October crude oil was higher overnight and poised to test resistance marked by the 62% retracement level of this year's decline crossing at 98.22. Stochastics and the RSI are bullish hinting that sideways to higher prices are possible near-term. If October renews the rally off June's low, the 75% retracement level of this year's decline crossing at 102.50 is the next upside target. Closes below the reaction low crossing at 93.95 would confirm that a short-term top has been posted while opening the door for additional weakness. First resistance is the 62% retracement level of this year's decline crossing at 98.22. Second resistance is the 75% retracement level of this year's decline crossing at 102.50. First support is the reaction low crossing at 93.95. Second support is the reaction low crossing at 91.97. Continue reading "Morning Energy Market Commentary"
Tag: Morning Commentary
Morning Currency Commentary
The September Dollar was lower overnight as it extends the decline below the 75% retracement level of the April-July rally crossing at 80.32. 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 decline off July's high, the 87% retracement level of the May-July rally crossing at 79.67 is the next downside target. Closes above the 20-day moving average crossing at 81.48 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.00. Second resistance is the 20-day moving average crossing at 81.48. First support is the 87% retracement level of the May-July rally crossing at 79.67. Second support is May's low crossing at 79.02. Continue reading "Morning Currency Commentary"
Monday Morning Index Commentary
The September NASDAQ 100 was lower due to profit taking overnight as it consolidates some of the rally off June's low. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, monthly resistance crossing at 2847.00 is the next upside target. Closes below last Tuesday's low crossing at 2742.75 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 2836.25. Second resistance is monthly resistance crossing at 2847.00. First support is the 20-day moving average crossing at 2774.08. Second support is last Tuesday's low crossing at 2742.75. Continue reading "Monday Morning Index Commentary"
Morning Energy Market Commentary
October crude oil was higher overnight as it extends the trading range of the past three weeks below the 62% retracement level of this year's decline crossing at 98.27. Stochastics and the RSI remain bearish signaling that October crude oil might be correcting more in time than price. Closes below the reaction low crossing at 93.95 would confirm that a short-term top has been posted while opening the door for additional weakness. If October renews the rally off June's low, the 75% retracement level of this year's decline crossing at 102.50 is the next upside target. First resistance is the 62% retracement level of this year's decline crossing at 98.22. Second resistance is the 75% retracement level of this year's decline crossing at 102.50. First support is the reaction low crossing at 93.95. Second support is the reaction low crossing at 91.97. Continue reading "Morning Energy Market Commentary"
Morning Index Commentary
The September NASDAQ 100 was lower overnight as it extends the trading range of the past three weeks. 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 2754.92 would confirm that a short-term top has been posted. If September renews the rally off July's low, monthly resistance crossing at 2847.00 is the next upside target. First resistance is August's high crossing at 2802.50. Second resistance is monthly resistance crossing at 2847.00. First support is the 20-day moving average crossing at 2754.92. Second support is the reaction low crossing at 2702.25. Continue reading "Morning Index Commentary"
