Support For An End To The Slide…
The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) fell to the
-2.0 Volatility Band (834). This gave traders a point to be prepared to enter a
long position on the Sept. S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) but time ran out on a
very choppy trading day. The downdraft was prompted by ongoing concerns about
the economy and prospects for corporate earnings. The S&P futures closed at
833.50 down 31.50 or 3.64%.
The Nasdaq fell to levels not seen for five years
and the Nasdaq 100
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) fell to the -1.50 Volatility Band.
The Sept. Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating) closed at 864 down 32 or 3.57%. There
are some key Time Cycles in the Nasdaq 100 futures.
Click Here for Carolyn Boroden’s Future Perspectives.
The Sept dollar
(
DXU2 |
Quote |
Chart |
News |
PowerRating) closed at
107.56, up .61.
Crude-oil futures dropped in today’s trading on
confirmation that oil cartel member Algeria will request a larger share of the
Organization of Petroleum Exporting Country’s total production, traders said.
Signs that there might be room to advance negotiations between Iraq and the U.N.
over the return of weapons inspectors to the country were also softening prices.
September crude oil
(
CLU2 |
Quote |
Chart |
News |
PowerRating) slid 28 cents or 1.08% to $26.55 a
barrel; September unleaded gasoline
(
HUU2 |
Quote |
Chart |
News |
PowerRating) dropped 0.78 cent to
76.70 cents a gallon, September heating oil
(
HOU2 |
Quote |
Chart |
News |
PowerRating) lost 1.01cents or
1.49% to 66.65 cents a gallon and September natural gas
(
NGU2 |
Quote |
Chart |
News |
PowerRating) lost
.17 cents or 6.23% to $2.68 per million British thermal units.
In the grain and soybean markets at the Chicago Board of Trade (CBOT) cooler
weather in much of the Midwest sent soybean futures dropping in early activity.
Nov. Soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) sank 5 1/4 cents to $5.36 a bushel. Wheat for
September delivery rose 3/4 cents to $3.37 3/4 a bushel; December corn gained 1
1/4 cents to $2.64 1/4 a bushel.
On the Comex Division of the New York Mercantile Exchange where precious metals
are traded, December gold futures
(
GCZ2 |
Quote |
Chart |
News |
PowerRating) ended positive, .60 cents
higher to $309.60 a troy ounce on the heels of a prevalent softening in the
global equity markets and a U.S. dollar that is struggling to move higher.
Sept. silver
(
SIU2 |
Quote |
Chart |
News |
PowerRating) was also stronger, gaining 40 cents to $4.63 an
ounce, while Sept. copper
(
HGU2 |
Quote |
Chart |
News |
PowerRating) lost 1.05 to 67.15 a pound.