Amazing Strength In Gold And Silver – Here’s Why
BOND MARKET RECAP
9/23/2004
December Bonds closed down 0-13 at 113-13. This
was 0-01 up from the low and 0-21 off the high.
December 10 Yr Treasury Notes finished down 0-115
at 113-075, 0-180 off the high and 0-005 up from the low.
The Treasury market respected a narrow
range despite the fact that the economic numbers could have justified an upward
thrust in prices. In fact with Treasury prices generally weak in the face of
supportive economic information the market appears to be somewhat overbought.
However, since the trade now expects the durable goods report on Friday to show
a 0.3% decline and the numbers Thursday were weak we have to think that the bull
camp will remain in control of prices. The fact that equity prices were weak
early seems to validate the slack outlook for the economy.
Technical Outlook
BONDS (DEC) 09/24/2004: The rally brought the
market to a new contract high. Daily stochastics have risen into overbought
territory which will tend to support reversal action if it occurs. The market’s
short-term trend is positive on the close above the 9-day moving average. The
market could take on a defensive posture with the daily closing price reversal
down. The market’s close below the pivot swing number is a mildly negative
setup. The next upside target is 114-10. The next area of resistance is around
113-26 and 114-10, while 1st support hits today at 113-03 and below there at
112-27.
TNOTES (DEC) 09/24/2004: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The close above the 9-day moving average is a positive short-term
indicator for trend. The downside closing price reversal on the daily chart is
somewhat negative. It is a slightly negative indicator that the close was lower
than the pivot swing number. The near-term upside objective is at 114-000. The
next area of resistance is around 113-190 and 114-000, while 1st support hits
today at 112-315 and below there at 112-245.
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STOCK INDICES RECAP
9/23/2004
December S&P finished down 5.7 at 1107.2, 7.1 off
the high and 0.2 up from the low.
December S&P E-Mini closed down 6 at 1107. This
was equal to the low and 8 off the high.
December Dow closed down 69 at 10023. This was 3
up from the low and 77 off the high.
December Dow E-Mini finished down 71 at 10021, 86
off the high and 2 up from the low.
The stock market remained under pressure as would
be expected considering that the US economic reports were weak and US energy
prices soared again. Furthermore, with the market generally expecting to see
more soft US numbers on Friday morning there would seem to be little keeping the
stock market from even more downside. However, even after the White House
indicated that they might loan US refiners some oil from the SPR energy prices
showed only a fleeting dip before charging even higher. Therefore, it would seem
like risks abound and that rewards for being long are limited.
Technical Outlook
S&P 500 (DEC) 09/24/2004: Momentum studies
trending lower at mid-range could accelerate a price break if support levels are
broken. A negative signal for trend short-term was given on a close under the
9-bar moving average. The swing indicator gave a moderately negative reading
with the close below the 1st support number. The next downside target is
1101.68. The next area of resistance is around 1110.94 and 1116.27, while 1st
support hits today at 1103.65 and below there at 1101.68.
SP EMINI (DEC) 09/24/2004: Stochastics trending
lower at midrange will tend to reinforce a move lower especially if support
levels are taken out. The market’s short-term trend is negative as the close
remains below the 9-day moving average. It is a slightly negative indicator that
the close was lower than the pivot swing number. The next downside target is now
at 1101.00. The next area of resistance is around 1111.00 and 1117.00, while 1st
support hits today at 1103.00 and below there at 1101.00.
NASDAQ (DEC) 09/24/2004: Momentum studies
trending lower at mid-range should accelerate a move lower if support levels are
taken out. The close below the 9-day moving average is a negative short-term
indicator for trend. It is a slightly negative indicator that the close was
under the swing pivot. The next downside target is now at 1399.25. The next area
of resistance is around 1415.50 and 1423.25, while 1st support hits today at
1403.50 and below there at 1399.25.
MINIDOW (DEC) 09/24/2004: The moving average
crossover down (9 below 18) indicates a possible developing short-term
downtrend. Daily stochastics are trending lower but have declined into oversold
territory. The close below the 9-day moving average is a negative short-term
indicator for trend. The market setup is somewhat negative with the close under
the 1st swing support. The next downside target is now at 9954. The next area of
resistance is around 10065 and 10130, while 1st support hits today at 9977 and
below there at 9954.
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CURRENCY MARKET RECAP
9/23/2004
December US Dollar finished down 6 at 8862, 6 off
the high and 41 up from the low.
December Euro finished up 0.08 at 122.61, 0.65
off the high and 0.02 up from the low.
December Euro Dollar closed down 0.02 at 97.735.
This was 0.01 up from the low and 0.045 off the high.
December Canadian Dollar closed up 0.25 at 78.01.
