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10-25-2004, 11:01 AM
The December NASDAQ 100 was lower overnight due to spillover
selling following last Friday's downside reversal and is breaking out
below initial support marked by the 10-day moving average crossing at
1445.10. Stochastics and the RSI have turned bearish again signaling
that sideways to lower prices are possible near-term. Closes below this
month's low crossing at 1419 would confirm a breakout below the
August-September uptrend line thereby signaling that a double top has
been posted. Closes above last week's high crossing at 1482.50 are
needed to keep the rally off August's low alive. The December
NASDAQ 100 was down 10.00 pts. at 1433.50 as of 5:52 AM ET.
Overnight action sets the stage for a steady to weaker opening by the
NASDAQ composite index later this morning.

The December S&P 500 index was lower overnight as it extends last
Friday's decline and is breaking out below the 62% retracement level of
the August-October rally crossing at 1092.90. Stochastics and the RSI
are bearish signaling sideways to lower prices are possible near-term. If
December extends this month's decline, a test of the 75% retracement
level of the August-October rally crossing at 1080.90 later this fall.
Closes above the 10-day moving average crossing at 1105.82 would
signal that a short-term low has been posted. The December S&P 500
Index was down 5.70 pts. at 1090.20 as of 5:55 AM ET. Overnight
action sets the stage for a steady to weaker opening when the day session
begins later this morning.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December bonds were higher overnight extending last week's breakout
above the previous reaction high crossing at 114-08. The breakout above
114-08 has renewed this summer's rally while opening the door for a
possible test of weekly resistance crossing at 115-03. Stochastics and the
RSI are diverging but remain bullish signaling that sideways to higher
prices are possible near-term. Closes below the 10-day moving average
crossing at 113-16 would signal that a short-term top has likely been
posted.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

December crude oil was slightly higher overnight as it extends last
Friday's breakout above $55. Tight supplies, strong domestic and world
demand continue to underpin the rally. December is trading into
uncharted territory making it hard to project the next level of resistance.
The daily ADX (a trend-following indicator) has turned neutral to
bullish again signaling that sideways to higher prices are possible near-
term. Closes below last Tuesday's low crossing at 51.95 are needed to
confirm that a short-term top has been posted. Any near-term setback is
likely to be limited to a test of broken psychological resistance crossing
at 50.00. Overnight action sets the stage for a steady to firmer tone in
early day session trading.

December heating oil was slightly higher overnight as it extends last
week's rally. The daily ADX (a trend-following indicator) is in a bullish
mode signaling that sideways to higher prices are possible. Closes below
the 10-day moving average crossing at 154.25 and then last Tuesday's
low crossing at 148.80 would signal that a short-term top has likely been
posted. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.

December unleaded gas was slightly higher overnight as it extends last
Friday's breakout above the previous reaction high crossing at 142.40.
The daily ADX (a trend-following indicator) is turning neutral but will
need to see additional strength before renewing its bullish mode. If
December extends this fall's rally, monthly resistance, which cross at
147.00 is the next upside target. Closes below last week's low crossing at
133.20 would confirm that a short-term top has been posted. Overnight
action sets the stage for a steady to firmer tone in early-day session
trading.

December Henry Hub natural gas was slightly lower overnight and is
working on a possible inside day. If December extends this fall's rally, a
test of monthly resistance crossing at 10.01 is the next upside target. The
daily ADX (a trend-following indicator) is bullish signaling that
sideways to higher prices are possible near-term. Closes below the 10-
day moving average crossing at 8.35 would signal that a short-term top
has been posted. Overnight action sets the stage for a steady to weaker
tone in early-day session trading.
CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The December Dollar gapped down overnight and is trading sharply
lower as it accelerates this month's decline. Stochastics and the RSI are
oversold but remain bearish signaling that sideways to lower prices are
possible near-term. If this fall's decline continues, monthly support
crossing at 84.77 is the next downside target. Closes above the 10-day
moving average crossing at 87.86 would signal that a short-term low has
been posted. Overnight action sets the stage for a weaker tone in early-
day session trading.

The December Euro gapped up and was sharply higher overnight as it
accelerates this month's rally. Overnight strength has led to a breakout
above weekly resistance crossing at 126.419. Stochastics and the RSI are
overbought but remain bullish signaling that sideways to higher prices
are possible near-term. If December extends this fall's rally, a test of
weekly resistance crossing at 129.190 is the next upside target. Closes
below the 10-day moving average crossing at 125.184 would signal that
December has posted a short-term top. Overnight action sets the stage
for a firmer tone in early-day session trading.

