Look For Key Resistance On S&Ps
The Sept S&P 500
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SPU2 |
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PowerRating) met with key
resistance today, closing right at 952. The market was choppy for most of the
session, but the S&P futures have been able to hold up above the 930 support
level. SPU2 gained 12.19, up 1.30%. Look for resistance at around 958/961 and
secondary resistance is at 969/980.
A re-trigger of the CVR III and CVR VI sell
signal occurred before the close.
Today the Nasdaq 100
Sept. futures
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NDU2 |
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PowerRating) broke and closed above the 38.2% retracement (1026.48). NDU2 closed at 1039, up
25.50 or 2.52%.
At the NYMEX, crude oil continued its move higher,
as more talk is going on about Saddam Hussein and the need to remove him from
power. October crude oil
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CLV2 |
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PowerRating) notched higher by .48 or 1.67% to
$29.95 a barrel. Oct. heating oil
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HOV2 |
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PowerRating) rose1.56 or 2.09%, to end at
76.29 a gallon. Oct. unleaded gasoline
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HUV2 |
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PowerRating) rose .34 to close at
78.29 and Oct. natural gas
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NGV2 |
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PowerRating) added .11 or 3.69%, to 3.34.
On the COMEX, precious metals dropped off in
price. Dec. gold
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PowerRating) lost 1.19 to end at $309.19 a troy ounce.
Gold is still trying to break above the 38.2% retracement (311.17). This area
serves as resistance for gold. Dec. silver
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SIZ2 |
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PowerRating) gave up some of
its recent gains today to close at $4.45 an ounce. This was a 1.50 loss on the
day. Sept. copper
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HGU2 |
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PowerRating) dropped .55 to 67.70.
At Chicago Board Of Trade (CBOT),
Nov.
soybeans
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PowerRating) rallied from a pullback from the high to close up 8
1/2 cents or 1.59%, to $5.41 1/2 a bushel. Dec. corn
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CZ2 |
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PowerRating) rose 1 1/2
to $2.72 1/2 a bushel, while wheat for Dec.
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PowerRating) pulled lower to
$3.49 a bushel, a drop of 2 cents.