This was 0.13 up from the low and 0.25 off the high.
December British Pound finished up 0.53 at
178.62, 0.61 off the high and 0.04 up from the low.
December Swiss closed down 0.04 at 79.51. This
was 0.03 up from the low and 0.45 off the high.
December Japanese Yen closed down 0.23 at 90.63.
This was 0.03 up from the low and 0.45 off the high.
The Dollar opened lower and trickled lower as the
economic evidence against a continuation of the US growth pattern continued to
surface. With the exception of the Chicago Fed National Activity Index gain of
+.19 the leaders and initial claims showed more weakness. Furthermore, with
hurricane Ivan “reborn†on the Gulf Coast it seems like the US economy is going
to see higher ongoing relative energy prices than other countries and that
leaves the Dollar in a downward posture. The primary gainers against the Dollar
were the usual suspects with the Canadian, Pound and Euro leading the charge
again.
Technical Outlook
YEN (DEC) 09/24/2004: Daily stochastics are
trending lower but have declined into oversold territory. A negative signal for
trend short-term was given on a close under the 9-bar moving average. The
outside day down and close below the previous day’s low is a negative signal.
The close below the 1st swing support could weigh on the market. The next
downside target is 90.26. The next area of resistance is around 90.86 and 91.21,
while 1st support hits today at 90.39 and below there at 90.26.
EURO (DEC) 09/24/2004: Studies are showing
positive momentum but are now in overbought territory, so some caution is
warranted. A positive signal for trend short-term was given on a close over the
9-bar moving average. The market has a slightly positive tilt with the close
over the swing pivot. The near-term upside target is at 123.43. The next area of
resistance is around 122.94 and 123.43, while 1st support hits today at 122.28
and below there at 122.10.
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PRECIOUS METALS RECAP
9/23/2004
December Gold closed up 3.6 at 412.6. This was
2.5 up from the low and 1.4 off the high.
December Silver finished up 0.095 at 6.47, 0.02
off the high and 0.065 up from the low.
October Platinum closed up 5.2 at 852.7. This was
4.7 up from the low and 3.8 off the high.
Again both gold and silver markets showed amazing
strength and did so off a couple of unrelated factors. First off all, the
continued slide in the US Dollar, combined with expectations for even weaker US
economic numbers ahead seems to have given gold bulls the idea that the Dollar
is poised for consistent declines. On the other hand, the market seemed to get a
renewed lift from long fund interest which had been absent in the recent action.
With the funds coming back into the fray and the metals taking out a number of
technical resistance points on the charts it would seem like the bulls have
control!
Technical Outlook
SILVER (DEC) 09/24/2004: Momentum studies are
trending higher from mid-range, which should support a move higher if resistance
levels are penetrated. The market’s close above the 9-day moving average
suggests the short-term trend remains positive. If yesterday’s gap higher on the
day session chart holds, additional buying could develop this session. There
could be more upside follow through since the market closed above the 2nd swing
resistance. The next upside objective is 654.4. The next area of resistance is
around 651.3 and 654.4, while 1st support hits today at 642.8 and below there at
637.4.
GOLD (DEC) 09/24/2004: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The market’s short-term trend is positive on the close above the 9-day
moving average. Follow through buying looks likely if the market can hold
yesterday’s gap on the day session chart. Since the close was above the 2nd
swing resistance number, the market’s posture is bullish and could see more
upside follow-through early in the session. The near-term upside objective is at
416.2. The next area of resistance is around 414.5 and 416.2, while 1st support
hits today at 410.7 and below there at 408.5.
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COPPER MARKET RECAP
9/23/2004
December Copper finished down 1.15 at 135.80,
0.30 off the high and 1.10 up from the low.
The copper market must have been over extended
Thursday as the International Copper Study Group forecast for a 2004 refined
copper deficit of 701,000 metric tons should have been supportive. In fact the
ICSG indicated that the 2005 deficit was expected to be 220,000 metric tons and
that suggests a deficit condition is set to be in place for the next two years.
We do think that the soft economy is undermining copper but consistently lower
US Dollar action is making US copper remain slightly cheaper than other copper
supplies. Given the 15 cent rally in September it is not surprising that copper
takes a corrective break.
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ENERGY MARKET RECAP
9/23/2004
December Crude Oil closed up 0.15 at 47.73. This
was 0.88 up from the low and 0.52 off the high.
December Heating Oil closed up 0.86 at 135.82.
This was 3.12 up from the low and 0.68 off the high.
December Unleaded Gas finished up 0.07 at 128.71,
1.29 off the high and 1.21 up from the low.
December Natural Gas finished up 0.08 at 6.86,
0.05 off the high and 0.21 up from the low.
