ENERGY
CRUDE OIL closed higher due to short covering on Tuesday and the midrange close sets the stage for a steady opening when Wednesday's night session begins. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this spring's decline, the 75% retracement level of the 20112012rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.
NATURAL GAS closed higher on Tuesday as it extended this month's rally. The highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, May's high crossing is the next upside target. Multiple closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
FX - EURO
The EURO closed slightly lower on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it renews this year's decline, weekly support crossing is the next downside target. Closes above the reaction high crossing are needed to renew this month's rally.
FX - YEN
The YEN closed lower on Tuesday and the midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing would temper the nearterm bullish outlook. If it extends the rally off this month's high, the 50% retracement level of the March June decline crossing is the next upside target.
FX - SWISS FRANC
The SWISS FRANC closed slightly higher on Tuesday and the midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off May's low, weekly support crossing is the next upside target. Closes below fib support crossing would confirm that a shortterm high has been posted.
FX - STERLING
STERLING closed higher on Tuesday and the highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it renews this month's rally, the 62% retracement level of the AprilJune decline crossing is the next upside target.
BULLION - GOLD
SPOT GOLD closed lower on Tuesday and poised to renew the decline off last week's high. The lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline, May's low crossing is the next downside target. Closes above the 10day moving average crossing are needed to temper the bearish outlook.
BULLION - SILVER
SPOT SILVER closed lower on Tuesday and the lowrange close set the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, weekly support crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.
INDICIES - DOW JONES
Dow Jones Futures closed higher due to short covering on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If the Dow extends Monday's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm bearish outlook.
INDICIES - NASDAQ
NASDAQ Futures closed higher closed higher due to short covering on Tuesday and the highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off last week's high, the reaction low crossing is the next downside target. Closes above last week's high crossing are needed to renew this month's rally.
INDICIES - S&P 500
S&P 500 Futures closed higher due to short covering on Tuesday and the highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends Monday's low, the reaction low crossing is the next downside target. If it renews this month's rally, May's high crossing is the next upside target.
COMMODITIES - COFFEE
COFFEE Futures close higher on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extend today's rally, the reaction high crossing is the next upside target. If it renews the decline off January's high, weekly support crossing is the next downside target.
