ENERGY
CRUDE OIL closed higher due to short covering on Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bullish signalling that a low might be in or is near. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it extends this spring's decline, the 75% retracement level of the 20112012rally crossing is the next downside target.
NATURAL GAS closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, February'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 lower on Wednesday and the lowrange close sets the stage for a steady opening on Thursday. 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 10day moving average crossing would temper the nearterm bearish outlook. Closes above the reaction high crossing are needed to renew this month's rally.
FX - YEN
The YEN closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned 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 renews the decline off this month's low, 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 Wednesday and the midrange close sets the stage for a steady opening when Thursday'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 lower on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday'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 April June decline crossing is the next upside target.
BULLION - GOLD
SPOT GOLD closed higher on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to 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 20day moving average crossing are needed to temper the bearish outlook.
BULLION - SILVER
SPOT SILVER closed lower due to short covering on Wednesday and the midrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If the Dow extends the decline off this month's high, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm bearish outlook.
INDICIES - DOW JONES
Dow Jones Futures closed higher due to short covering on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. 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 due to short covering on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain 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 Wednesday and the highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends Monday's decline, 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 slightly lower due to light profit taking on Wednesday. The lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extend this week'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.
