ENERGY
CRUDE OIL closed higher on Thursday and the highrange close sets the stage for a steady to higher opening when Friday's night session begins. 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, the 62% retracement level of this year's decline crossing is the next upside target.
NATURAL GAS closed lower on Thursday and the midrange close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower 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 higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to 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 Wednesday and the highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm high has been posted.
FX - SWISS FRANC
The SWISS FRANC closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening when Friday'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 would confirm that a shortterm bottom has been posted. If it renews the decline off July's high, the reaction low crossing is the next downside target.
FX - STERLING
STERLING closed higher on Thursday and the highrange close sets the stage for a steady to higher opening when Friday'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 higher on Thursday and the highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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. Closes above the reaction high crossing are needed to confirm an upside breakout of this summer's trading range.
BULLION - SILVER
SPOT SILVER closed higher on Thursday and the highrange close set the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signalling that sideways trading is possible nearterm. Closes below the 20day moving average crossing would temper the nearterm friendly outlook. If it renews the rally off June's low, June's high crossing is the next upside target.
INDICIES - DOW JONES
Dow Jones Futures closed sharply higher on Thursday as it renewed the rally off June's low. Today's highrange close sets the stage for a steady to higher opening on Friday. If the Dow extends the rally off June's low, 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 sharply higher on Thursday and the highrange close sets the stage for a steady to higher opening when Friday'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, April's high crossing is the next upside target.
INDICIES - S&P 500
S&P 500 Futures closed sharply higher on Thursday and the highrange close sets the stage for a steady to higher opening on Friday. 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, weekly resistance 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 Thursday as it extends the decline off July's high. The lowrange close sets the stage for a steady to lower opening on Friday. 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, June's low crossing is the next downside target.
