CRUDE OIL closed slightly lower and the midrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the 50% retracement level of the OctoberNovember rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
NATURAL GAS closed lower on Monday as it extends this year's decline. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this year's decline, monthly support crossing at is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
The EURO closed lower on Monday and the midrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off October's high, January's low on the weekly continuation chart crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
The YEN closed higher on Monday while extending the trading range of the past three weeks. The highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning bearish hinting that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing would temper the nearterm bullish outlook. If it renews the rally off November's low, October's high crossing is the next upside target.
The SWISS FRANC closed slightly higher on Monday and the midrange close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bearish hinting that a shortterm high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a high has been posted. If it renews the rally off October's low, weekly resistance crossing is the next upside target.
STERLING closed slightly lower and the midrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends last week's decline, October's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
SPOT GOLD closed lower on Monday and the lowrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, September's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted
SPOT SILVER closed lower on Monday and the highrange close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off October's high, September's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
Dow Jones Futures closed lower on Monday and the lowrange close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If the Dow renews this month's decline, November's low crossing is the next downside target. Closes above the 10day moving average crossing would temper the nearterm bearish outlook.
NASDAQ Futures closed lower on Monday and the lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted.
S&P 500 Futures closed lower on Monday and the lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the November 30th gap crossing is the next downside target. Closes above the 10day moving average crossing are needed to confirm that a shortterm low has been posted.
COFFEE Futures closed higher due to short covering on Monday and the highrange close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible. If it extends this year's decline, the 62% retracement level of the 20092011 rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.
