

September crude oil closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below the reaction low crossing at 102.22 would confirm that a short term top has been posted. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is the reaction low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

October gold closed lower due to profit taking on Monday as it consolidated some of the rally off June's low. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If October extends the aforementioned rally, June's high crossing at 1424.00 is the next upside target. Closes below the 20 day moving average crossing at 1323.60 would confirm that a short term top has been posted. First resistance is today's high crossing at 1382.40. Second resistance is June's high crossing at 1424.00. First support is the 20 day moving average crossing at 1323.60. Second resistance is the reaction low crossing at 1272.10.

September Henry natural gas closed higher on Monday and above the 20 day moving average crossing at 3.416 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If September extends today's rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 10 day moving average crossing at 3.327 would confirm that a short term top has been posted. First resistance is today's high crossing at 3.501. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 10 day moving average crossing at 3.327. Second support is August's low crossing at 3.129.

And of course we can't leave out coffee anymore. September coffee closed lower on Monday and the low range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If September renews this month's rally, the reaction high crossing at 126.50 is the next upside target.

Sign up for John Carter's next webinar "Beating the Market Makers" NOW!

You pushed oil higher on Friday....was it China Demand or Middle East Disruption?

September crude oil closed higher ending a five day correction off last Friday's high. Yet shares of some top oil companies were down at the close of trading on Friday. BP fell $.01 to $41.27, Chevron fell $.57 or .5 percent, to $122.50, ConocoPhillips fell $.26 or .4 percent, to $66.83, Exxon Mobil Corp. fell $.43 or .5 percent, to $90.72, Marathon Oil Corp. fell $.12 or .3 percent, to $34.55. The high range close in Sept. oil sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

Closes in oil below last Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is last Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed lower on Friday. The mid range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1687.33 would confirm that a short term top has been posted. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is last Friday's high crossing at 1705.00. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1687.33. Second support is the reaction low crossing at 1670.50.

October gold closed higher on Friday. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. Today's close above the 10 day moving average crossing at 1307.90 confirms that a short term low has been posted. If October renews the decline off July's high, July's low crossing at 1208.50 is the next downside target. First resistance is the reaction high crossing at 1339.40. Second resistance is July's high crossing at 1348.00. First support is Wednesday's low crossing at 1272.10. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Friday leaving Thursday's key reversal up unconfirmed. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this year's decline, psychological support crossing at 3.000 is the next downside target. Closes above the 20 day moving average crossing at 3.520 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 3.349. Second resistance is the 20 day moving average crossing at 3.520. First support is Thursday's low crossing at 3.129. Second support is psychological support crossing at 3.000.

Last but not least, our favorite trade for 2013.....September coffee closed higher on Friday and the high range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Today's close above the 20 day moving average crossing at 122.22 confirms that a short term low has been posted. If September extends this week's rally, the reaction high crossing at 126.50 is the next upside target.

Get our FREE Trading Webinars Today!

Crude oil falls as most analyst anticipate global slowdown

September crude oil closed lower on Monday as it consolidated some of last week's rally. The mid range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below last Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is last Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed slightly lower on Friday as it consolidated some of Thursday's rally. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. Closes below the 20 day moving average crossing at 1677.36 would confirm that a short term top has been posted. First resistance is today's high crossing at 1703.40. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1677.36. Second support is the reaction low crossing at 1670.50.

September Henry natural gas closed lower on Monday as it extends the decline off May's high. The mid range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this year's decline, weekly support crossing at 3.178 is the next downside target. Closes above the 20 day moving average crossing at 3.596 would confirm that a short-term low has been posted. First resistance is the 10 day moving average crossing at 3.508. Second resistance is the 20 day moving average crossing at 3.596. First support is today's low crossing at 3.309. Second support is weekly support crossing at 3.178.

October gold closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that a short term top might be in or is near. Closes below last Friday's low crossing at 1282.50 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is October's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is last Friday's low crossing at 1282.50. Second support is July's low crossing at 1208.50.

And favorite trade for 2013....September coffee closed higher due to short covering on Monday as it consolidated some of the decline off July's high. The mid range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes above the 20 day moving average crossing at 122.36 would confirm that a short term low has been posted.

Get our FREE Trading Webinars Today!

