How Will Equity Futures Act After Moving Through Resistance?
Trading in the S&P 500 futures was choppy at
best in today’s session. The Sept. S&Ps
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until it broke above the 890 resistance level. This is the 38.2% retracement
level. SPU2 closed at 890.50, up 12.80, or 1.46.
The Sept Nasdaq 100 futures
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tested its support at 900, but managed to move higher, despite the fact the
Semiconductors and chip equipment stocks were weighing heavily on it. The NDU2
closed at 915, up 10, or 1.10%.
Energies traded positive today due to more talk
on how the US and its potential allies will deal with Iraq. After dropping off
yesterday, October crude oil
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Then after the close, the American Petroleum Institute (API) came out and said
that US Inventories unexpectedly fell by 6.3 million barrels. This could
send oil higher in tomorrow’s trading. Oct unleaded gasoline
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rose 1.78 cents, or 2.39%, to close at 76.29 a gallon. Oct. heating oil
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Oct natural gas
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Trading in the grain and bean markets was
lucrative for bullish traders, as Dec wheat
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20-day high. Wheat closed at $3.86 1/4 bushel, up .12 cents. Nov. soybeans
rose 3 1/4 cent to $5.52 1/4 a bushel, and Dec. corn continues its rally
after pulling back from the highs. Corn ended at $2.78 1/2, up 4.25 cents, or
1.55%.
In the metals, gold rallied to close positive
after being in the red most of the day. Gold for Dec. delivery
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September
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