The Longest Streak In Over A Month…
On the first day of trading for a new week,
US equity futures rose for
a third day, the longest streak in more than a month, as some investors bet that
last week’s turnaround reflects the start of a potential sustained rally. The
S&P 500 futures for Dec.
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SPZ2 |
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PowerRating) traded in a range between the 71%
retracement (829) support level and the 62% retracement (846) resistance level.
846 remains resistance with 850 the secondary resistance point. SPZ2 closed at
842 up 3.50.
The Nasdaq 100 for Dec.
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PowerRating) closed higher by 11.50 up 1.28% to 907.50. On the daily chart, a
retracement line drawn from the July high to the recent Oct lows puts us just
above the 38% retracement (897).
The Bond Markets were closed
today in observance of Columbus Day. This caused volume to be on the lighter
side in the equity indexes.
November crude oil
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PowerRating) rallied
back up above the $30.00 a barrel mark. After pulling back from previous highs,
crude moved up .64 or 2.18% to $30.01 a barrel. Natural gas broke higher to make
a month high. November heating oil
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HOX2 |
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PowerRating) rallied from the support
of .78. Today heating oil closed at 80.79 a gallon up 1.83 an increase of 2.32%.
Nov. unleaded gasoline
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PowerRating) broke out above the 84 resistance
level to close at 84.90 a gallon, An increase of 2.89 or 3.52%. The Nov.
natural gas contract
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PowerRating) climbed above the 4.20 resistance level and
closed at 4.30 up .16 or 3.96%.
In the metals, gold for Dec.
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rose 1.30 to close at $318.50. Dec. silver
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PowerRating) pulled back 1.00
to 4.31 an ounce and Dec. copper
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HGZ2 |
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PowerRating) dropped below the .68
support level and closed off 1.25 or 1.83% at 67.09 a pound.
In the grains, Dec. wheat
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WZ2 |
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PowerRating) fell
back to touch the 3.60 support level before closing at $3.63 a bushel down 2.50
cents. Dec. corn closed below its 2.46 support level and closed at $2.45 1/4 a
bushel losing .50 of a cent and Nov. soybeans
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SX2 |
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PowerRating) rallied to close
positive at $5.32 a bushel up 3.50 cents. SX2 has a trading range between 5.20
and 5.40.