Two Factors That May Help Oil Tomorrow
The June
Nasdaq index futures
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trade these markets is to not leave profits exposed too long, which is what all
of the profit-takers were thinking today. The Nasdaq 100 was giving back
some of the gains this morning on breaking news that anthrax spores were found
on mail at the Federal Reserve in Washington. Technicals remain bearish for the Nasdaq. The two-month-old downtrend line remains firmly
in place.Â
Also, the shorter-term moving averages (10- and 30-day) are still in a
bearish mode as the 10-day trades under the 30-day moving average. Solid support
remains at 1143.04 with overhead resistance at 1286.58 and secondary resistance
is at 1340.76. The Nasdaq closed at 1247 down 35 or 2.73%.
The S&P 500 futures for
June
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1.155 to 1074. Support is at 1050 and overhead resistance is at 1091.
June crude oil
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today, closing at $27.67 a barrel down .17. Two issues that give crude oil a
bullish bias are inventory data and renewed violence in the Middle East. We
could see a move to the upside in crude oil based on those two issues alone.
June heating oil
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unleaded gasoline
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at 3.71 down .04.
Today in the
currency market, several foreign currencies had been pulling back from their
highs and today had positive days to the upside. The
June British pound
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the highs. The British pound rose .36 or .25%, to 145.57. The June Swiss franc
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chart. Today the Canadian dollar rallied .00180 to .63840.
The Japanese yen for June
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The June euro
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Today the euro closed at .90750 up .00380. After putting in two days of solid
gains, the June dollar
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Comex June gold futures
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held near recent lows in a $308.40-$310.10 range, closing at $309.80 an ounce, a
1.30 gain on the day. Many gold traders stayed on the sidelines and
monitored movements of the U.S. dollar for near-term guidance. May silver closed
on a positive note adding 4.29 or .94% to close at 461.50. And May copper lost
.25 to close at 72.50 a pound.
July cocoa
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consolidation above its 1480 resistance level to make a five-day high. July
cocoa closed at 1496 up 24 or 1.63%. July coffee
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new 20-day low. Coffee closed at 49.50 down .90. Coffee for July has support at
49.00.
The grains and soybeans rallied into positive
territory today. July corn
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corn rallied 1 cent or .49% to close at $2.05 1/2, July wheat
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rose 1/2 cent to close at $2.72 3/4. Soybeans for July delivery
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up 4 1/4 or .90%. Beans closed at $4.76 1/4.
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