The December British Pound was sharply higher overnight as it extends
this fall's rally. Stochastics and the RSI are becoming overbought but
remain bullish signaling that sideways to higher prices are possible near-
term. If December extends the rebound off the early-October low, July's
high crossing at 1.85 is the next upside target. Closes below the 10-day
moving average crossing at 1.8023 would signal that a short-term top
has been posted. Overnight action sets the stage for a firmer tone in
early-day session trading.

The December Swiss Franc was sharply higher overnight and is working
on a possible inside day as it consolidates above July's high crossing at
.8212. If this month's rally continues, weekly resistance crossing at
.8475 is the next upside target. Stochastics and the RSI are overbought
but remain bullish signaling that additional short-term gains are
possible. Closes below the 10-day moving average crossing at .8151
would signal that a short-term top has been posted. Overnight action sets
the stage for a firmer tone in early-day session trading.

The December Canadian Dollar was sharply higher overnight as it
extends last Friday's breakout above weekly resistance crossing at .8060.
Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If December extends this fall's rally, the
75% retracement level of the 1991-2002 decline crossing at .8260 is the
next upside target. Closes below the 10-day moving average crossing at
.8007 would signal that a short-term top has been posted. Overnight
action sets the stage for a firmer tone in early-day session trading.

The December Japanese Yen was sharply higher overnight and spiked
above June's high crossing at .9420. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If
December extends this month's rally, a test of the 75% retracement level
of this year's decline on the weekly chart crossing at .9463 is the next
upside target. Closes below the 10-day moving average crossing at .9242
would signal that a short-term top has likely been posted. Overnight
action sets the stage for a firmer tone in early-day session trading.
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PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold was sharply higher overnight due to weakness in the
U.S. Dollar and rising oil prices. Stochastics and the RSI are diverging
but remain bullish signaling that additional strength is possible. If this
fall's rally continues, the contract high crossing at 436.50 is the next
upside target. Multiple closes below the 10-day moving average crossing
at 422 would signal that a short-term top has been posted. Overnight
action sets the stage for a firmer tone in early day session trading.

December silver was higher overnight and has broken out above the
early-October high crossing at 7.34, which coincides with the 62%
retracement level of this spring's decline. Stochastics and the RSI are
diverging but are bullish signaling that sideways to higher prices are
possible near-term. If December extends this fall's rally, the 75%
retracement level of the April-May decline crossing at 7.735 is the next
upside target. Closes below the 20-day moving average crossing at 7.097
would signal that a short-term top has been posted. Overnight action sets
the stage for a firmer tone in early day session trading.

December copper was slightly higher overnight as it continues to
consolidate above the 50% retracement level of the May-October rally
crossing at 128.40. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. If December resumes
this month's decline, the 62% retracement level of the May-October rally
crossing at 123.73 is the next downside target. Closes above the 40-day
moving average crossing at 132.98 would signal that a short-term low
has likely been posted. Overnight action sets the stage for a steady to
firmer tone in early-day session trading.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

December coffee closed lower on Friday due to light profit
taking but remains above the 10-day moving average crossing
at 74.42. The mid-range close sets the stage for a steady
opening on Monday. Stochastics and the RSI have turned
bullish signaling that a low has likely been posted. Closes
above the 20-day moving average crossing at 77.18 would open
the door for a larger-degree rebound into the end of
October.

December cocoa closed higher on Friday and above the 10-day
moving average crossing at 1444. The mid-range close sets
the stage for a steady opening on Monday. Stochastics and
the RSI are bullish hinting that sideways to higher prices
are still possible near-term. If December resumes this
fall's decline, a test of the July 7 gap crossing at 1358 is
possible.

March sugar closed lower on Friday and below the 20-day
moving average crossing at 904. The low-range close sets the
stage for a steady to lower opening on Monday. If March
extends this week's decline, the 50% retracement level of
the September-October rally crossing at 877 is the next
downside target. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible. Closes
above Monday's gap crossing at 914 would temper the near-
term bearish outlook in the market.

December cotton lower on Friday as it extended Thursday's
breakout below the 10-day moving average crossing at 46.30.
The mid-range close sets the stage for a steady opening on
Monday. Stochastics and the RSI are turning neutral hinting
that sideways to lower prices are possible near-term. If
December extends this fall's decline, a test of August's low
crossing at 42.60 is the next downside target. Close above
last week's high crossing at 48.50 are needed to confirm
that a low has been posted.
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GRAINS http://quotes.ino.com/exchanges/?c=grains

December corn was fractionally higher overnight as it consolidates some
of last Friday's decline but remains below the 10-day moving average
crossing at 2.04 1/4. December remains locked in a trading range and
needs to close above this month's high crossing at 2.09 1/2 or below this
month's low crossing at 1.97 to clear up near-term direction in the
market. Stochastics and the RSI are turning bearish signaling that the
corrective rebound off the recent low might have run its course. If this
fall's decline resumes, monthly chart support crossing at 1.91 1/2 is
possible later this year. Overnight action sets the stage for a steady to a
1/2-cent higher opening when the day session begins trading later this
morning.

