Crude Oil Higher Overnight, Lower Prices Still Possible

Crude oil was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target. Closes above the 20 day moving average crossing at 65.84 are needed to confirm that a short term low has been posted.

Wednesday's pivot point, our line in the sand is 60.12

First resistance is the 10 day moving average crossing at 61.95
Second resistance is the 20 day moving average crossing at 65.84

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Crude Oil Higher on Light Short Covering and Consolidation

Crude oil was steady to slightly higher due to light short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If August extends the decline, the 50% retracement level of the February-June rally crossing at 58.58 is the next downside target. Closes above the 20 day moving average crossing at 67.00 are needed to confirm that a short term low has been posted.

Monday's pivot point for crude oil, our line in the sand is 59.83

First resistance is the 10 day moving average crossing at 63.89
Second resistance is the 20 day moving average crossing at 67.00

First support is last Friday's low crossing at 58.72
Second support is the 50% retracement level crossing at 58.58

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Crude Oil Bears Seem To Have Near Term Advantage

Crude oil was lower overnight and is trading below the 20 day moving average crossing at 68.66. 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 68.66 are needed to confirm that a short term top has been posted while opening the door for a larger degree decline into the end of June.

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

Crude oil pivot point for Monday is 70.76

First resistance is the 10 day moving average crossing at 70.75
Second resistance is last Thursday's high crossing at 73.23

First support is the overnight low crossing at 67.89
Second support is the reaction low crossing at 64.95

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Natural gas was lower overnight as it extends last week's decline. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 3.926 would temper the near term friendly outlook in the market.

If July renews this month's rally, May's high crossing at 4.690 is the next upside target.

Natural gas pivot point for Monday is 4.07

First resistance is last Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690

First support is the 10 day moving average crossing at 3.990
Second support is the 20 day moving average crossing at 3.926

Lower Prices Still Possible For Natural Gas

Natural gas was higher in overnight trading Monday night as it consolidated below the 10 day moving average crossing at 3.875. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.

If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.990 would signal that a short term low has been posted.

Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.

Tuesday's pivot point for natural gas is 3.76

First resistance is the 10 day moving average crossing at 3.875
Second resistance is the 20 day moving average crossing at 3.990

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

Today’s Stock Market Club Trading Triangles

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Stronger Dollar Overnight Threatens Crude Oil Rally On Monday

July crude oil was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.

Day traders will continue to look for bullish set ups until they fail, and will until we close below the 20 day moving average crossing at 63.21. Which is 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.

Monday's pivot point, our line in the sand is 68.77

First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 66.53
Second support is the 20 day moving average crossing at 63.21

Today’s Stock Market Club Trading Triangles

The June Dollar was higher overnight and trading above the 20 day moving average crossing at 80.82. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 80.82 would confirm that a short term low has been posted.

If June renews 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 overnight high crossing at 81.53
Second resistance is the reaction high crossing at 83.33

First support is the 10 day moving average crossing at 79.93
Second support is last Tuesday's low crossing at 78.37

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The S&P 500 was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

Day traders will continue to look for bullish set ups until they fail. Monday's pivot point is 944 but day traders will be looking at 934.50 as a critical level of support to give serious market direction indication. If we break through 944 look for the next daily target of 957.50 as an exit point.

If the overnight strength in the dollar takes the market lower look for the first battle ground at 927.50, the trading hours only previous highs.

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 910.58 would confirm that a short term top has been posted.

Monday's pivot point, our line in the sand is 944

First resistance is last Friday's high crossing at 957.50
Second resistance is the 38% retracement level crossing at 1040.33

First support is the 10 day moving average crossing at 927.50
Second support is the 20 day moving average crossing at 910.58

The June S&P 500 Index was down 8.30 points. at 932.20 as of 6:00 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

This Week In Crude Oil

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Crude Oil Weekly Pivot Points

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Crude Oil Opens Lower Monday Morning

May crude oil was lower due to profit taking overnight as it consolidates some of last Thursday's rally.

Stochastics and the RSI are neutral signaling that sideways trading is possible near term. Closes below the reaction low crossing at 47.26 are needed to confirm that a short term top has been posted.

If May extends last Thursday's rally, March's high crossing at 54.66 then January's high crossing at 58.31 are the next upside targets.

Monday's pivot point, our line in the sand is 51.50.

First resistance is last Friday's high crossing at 53.90.
Second resistance is March's high crossing at 54.66.

First support is last Wednesday's low crossing at 47.37.
Second support is the reaction low crossing at 47.26.

Crude oil appears to be range bound at this point in the 47 to 54 area. Most traders should be looking to go long on all dips into the 47 to 48 area while less conservative traders may also want to short crude in the 53 to 54 area.

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The June S&P 500 index was lower due to profit taking overnight as it consolidates some of last Thursday's rally. Stochastics and the RSI are overbought, diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near term.

The June S&P 500 Index was down 7.50 points. at 845.10 as of 5:53 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

If June extends the rally off March's low, February's high crossing at 867.50 is the next upside target. Closes below the 20 day moving average crossing at 808.32 are needed to confirm that a short term top has been posted.

Our SP 500 pivot point, our line in the sand is 843.50. If we break below 843 in the regular trading session we will go short for our SP day trade.

First resistance is last Thursday's high crossing at 854.50.
Second resistance is February's high crossing at 867.50.

First support is the 10 day moving average crossing at 822.91.
Second support is the 20 day moving average crossing at 808.32.

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The June Dollar was lower overnight as it consolidates some of last week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If June extends last week's rally, the reaction high crossing at 86.61 is the next upside target. Closes below last Monday's low would open the door for a possible test of March's low crossing at 83.15.

First resistance is the overnight high crossing at 86.22.
Second resistance is the reaction high crossing at 86.61.

First support is last Monday's low crossing at 84.10.
Second support is March's low crossing at 83.14.