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01-30-2004, 08:04 PM
The STOCK INDEXES & MARKETS

The NASDAQ Composite index posted a quiet inside day with a
lower close on Friday as it extends Wednesday's breakout
below the 20-day moving average crossing at 2098. The mid-
range close sets the stage for a steady opening on Monday as
a test of the 40-day moving average crossing at 2026.10 is
possible later this winter. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible
near-term. Closes above the 10-day moving average crossing
at 2115.54 are needed to temper the near-term bearish
outlook in the market.

The March S&P 500 index posted a quiet inside day with a
lower close on Friday as it consolidates below the 20-day
moving average crossing at 1131.48. The mid-range close sets
the stage for a steady opening on Monday. Stochastics and
the RSI are bearish signaling that sideways to lower prices
are possible near-term. If March extends this week's
decline, the 40-day moving average crossing at 1106.05 is a
potential target later this winter.

The Dow posted an inside day with a lower close on Friday as
it consolidates below the 20-day moving average crossing at
10,540. The mid-range close sets the stage for a steady
opening on Monday. Closes below this month's low crossing at
1036.70 would confirm that a short-term top has been posted
while opening the door for a larger-degree decline into the
first half of February. Momentum indicators are bearish
signaling that sideways to lower prices are possible near-
term.
More at http://quotes.ino.com/exchanges/?c=indexes

INTEREST RATES

March bond closed higher due to short covering on Friday and
the high-range close sets the stage for a steady to firmer
opening on Monday. Closes above the 10-day moving average
crossing at 111-22 are needed to temper the near-term
bearish outlook in the market. If the decline off last
week's high continues, a test of this winter's uptrend line
crossing near 108-05 is a potential target later this year.
Stochastics and the RSI remain bearish signaling that
sideways to lower prices are still possible near-term.

The CRB INDEX

The CRB index posted an inside day with a higher close on
Friday due to strength in grains, livestock, previous
metals, fiber and crude oil. Today's rebound led to a close
above the 40-day moving average crossing at 262.41 and the
high-range close sets the stage for a steady to firmer
opening on Monday. If the CRB Index extends its decline off
this month's high, the 38% retracement level of the July-
January rally crossing at 255.52 is possible in the near
future. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term.
More at http://quotes.ino.com/exchanges/?c=interest

ENERGY MARKETS

The energy markets closed mixed on Friday with the products
extends this week's losses into the close.

March crude oil posted an inside day with a higher close on
Friday as it consolidates above the 40-day moving average
crossing at 32.72. Closes below this moving average and the
previous reaction low crossing at 32.35 would confirm a
breakout below this winter's uptrend line and could lead to
a test of the reaction low at 30.90 later this winter.
Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. Today's mid-range
close sets the stage for a steady opening on Monday

March heating oil closed lower on Friday and below the 40-
day moving average crossing at 92.22. The low-range close
sets the stage for a steady to lower opening on Monday.
Today's close below the 40-day moving average has opened the
door for a possible test of the reaction low crossing at
86.50 later this winter. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-
term.

March unleaded gas extended this week's breakout below the
20-day moving average crossing at 98.98. However, the mid-
range close sets the stage for a steady opening on Monday.
If March extends its decline off last week's high, a test of
the 40-day moving average crossing at 94.34 is possible
later this winter. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-
term.

March Henry Hub natural gas closed lower on Friday and below
the late-December low crossing at 5.70. The low-range close
sets the stage for a steady to lower opening on Friday.
Multiple closes below 5.70 would open the door for a test of
November's high crossing at 5.27 later this winter.
Stochastics and the RSI are bearish but oversold hinting
that a short-term low might be near.
More at http://quotes.ino.com/exchanges/?c=energy

CURRENCY FUTURES | REAL TIME FOREX

The March Dollar closed lower due to profit taking on Friday
and below the 40-day moving average at 87.11. Today's low-
range close sets the stage for a steady to weaker opening on
Monday. Closes above the a-wave high crossing at 88.17 would
open the door for a possible test of the 38% retracement
level of the Sept.-Jan. decline crossing at 89.86 later this
winter. Stochastics and the RSI are bullish signaling that
sideways to higher prices is possible near-term.

The March Euro closed higher on Friday and above the 40-day
moving average crossing at 124.519. The high-range close
sets the stage for a steady to firmer opening on Monday.
Closes below last week's low crossing at 123.27 would open
the door for a test of the 38% retracement level of the
November-January rally crossing at 122.882 later this
winter. Stochastics and the RSI are bearish signaling that
additional weakness is possible near-term.

The March Swiss Franc closed slightly higher on Friday as it
consolidates below the 40-day moving average crossing at
.8011. The mid-range close sets the stage for a steady
opening on Monday. Closes below last week's low crossing at
.7867 would renew this month's decline and could lead to a
test of fib support crossing at .7761 later this winter.
Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible.