Crude oil post a downside reversal on Friday.....Is this all the bulls have for summer 2013

September crude oil posted a downside reversal on Friday after failing to take out July's high crossing at 108.93. The low range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term. Closes above July's high crossing at 108.93 would renew this summer's rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. First resistance is July's high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed slightly lower on Friday as it consolidated some of Thursday's rally. The high range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near term. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. Closes below the 20 day moving average crossing at 1677.36 would confirm that a short term top has been posted. First resistance is today's high crossing at 1703.40. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1677.36. Second support is the reaction low crossing at 1670.50.

October gold closed lower on Friday. A short covering rally tempered early session losses and the high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1297.40 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is October's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1297.40. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Friday as it extends the decline off May's high. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, the June 2012 low crossing at 3.294 is the next downside target. Closes above the 20 day moving average crossing at 3.616 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.616. Second resistance is July's high crossing at 3.833. First support is Wednesday's low crossing at 3.341. Second support is the June 2012 low crossing at 3.294.

And of course....our new favorite trade. September coffee closed higher due to short covering on Friday as it consolidated some of the decline off July's high. The high range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. Closes above the 20 day moving average crossing at 122.55 would confirm that a short term low has been posted.

Are you ready to start trading crude oil? Advanced Crude Oil Study – 15 Minute Range

It's show me time for the crude oil bulls.....108.93 becomes the "line in the sand"

Thursdays close in crude oil above the 10 day moving average is giving crude oil bulls fresh momentum. What will they do with it? You know how we love Fridays, it tells us so much about the "will" of commercial traders.

September crude oil closed higher on Thursday following Wednesday's Petroleum Inventory that showed declining Midwest diesel supplies. Today's close above the 10 day moving average crossing at 105.80 confirmed that a short term low has been posted. The high range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near term. If September extends this week's rally, July's high crossing at 108.93 is the next upside target. Closes below Tuesday's low crossing at 102.67 would confirm that a short term top has been posted. First resistance is today's high crossing at 108.06. Second resistance is July's high crossing at 108.93. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 closed higher on Thursday and posted a new high for the year. The high range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are diverging and remain neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1673.69 would confirm that a short term top has been posted. If September extends the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is today's high crossing at 1702.00. Second resistance is unknown with September trading into uncharted territory. First support is the 20 day moving average crossing at 1673.69. Second support is the reaction low crossing at 1670.50.

October gold closed lower on Thursday while extending the trading range of the past eight days. The low range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1292.70 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1292.70. Second support is July's low crossing at 1208.50.

September Henry natural gas closed lower on Thursday as it extends the decline off May's high. The mid range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, the June 2012 low crossing at 3.294 is the next downside target. Closes above the 20 day moving average crossing at 3.630 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.630. Second resistance is July's high crossing at 3.833. First support is today's low crossing at 3.341. Second support is the June 2012 low crossing at 3.294.

And how much lower can coffee go? September coffee closed lower on Thursday and below June's low thereby renewing this year's decline. The low range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. Closes above the 20 day moving average crossing at 122.70 would confirm that a short term low has been posted.

Get our FREE Trading Webinars Today!

Short Covering Gives Crude Oil Bulls Hope.....Bears Still in Charge Here

September crude oil closed higher due to short covering on Wednesday as it consolidates some of the decline off July's high. The high range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If September extends the decline off July's high, the 38% retracement level of the April-July rally crossing at 100.27 is the next downside target. Closes above the 10 day moving average crossing at 105.82 would confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 105.82. Second resistance is July's high crossing at 108.93. First support is Tuesday's low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

The September S&P 500 also closed higher on Wednesday. The high range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1669.72 would confirm that a short term top has been posted. If September renews the rally off June's low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is last Tuesday's high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1670.50. Second support is the 20 day moving average crossing at 1669.73.

September Henry natural gas closed higher due to short covering on Wednesday as it consolidates some of this decline off May's high. The mid range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends the aforementioned decline, January's low crossing at 3.350 is the next downside target. Closes above the 20 day moving average crossing at 3.645 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 3.645. Second resistance is July's high crossing at 3.833. First support is Tuesday's low crossing at 3.418. Second support is January's low crossing at 3.350.

October gold closed lower on Wednesday while extending the trading range of the past seven days. The mid range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1290.30 would confirm that a short term top has been posted. If October renews the rally off June's low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday's high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20 day moving average crossing at 1290.30. Second support is July's low crossing at 1208.50.

Get our FREE Trading Webinars Today!