Commodities Market Summary for Wednesday Evening

The September S&P 500 closed lower due to profit taking on Wednesday. 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 September extends the rally off June's low, upside targets will now be hard to project with the next trading into uncharted territory. Closes below the 20 day moving average crossing at 1648.65 would confirm that a short term top has been posted. First resistance is 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 1666.00. Second support is the 20 day moving average crossing at 1648.65.

September crude oil closed lower due to profit taking on Wednesday and below the 10 day moving average crossing at 106.29 signaling that a short term top is in or is near. The low range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are overbought but are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 103.25 are needed to confirm that a short term top has been posted. If September renews the rally off April's low, weekly resistance crossing at 109.45 is the next upside target. First resistance is last Friday's high crossing at 108.93. Second resistance is weekly resistance crossing at 109.45. First support is today's low crossing at 104.79. Second support is the 20 day moving average crossing at 103.25.

August Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 3.672 would confirm that a short term top has been posted. If August renews last Thursday's rally, the reaction high crossing at 4.003 is the next upside target. First resistance is last Thursday's high crossing at 3.835. Second resistance is the reaction high crossing at 4.003. First support is the 87% retracement level of this year's rally crossing at 3.508. Second support is January's low crossing at 3.365.

August gold closed lower due to profit taking on Wednesday consolidating 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 August extend the rally off June's low, the reaction high crossing at 1394.00 is the next upside target. Closes below the 20 day moving average crossing at 1266.60 would temper the near term friendly outlook. First resistance is today's high crossing at 1348.70. Second resistance is the reaction high crossing at 1394.00. First support is the 20 day moving average crossing at 1266.70. Second support is June's low crossing at 1179.40.


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Can You Say FIVE Days in a Row! Crude Oil Closes Higher Again

Crude oil closed higher for the fifth day in a row on Tuesday as it extends the rally off this month's low. Profit taking tempered early session gains and 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.

If February extends this rally, the reaction high crossing at 80.40 is the next upside target. Closes below the 20 day moving average crossing at 75.43 would confirm that a short term top has been posted.

First resistance is today's high crossing at 79.39
Second resistance is the reaction high crossing 80.40

First support is the 10 day moving average crossing at 75.59
Second support is the 20 day moving average crossing at 75.43

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Natural gas closed lower due to profit taking on Tuesday as it consolidates some of this month's rally. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near term.

If February extends this month's rally, the 87% retracement level of this fall's decline crossing at 6.077 is the next upside target. Closes below the 20 day moving average crossing at 5.374 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 6.038
Second resistance is the 87% retracement level of this fall's decline crossing at 6.077

First support is the 10 day moving average crossing at 5.762
Second support is the 20 day moving average crossing at 5.374

Today’s Stock Market Club Trading Triangles

The U.S. Dollar closed higher due to short covering on Tuesday as it consolidated some of the decline off last week's high. The high range close sets the stage for a steady to higher opening on Wednesday.

Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 10 day moving average crossing at 78.06 would signal that a short term top has likely been posted.

Closes below the 20 day moving average crossing at 77.05 would confirm that a short term top has been posted. If March renews the current rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target.

First resistance is last Tuesday's high crossing at 78.77
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72

First support is the 10 day moving average crossing at 78.06
Second support is the 20 day moving average crossing at 77.05

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