The March Canadian Dollar closed higher due to short
covering on Friday and above the 75% retracement level of
the December-January rally crossing at .7525. The high-range
close sets the stage for a steady to firmer opening on
Monday. If March extends this week's decline, a test of
December's low crossing at .7420 is possible later this
winter. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. Closes
above the 20-day moving average crossing at .7696 are needed
to temper the bearish outlook in the market.

The March Japanese Yen closed higher on Friday but remains
below Tuesday's high, which marked a new contract at .9497.
Today's mid-range close sets the stage for a steady opening
on Monday. Multiple closes above .9475 would open the door
for a possible test of long-term resistance crossing at
.9716 later this winter. Stochastics and the RSI are turning
bullish hinting that sideways to higher prices are possible
near-term. Closes below the 40-day moving average crossing
at .9374 would increase the odds that a short-term top has
been posted.
More at http://quotes.ino.com/exchanges/?e=FOREX

PRECIOUS AND NON-FERROUS METALS

February gold posted an inside day with a higher close due
to short covering on Friday as it rebounded off support
marked by the 38% retracement level of the July-January
rally crossing at 398.10. The high-range close sets the
stage for a steady to firmer opening on Monday. Stochastics
and the RSI are bearish but oversold hinting that a low
might be in or is near. If February extends this month's
decline, the 50% retracement level of the July-January rally
crossing at 387.70 is a possible target later this winter.
Closes above the 10-day moving average crossing at 408.10
are needed to temper the bearish outlook in the market.

March silver posted an inside day with a slightly higher
close on Friday as it consolidates below the 20-day moving
average crossing at 6.349. Today's mid-range close sets the
stage for a steady opening on Monday. Stochastics and the
RSI are bearish signaling that sideways to lower prices are
possible into early-February. This week's closes below the
20-day moving average crossing at 6.348 have opened the door
for a possible test of the 40-day moving average crossing at
6.004 later this winter.

March copper posted a new contact high on Friday and the
high-range close sets the stage for a steady to firmer
opening on Monday. If March extends this winter's rally, a
test of the 62% retracement level of the 1989-2001 decline
crossing at 118.69 is possible later this winter. The daily
ADX (a trend-following indicator) is bullish and rising
signaling that sideways to higher prices are possible near-
term. Closes below the 10-day moving average crossing at
112.04 would be the first sign of trouble for bulls.
More at http://quotes.ino.com/exchanges/?c=metals

FOOD & FIBER

March coffee traded sharply lower due to profit taking in
early trading on Friday before a late-day short covering
rally erased early losses. Today's decline tested support
marked by the 20-day moving average crossing at 72.11.
However, March ended the day above broken resistance marked
by last September's high crossing at 75.00 and then the 10-
day moving average crossing at 75.30. The high-range close
sets the stage for a steady to firmer opening on Monday.
Closes below the 10-day moving average crossing at 75.30
would confirm that a short-term top has been posted. If this
winter's rally continues, the 38% retracement level of the
1999-2001 decline on the weekly chart crossing at 81.04 is
the next upside target later this winter. Stochastics and
the RSI are overbought and are turning bearish hinting that
a short-term top might be in or is near.

March cocoa posted a key reversal down on Friday and the
low-range close sets the stage for a steady to lower opening
on Monday. This week's breakout below the 40-day moving
average crossing at 1595 has opened the door for a test of
this month's low at 1456 later this winter. Stochastics and
the RSI are bearish signaling that sideways to lower prices
are possible near-term.

March sugar closed slightly lower on Friday as it
consolidates above the 10-day moving average crossing at 581
and this winter's downtrend line. This week's breakout above
these resistance levels confirms that a bottom has been
posted and opens the door for a test of the previous
reaction high at 600. The high-range close sets the stage
for a steady to firmer opening on Monday. Stochastics and
the RSI are turning bullish signaling that sideways to
higher prices are possible near-term.

March cotton closed sharply higher due to short covering on
Friday however, the mid-range close sets the stage for a
steady opening on Monday. While additional short covering is
possible on Monday, the door has been opened for a larger-
degree setback into early-February as November's low
crossing at 67.09 is March's next downside target.
Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term.
More at http://quotes.ino.com/exchanges/?c=food

GRAINS & SOYBEAN COMPLEX

March corn closed sharply higher on Friday and filled
Wednesday's gap crossing at 2.75 1/4. Today's rally also led
to a close above the 10-day moving average crossing at 2.75
1/4 and the high-range close sets the stage for a steady to
firmer opening on Monday. Closes above the 75% retracement
level of the 2002-03 crossing at 2.82 would open the door
for a possible test of weekly resistance crossing at 3.01
1/2 later this winter. Closes below broken resistance marked
by the 62% retracement level of the 2002-03 crossing at 2.70
would open the door for a test of the top of the January 12
gap crossing at 2.62. Stochastics and the RSI are overbought
and have turned bearish signaling that sideways to lower
prices are possible near-term.

