HY Markets Research Team
HY Markets
FX - EURO
THE EURO closed higher on Friday but off session highs. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below last Friday's low crossing would confirm that a double top with October's high has been posted. If it extends the rally off November's low, monthly resistance crossing is the next upside target.
FX - YEN
THE YEN closed higher on Friday as it extends this year's rally. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signalling that additional strength is possible. If it extends the rally off October's low, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted.
FX - SWISS FRANC
THE SWISS FRANC closed lower on Friday and posted a new contract low. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. Closes above last Friday's high crossing would renew therally off December's low, the reaction high crossing is the next upside target. If it extends the decline off November's high, weekly support crossing is the next downside target.
FX - STERLING
STERLING closed higher on Friday while renewing this year's rally. The midrange close sets the stage for a steady to opening when Monday'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 November's low, monthly resistance crossing is the next upside target. Closes below last Tuesday's low would confirm that a shortterm top has been posted.
BULLION - GOLD
GOLD closed higher due to short covering on Friday. The midrange close sets the stage for a steady opening when Monday'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 confirm that a low has been posted. If it renews the decline off August's high, weekly support crossing is the next downside target.
BULLION - SILVER
SILVER closed higher on Friday and the highrange close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible nearterm. If it renews the rally off December's low, the reaction high crossing is the next upside target. If it renews the decline off October's high, June's low crossing is the next downside target.
INDICIES - US 30
US30 Index CFD closed slightly higher on Friday as it extends this year's rally into uncharted territory. The lowrange close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed lower due to profit taking on Friday as it consolidated some of its recent gains. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this year's rally, monthly resistance crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 500
US 500 Index CFD closed slightly higher on Friday and posted a new contract high as it extended this year's rally. The midrange close sets the stage for a steady opening when Monday'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
ENERGY
US OIL closed higher on Friday as it extends the rally off November's low. The lowrange close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are diverging but are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, the 62% retracement level of the August November decline crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
NATURAL GAS closed higher on Friday. The highrange close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the aforementioned rally, August'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 - US COFFEE
US Coffee CFD closed higher on Friday as it extends the trading range of the past two weeks. The midrange close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk.
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