ENERGY
CRUDE OIL closed higher on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off June's low, the 62% retracement level of this year's decline crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
NATURAL GAS closed higher on Tuesday and the highrange close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the decline off July's high, the 62% retracement level of the AprilJuly rally crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.
FX - EURO
The EURO closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible nearterm. Closes below the reaction low crossing would confirm an end to the short covering rally off July's low. If it renews the rally off July's low, the reaction high crossing is the next upside target.
FX - YEN
The YEN 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 remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews the decline off June's high, June's low crossing is the next downside target. Closes above the JuneJuly downtrend line crossing would confirm that the shortterm trend has turned up.
FX - SWISS FRANC
The SWISS FRANC 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 remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews the decline off July's high, the reaction low crossing is the next downside target.
FX - STERLING
STERLING closed slightly lower on Tuesday and the lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain 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 lower on Tuesday and the lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to confirm an upside breakout of this summer's trading range. If it renews the decline off July's high, the reaction low crossing is the next downside target.
BULLION - SILVER
SPOT SILVER closed higher on Tuesday and the midrange close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to 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. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.
INDICIES - DOW JONES
Dow Jones Futures closed higher on Tuesday and the lowrange close sets the stage for a steady opening on Wednesday. If the Dow extends the rally off June's low, May's high crossing is 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 lower on Tuesday and the lowrange close sets the stage for a steady to lower 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 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 lower on Tuesday and the lowrange close sets the stage for a steady opening on Wednesday. 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 close lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday.
Stochastics and the RSI 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.