March wheat gapped up and closed higher on Friday due to
short covering. The high-range close sets the stage for a
steady to firmer opening on Monday. Closes above the 20-day
moving average crossing at 3.90 1/4 would signal that a
short-term low has likely been posted. Today's rebound
turned stochastics and the RSI bullish signaling that
sideways to higher prices are possible near-term. If March
resumes this month's decline below gap support crossing at
3.77 3/4, a test of December's low crossing at 3.58 is
possible later this winter.

March Kansas City Wheat closed higher on Friday as it
continues to rebound off gap support crossing at 3.85.
Today's rally led to a close above the 40-day moving average
crossing at 3.94 1/2. The upper-range close sets the stage
for a steady to firmer opening on Monday. Closes above the
20-day moving average crossing at 3.97 3/4 are needed to
temper the bearish outlook in the market. Closes below 3.85
would open the door for a possible test of December's low
crossing at 3.66 later this winter. Stochastics and the RSI
are bearish signaling that sideways to lower prices are
still possible near-term.

SOYBEAN COMPLEX

March soybeans closed higher due to technical short covering
on Friday as it extends yesterday's rebound off support
marked by the January 12 gap crossing at 8.01. Late-day
support came from uncertainty over weekend weather in
Argentina and Southern Brazil as they are in desperate need
of rain and cooler temperatures to relieve crop stress.
Today's high-range close sets the stage for a steady to
firmer opening on Monday. Closes above Wednesday's gap
crossing at 8.45 3/4 would increase the odds that a short-
term low has been posted. Closes below the January 12 gap
crossing at 8.01 would open the door for a likely test of
October's high crossing at 7.93 and then the reaction low
crossing at 7.85 1/2 later this winter. Stochastics and the
RSI are bearish signaling that sideways to lower prices are
possible into February, when the mid-winter low is due to be
posted.

March soybean meal closed higher on Friday as it rebounds
off trading range support crossing at 251 and closed above
the 20-day moving average crossing at 253.60 today. The
high-range close sets the stage for a steady to firmer
opening on Monday. However, it will take closes above
Wednesday's gap crossing at 260 to temper the near-term
bearish outlook in the market. Closes below 251 would open
the door for a possible test of the January 12 gap crossing
at 241.50 later this winter. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible
into early-February.

March soybean oil closed higher on Friday due to short
covering and above the 20-day moving average crossing at
29.16. Today's high-range close sets the stage for a steady
to firmer opening on Monday. Closes above this week's high
crossing at 30.04 are needed to signal that this month's
correction has come to an end. If March extends this month's
decline, a test of gap support crossing at 28.56 is possible
by early-February. Stochastics and the RSI are bearish
signaling that sideways to lower prices are still possible
near-term.
More at http://quotes.ino.com/exchanges/?c=grains

LIVESTOCK and MEATS

April hogs gapped up and closed above the October-November
downtrend line on Friday thereby confirming that a trend
change has taken place. The high-range close sets the stage
for a steady to firmer opening on Monday as the door is open
for a test of December's high crossing at 59.47. Stochastics
and the RSI are bullish signaling that sideways to higher
prices are still possible near-term.

February bellies closed higher on Friday negating
yesterday's key reversal down. Closes above the 40-day
moving average crossing at 85.05 would confirm that a low
has likely been posted while opening the door for a larger-
degree rebound into early-February. The high-range close
sets the stage for a steady to firmer opening on Monday.
Stochastics and the RSI are bullish signaling that sideways
to higher prices are possible near-term. If February resumes
this month's decline, a test of the 75% retracement level of
the August-October rally crossing at 80.41 is possible later
this winter.

April cattle closed higher due to short covering on Friday
as it consolidated some of this week's decline. The high-
range close sets the stage for a steady to firmer opening on
Monday. However, stochastics and the RSI are bearish
signaling that sideways to lower prices are possible into
early-February. If April extends its decline off this
month's high, fib support crossing at 72.08 is the next
possible downside target. Closes above the 10-day moving
average crossing at 75.00 would temper the near-term bearish
outlook in the market.

March Feeder cattle posted an inside day with a higher close
on Friday as it consolidated some of this week's losses. The
high-range close sets the stage for a steady to firmer
opening on Monday. However, stochastics and the RSI are
bearish signaling that sideways to lower prices are possible
into early-February. If March extends its decline off last
week's high, the reaction low crossing at 82.40 is the next
downside target.
More at http://quotes.ino.com/exchanges/?c=livestock