October gold was slightly higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1644.00 would confirm an upside breakout of this summer's trading range while opening the door for additional gains into early August. Continue reading "Precious Metals Commentary"
Tag: Morning Commentary
Morning Commentary for the Indexes
The September NASDAQ 100 was sharply lower overnight over increased concerns that that Greece won't fulfill its bailout commitments and a Chinese policy maker warned of cooling growth. Stochastics and the RSI are diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. If September extends the rally off June's low, the May 4th gap crossing at 2686.50 is the next upside target. Continue reading "Morning Commentary for the Indexes"
Morning Commentary for the Indexes
The September NASDAQ 100 was lower overnight as it consolidates below broken support marked by the 20-day moving average. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the reaction low crossing at 2503.50 is the next downside target. Closes above the 10-day moving average crossing at 2593.85 are needed to confirm that a short-term top has been posted. Continue reading "Morning Commentary for the Indexes"
Morning Commentary for the Indexes
The September NASDAQ 100 closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, gap resistance crossing at 2686.50 is the next upside target. Closes below the 20-day moving average crossing at 2569.02 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2655.75. Second resistance is gap resistance crossing at 2686.50. First support is the 20-day moving average crossing at 2569.02. Second support is last Thursday's low crossing at 2503.50. Continue reading "Morning Commentary for the Indexes"