December wheat was fractionally higher overnight as it extends last
Friday's breakout below support marked by the 10-day moving average
crossing at 3.12 3/4. Multiple closes below the 10-day moving average
would temper the near-term friendly outlook in the market. Stochastics
and the RSI are turning neutral signaling that sideways to lower prices
are possible near-term. Closes above the May-September downtrend line
crossing near 3.20 are needed to confirm that a bottom and trend change
has taken place while opening the door for a larger-degree rebound this
fall. Overnight action sets the stage for a steady to a 1/2-cent higher
opening when the day session begins later this morning.

December Kansas City Wheat closed lower on Friday extending
Thursday's close below the 20-day moving average crossing at 3.39 1/4.
The mid-range close sets the stage for a steady opening on Monday.
Stochastics and the RSI are turning neutral hinting that sideways to
lower prices are possible near-term. If December extends this week's
setback, a test of this month's low crossing at 3.28 1/4 is the next
downside target. Closes above the May-September downtrend line
crossing near 3.50 are needed to confirm that a trend change has taken
place.

SOYBEAN COMPLEX

November soybeans were higher overnight in quiet trading as it
consolidates above initial resistance marked by the 10-day moving
average crossing at 5.21 3/4. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term.
However, it will take closes above this month's high crossing at 5.40 1/2
to confirm that a seasonal low has been posted. If November resumes
this fall's decline, a test of weekly support crossing at 4.98 1/2 is the
next downside target. Overnight action sets the stage for a 1 to 3-cents
higher opening when the day session begins later this morning.

December soybean meal was higher overnight due to short covering as it
consolidates some of last Friday's decline. Closes above gap resistance
crossing at 159.80 would open the door for a possible test of this month's
high crossing at 163.50. Stochastics and the RSI are bullish signaling
that sideways to higher prices are possible near-term. Closes above this
month's high crossing at 163.50 are needed to confirm that a short-term
low has been posted. If this fall's decline resumes, a test of the January
2002 low crossing at 145.40 is possible later this year. Overnight action
sets the stage for a $0.75 to $1.00 higher opening when the day session
begins later this morning.

December soybean oil was higher overnight as it extends its short
covering rebound off this month's low. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term.
Closes above the October 11th reaction high crossing at 21.02 are
needed to temper the near-term bearish outlook in the market. If
December resumes this fall's decline, monthly support crossing at 19.30
is the next downside target. Overnight action sets the stage for a 15 to 20
point higher opening when the day session begins later this morning.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

December hogs posted a key reversal down on Friday and
closed below support marked by the 40-day moving average
crossing at 66.23. Profit taking and pre-Goldman rolling
pressured the market ahead of the weekend. The low-range
close sets the stage for a steady to lower opening on
Monday. Stochastics and the RSI remain bullish signaling
that sideways to higher prices are possible near-term. If
December extends its rebound off last week's low, the
reaction high crossing at 69.65 is the next upside target.
Closes below Monday's low crossing at 64.85 would signal
that this month's corrective rally has come to an end.

February bellies closed lower on Friday below the 10-day
moving average crossing at 94.41. The low-range close sets
the stage for a steady to lower opening on Monday. If
February extends this week's decline, a test of September's
low crossing at 91.00 is the next downside target.
Stochastics and the RSI are oversold and have turned neutral
hinting that sideways prices are possible. Closes above
Monday's high at 97.20 would confirm that a short-term low
has been posted.

December cattle gapped up and closed higher ahead of this
afternoon's cattle-on-feed report. The report was called
neutral although placements were a little stronger than
expected. 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 is possible. Closes
below Monday's low crossing at 87.60 are needed to renew
this week's decline and would set the stage for a possible
test of the late-September low crossing at 86.25 later this
fall.

November Feeder cattle closed higher due to short covering
ahead of this afternoon's cattle on feed report. The high-
range close sets the stage for a steady to firmer opening on
Monday. However, stochastics and the RSI have turned bearish
signaling that a short-term top has been posted. Closes
below Thursday's low crossing at 109.90 would opening the
door for a possible test of the late-September low crossing
at 108.60 later this fall.

wallstreet
10-25-2004, 11:12 AM
Good stuff for commodity lovers.

I have a few oils but never actually traded the individual items (corn, soybeans, oj etc)