ENERGY
CRUDE OIL closed lower due to profit taking on Wednesday and the lowrange close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, the 62% retracement level of this year's decline crossing is the next upside target.
NATURAL GAS closed lower on Wednesday ending a twoday bounce off Monday's low. The midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off July's high, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm bearish outlook.
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 neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off July's low, the reaction high crossing is the next upside target. If it renews this year's decline, monthly support crossing is the next downside target.
FX - YEN
The YEN 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. Closes above the JuneJuly downtrend line crossing would confirm that the shortterm trend has turned up. If it renews the decline off June's high, June's low crossing is the next downside 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 neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off July's high, the reaction low crossing is the next downside target. Closes above last Thursday's high crossing would confirm that a shortterm bottom has been posted.
FX - STERLING
STERLING 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 turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above June's high crossing would confirm an upside breakout of this summer's trading range while opening the door for a possible test of the 62% retracement level of the AprilJune decline crossing.
BULLION - GOLD
SPOT GOLD 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 bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to confirm an upside breakout of the aforementioned trading range. If it renews last week's decline, the reaction low crossing is the next downside target.
BULLION - SILVER
SPOT SILVER closed lower on Wednesday and the midrange close set the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off June's low, June's high crossing is the next upside target. If it renews last week's decline, July's low crossing is the next downside target.
INDICIES - DOW JONES
Dow Jones Futures closed slightly higher on Wednesday but remains below the 87% retracement level of the MayJune decline crossing. Today's highrange close sets the stage for a steady to higher opening on Thursday. If the Dow extends the aforementioned rally, May's high crossing it the next upside objective. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - NASDAQ
NASDAQ Futures closed slightly 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 remain neutral to 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 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - S&P 500
S&P 500 Futures closed slightly higher 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 sideway to higher prices are possible nearterm. If it extends the rally off June's low, March's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
COMMODITIES - COFFEE
COFFEE Futures closed lower on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible. If it extends the decline off July's high, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.
