ENERGY
CRUDE OIL closed lower on Wednesday and the midrange close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extends last Friday's rally, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 10day moving average crossing would temper the nearterm friendly outlook.
NATURAL GAS closed higher on Wednesday and the midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish again signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, 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 midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to renew the rally off June's low. If it renews this year's decline, weekly support crossing is the next downside target.
FX - YEN
The YEN closed higher on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing would temper the nearterm bearish outlook. If it renews the rally 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 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 turning bearish hinting that sideways to lower prices are possible nearterm. If it extends last Friday's decline, the reaction low crossing is the next downside target. If it renews the rally off May's low, June's high crossing is the next upside target.
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 turning bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to renew the rally off June's low. Closes below last Thursday's low crossing would confirm that a shortterm top has been posted.
BULLION - GOLD
SPOT GOLD closed lower 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 extends today's rally, June's high crossing is the next upside target. If it renews the decline off June's high, May's low crossing is the next downside target.
BULLION - SILVER
SPOT SILVER closed lower on Wednesday and the lowrange close set the stage for a steady to lower 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 extends today's rally, June's high crossing is the next upside target.
INDICIES - DOW JONES
Dow Jones Futures closed lower on Wednesday and the midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends the aforementioned rally, May's high crossing is the next upside target. Closes below last Thursday's low crossing would confirm that a shortterm top has been posted.
INDICIES - NASDAQ
NASDAQ Futures 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 are bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, gap resistance crossing is the next upside target. Closes below last Thursday's low crossing would confirm that a double top with June's high has been posted.
INDICIES - S&P 500
S&P 500 Futures closed lower 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 extends the rally off June's low, May's high crossing is the next upside target. Closes below the reaction low crossing would confirm that a shortterm top has been posted.
COMMODITIES - COFFEE
COFFEE Futures closed unchanged due to market holiday on Wednesday and the highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extend this rally, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.
