Why The Following Levels May Be Important
The Standard & Poor’s 500
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$SPX.X |
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PowerRating),
which moves with the September S&P 500
(
SPU2 |
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PowerRating) and E-Mini
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ESU2 |
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PowerRating), continued to drop today. This is the fourth down day in a row for
SPU2, and by the looks of it may not reverse until it finds stable support,
which would be at around the 700 level, a level that was hit in 1996. The
September S&P 500 closed at 819.50 down .24.50 down 2.90%.
The Nasdaq 100
(
$NDX.X |
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PowerRating) is getting
very close to falling below its 900 support level, a level that will put it at
1997 and 1996 levels. The September Nasdaq 100
(
NDU2 |
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PowerRating) closed at 943
down 24 or 2.48%. Several shorting opportunities presented themselves for
short-term traders on the September Nasdaq 100 e-minis
(
NQU2 |
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PowerRating).
Today oil prices dropped off due to the reaction
of a report that Nigeria may exit OPEC. According to the Wall Street Journal, a London
newspaper cited sources close to
OPEC saying that Nigeria, the group’s fifth-largest producer, could threaten to
resign as soon as OPEC’s scheduled meeting in September, because its quota
commitments could impede plans to expand its production capacity. This sent
prices lower on the day. September crude oil
(
CLU2 |
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PowerRating) dropped 1.15 or
4.17% to $26.67 a barrel. September heating oil
(
HOU2 |
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PowerRating) lost 2.96 of
a cent or 4.18% to 67.90 a gallon. September unleaded gasoline
(
HUU2 |
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PowerRating) dropped 2.89 cents or 3.57% to close at .78 cents a gallon and
natural gas for September
(
NGU2 |
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PowerRating) added 1 cent to 2.96.
In the grains, it was a huge day. September
wheat
(
WU2 |
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PowerRating) rolled higher to $3.39 3/4 a bushel an increase of .09 or
2.72%. December corn
(
CZ2 |
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PowerRating) rose 11 3/4 cents to $2.56 1/2 a bushel
and November soybeans
(
SX2 |
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PowerRating) closed at $5.54 a bushel up .17 cents or 3.17%.
In the precious metals, August gold
(
GCQ2 |
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PowerRating) could not repeat last Friday’s big move upward. Gold for August
closed at $323.60 down .30. September silver
(
SIU2 |
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PowerRating) lost 3.29 to
close at $5.045 an ounce. September copper
(
HGU2 |
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PowerRating) fell 1.30 or
1.81% to 70.59.
In the grains,
December corn
(
CZ2 |
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PowerRating) soared on hot, dry Midwest weather.