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Yesterday USA Market Closing
Crude Oil
December crude oil closed down $3.84 at $63.97 a barrel today. Prices closed near the session low today. A firmer U.S. dollar pressured crude oil. Crude oil bears do still have the solid near-term technical advantage. Prices remain in a 3.5-month-old downtrend on the daily bar chart.
British Pound
The December British pound closed down 303 points at 1.5803 today. Prices closed nearer the session low. Bears still have the solid near-term technical advantage. Prices are
still in a six-week-old downtrend on the daily bar chart.
still in a six-week-old downtrend on the daily bar chart.
Silver
December silver futures closed steady at $9.73 an ounce
today. Prices closed nearer the session low today. Bearish "outside markets"--a stronger U.S. dollar and sharply lower crude oil prices--pressured the silver market today. Bears still have the overall near-term technical advantage. Prices are still trading below a 3.5-month-old downtrend line on the daily bar chart.
today. Prices closed nearer the session low today. Bearish "outside markets"--a stronger U.S. dollar and sharply lower crude oil prices--pressured the silver market today. Bears still have the overall near-term technical advantage. Prices are still trading below a 3.5-month-old downtrend line on the daily bar chart.
Gold
December gold futures closed up $6.50 at $724.70 today. Prices closed nearer the session low. Short covering was featured. Bearish "outside markets"--a stronger U.S.
dollar and sharply lower crude oil prices--limited the upside in gold today. Bears still have the overall near-term technical advantage.
dollar and sharply lower crude oil prices--limited the upside in gold today. Bears still have the overall near-term technical advantage.
Euro
The December Euro currency closed down 116 points at 1.2625 today. Prices closed nearer the session low. Bears still have the near-term technical advantage amid still no solid technical clues that a market low is close at hand. Prices are still in a 3.5-month-old downtrend on the daily bar chart.
03- 11- 2008
Today USA Market Opening
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Dollar Index
The December U.S. dollar index closed up 520 points at 86.86 today. Prices closed nearer the session high today. No serious chart damage has occurred recently and the bulls still have the solid near-term technical advantage.
The December Euro was higher overnight due to short covering and is trading above the 10-day moving average crossing at 127.882. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 131.635 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, monthly support marked by the 50% retracement level of the 2001-2008-rally crossing at 121.770 is the next downside target. First resistance is the 20-day moving average crossing at 131.635. Second resistance is the reaction high crossing at 137.750. First support is last Friday's low crossing at 126.530. Second support is last Tuesday's low crossing at 123.260.
Silver
December silver was higher overnight and is trading above the 20-day moving average crossing at 10.104. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 10.104 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, the 87% retracement level of the 2004-2008-rally crossing at 7.808 is the next downside target. First resistance is the 20-day moving average crossing at 10.104. Second resistance is last Thursday's high crossing at 10.645. First support is the 10-day moving average crossing at 9.577. Second support is last Tuesday's low crossing at 8.400.
December gold was higher overnight due to short covering as it consolidates some of last Friday's decline. Stochastics and the RSI are neutral to ullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 790.90 are needed to
confirm that a short-term low has been posted. If December renews this fall's decline, the 62% retracement level of the 2004-2008-rally crossing at 651.10 is the next downside target. First resistance is last Thursday's high crossing at 778.30. Second resistance is the 20-day moving average crossing at 790.90. First support is last Friday's low crossing at 717.10. Second support is October's low crossing at 681.00.
confirm that a short-term low has been posted. If December renews this fall's decline, the 62% retracement level of the 2004-2008-rally crossing at 651.10 is the next downside target. First resistance is last Thursday's high crossing at 778.30. Second resistance is the 20-day moving average crossing at 790.90. First support is last Friday's low crossing at 717.10. Second support is October's low crossing at 681.00.
December crude oil was lower overnight as it consolidates below the 62% retracement level of the
2007-2008-rally crossing at 68.84. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 72.96 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, the 75% retracement level of the aforementioned rally crossing at 51.81 is the next downside target. First resistance is last Thursday's high crossing at 70.60. Second resistance is the 20-day moving average crossing at 72.96. First support is last Monday's low crossing at 61.30. Second support is the 75% retracement level crossing at 51.81.
2007-2008-rally crossing at 68.84. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 72.96 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, the 75% retracement level of the aforementioned rally crossing at 51.81 is the next downside target. First resistance is last Thursday's high crossing at 70.60. Second resistance is the 20-day moving average crossing at 72.96. First support is last Monday's low crossing at 61.30. Second support is the 75% retracement level crossing at 51.81.
03- 11-2008
Dollar Index
The December Dollar was lower overnight due to profit taking and is trading below initial support marked by the 10-day moving average crossing at 86.11. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 84.16 are needed to confirm that a short-term top has been posted. If December renews the rally off September's low, weekly resistance crossing at 90.27 is the next upside target. First resistance is last Friday's high crossing at 86.95. Second resistance is last Tuesday's high crossing at 88.49. First support is the 20-day moving average crossing at 84.16. Second support is the reaction low crossing at 82.00.
Euro
British Pound
The December British Pound was higher overnight due to short covering and is trading above the 10-day moving average crossing at 1.6144. Stochastics and the RSI remain bullish hinting that additional short covering gains are possible near-term. Closes above the 20-day moving average crossing at 1.6700 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, monthly support crossing at 1.4574 is the next downside target. First resistance is last Thursday's high crossing at 1.6634. Second resistance is the 20-day moving average crossing at 1.6700. First support is last Friday's low crossing at 1.5967. Second support is October's low crossing at 1.5224.
Gold
Crude Oil
S & P
The December S&P 500 index was slightly higher overnight as it consolidates above the 20-day moving average crossing at 941.00. Last week's breakout above this resistance level signals that a larger-degree short covering rally into early-November appears to be unfolding. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. However, it will take closes above the October 14th reaction high crossing at 1066.50 to confirm that a bottom has been posted. If December renews this fall's decline, the March 2003 low crossing at 787.50 is the
next downside target. First resistance is last Friday's high crossing at 984.00. Second resistance is the reaction high crossing at 992.20. First support is the 20-day moving average crossing at 941.00. Second support is the 10-day moving average crossing at 924.25. The December S&P 500 Index was up 2.70 pts. at 970.00 as of 5:58 AM CST. Overnight action sets the stage for a higher opening by the December S&P 500 index when the day session begins later this morning.
next downside target. First resistance is last Friday's high crossing at 984.00. Second resistance is the reaction high crossing at 992.20. First support is the 20-day moving average crossing at 941.00. Second support is the 10-day moving average crossing at 924.25. The December S&P 500 Index was up 2.70 pts. at 970.00 as of 5:58 AM CST. Overnight action sets the stage for a higher opening by the December S&P 500 index when the day session begins later this morning.
S & P
Dow