The September Dollar was slightly higher due to light short covering overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 82.22 are needed to confirm that a short-term low has been posted. If September extends the decline off July's high, the 62% retracement level of the April-July rally crossing at 81.02 is the next downside target. First resistance is the 10-day moving average crossing at 81.84. Second resistance is the 20-day moving average crossing at 82.20. First support is last Thursday's low crossing at 81.22. Second support is the 62% retracement level of the April-July rally crossing at 81.02. Continue reading "Morning Currency Commentary"
Tag: Morning Commentary
Morning Index Commentary
The September NASDAQ 100 was higher overnight as it extends the rally off June's low. Stock-index futures rallied for the fourth time in five days, on mounting optimism that this week's meetings among euro-area leaders will lead to progress in resolving Europe's debt crisis. 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 July's low, psychological resistance crossing at 2800.00 is the next upside target. Continue reading "Morning Index Commentary"
Energy Market Commentary
September crude oil was higher overnight on speculation that inventories declined for a third week in the U.S., the world's biggest crude consumer. Today's inventory report is forecasted to show that U.S. crude stockpiles fell last week as refiners operated near the highest rates in five years. Despite overnight gains, September remains below the 50% retracement level of this year's decline crossing at 94.28. Stochastics and the RSI are diverging and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 90.83 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. Continue reading "Energy Market Commentary"
Energy Market Commentary
September crude oil was higher overnight as it extends the rally off last Thursday's low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the 50% retracement level of this year's decline crossing at 94.41 is the next upside target. Closes below last Thursday's low crossing at 86.92 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. First resistance is the 50% retracement level of this year's decline crossing at 94.41. Second resistance is the 62% retracement level of this year's decline crossing at 98.42. First support is last Thursday's low crossing at 86.92. Second support is the reaction low crossing at 84.05. Continue reading "Energy Market Commentary"
Morning Energy Market Commentary
September crude oil closed higher on Wednesday as it consolidated some of Tuesday's low. The mid-range close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing at 86.84 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early August. If September renews the rally off June's low, the 50% retracement level of this year's decline crossing at 94.28 is the next upside target. Continue reading "Morning Energy Market Commentary"