December Propane closed down 0.00 at 0.83. This
was 0.01 up from the low and equal to the high.
Today the energy complex rejected the early
weakness and rushed back into positive territory. We are not sure if the return
of hurricane Ivan fostered ongoing concern for the restart of some production or
is the market was reacting to fears of labor problems in Nigeria. Repeatedly
Nigerian labor Unions have roiled against soaring gasoline prices because the
national Oil Company is supposedly in control of gasoline prices. The workers
are suggesting that the government is bleeding them through an indirect tax from
ultra high energy prices. In our opinion something corrupt is going on when an
oil exporting nation has soaring energy costs! Surprisingly the weekly natural
gas injection report showed a mostly as expected injection suggesting that the
last hurricane wasn’t a big of an influence. However, there could still be a
delayed reaction to the storm in the coming weeks. The DOE did suggest that they
might lend some oil from the SPR to refiners and that is a quasi way of
attempting to deflate prices but the market quickly discounted that story in
favor of bullish supply concerns.
Technical Outlook
CRUDE OIL (DEC) 09/24/2004: Studies are showing
positive momentum but are now in overbought territory, so some caution is
warranted. A positive signal for trend short-term was given on a close over the
9-bar moving average. The market has a slightly positive tilt with the close
over the swing pivot. The near-term upside objective is at 49.04. With a reading
over 70, the 9-day RSI is approaching overbought levels. The next area of
resistance is around 48.43 and 49.04, while 1st support hits today at 47.03 and
below there at 46.24.
UNLEADED (DEC) 09/24/2004: The market made a new
contract high on the rally. Momentum studies are trending higher but have
entered overbought levels. A positive signal for trend short-term was given on a
close over the 9-bar moving average. It is a mildly bullish indicator that the
market closed over the pivot swing number. The next upside target is 131.22.
With a reading over 70, the 9-day RSI is approaching overbought levels. The next
area of resistance is around 129.96 and 131.22, while 1st support hits today at
127.46 and below there at 126.23.
HEATING OIL (DEC) 09/24/2004: The rally brought
the market to a new contract high. Rising stochastics at overbought levels
warrant some caution for bulls. The close above the 9-day moving average is a
positive short-term indicator for trend. The close over the pivot swing is a
somewhat positive setup. The near-term upside target is at 139.01. The market is
becoming somewhat overbought now that the RSI is over 70. The next area of
resistance is around 137.72 and 139.01, while 1st support hits today at 133.92
and below there at 131.41.
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CORN MARKET RECAP
9/23/2004
December Corn finished down 2 1/2 at 207
3/4, 2 3/4 off the high and 3/4 up from the low. March Corn closed down 2 1/4 at
218 1/4. This was 3/4 up from the low and 2 1/4 off the high.
While the other grains experienced some early
strength, a lack of buying support after strong exports led to some light
speculative selling and a move to new contract lows for the 10th session in a
row. For the weekly export sales report, released before the opening, corn sales
came in at 1.178 million tons as compared with trade expectations of
650,000-950,000 tons and 878,300 tons necessary each week to reach the USDA
projection. Cumulative sales have reached 17.9% of the USDA forecast for the
season as compared with 21.1% on average for this time of the year. The near
perfect weather in the forecast for active harvest over the next week has
brought about talk of increased commercial selling due to higher than expected
yield reports from producers. In addition, Informa Economics, formerly Sparks,
has apparently indicated that corn production could come in at 11.4-11.5 billion
bushels as compared with the September 10th USDA forecast of 10.961 billion
bushels. South Korea bought 55,000 tons of optional origin corn overnight.
Technical indicators are hovering near extreme oversold readings which leave the
market vulnerable to short-covering if resistance levels are violated. Midwest
and gulf basis levels were said to be down due to active harvest. December corn
support comes in at 206 1/4 with 210 1/2 and 212 3/4 as resistance.
Technical Outlook
CORN (DEC) 09/24/2004: The market broke to a new
contract low. Momentum studies are declining, but have fallen to oversold
levels. The market’s close below the 9-day moving average is an indication the
short-term trend remains negative. The market setup is somewhat negative with
the close under the 1st swing support. The next downside target is 204 3/4. With
a reading under 20, the 9-day RSI indicates the market is extremely oversold.
The next area of resistance is around 209 1/2 and 211 3/4, while 1st support
hits today at 206 and below there at 204 3/4.
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SOY COMPLEX RECAP
9/23/2004
November Soybeans finished down 1/2 at 537 3/4, 5
1/4 off the high and 3 1/2 up from the low. January Soybeans closed down 3/4 at
545 1/2. This was 3 1/4 up from the low and 4 1/2 off the high.
December Soymeal closed up 0.4 at 162.1. This was
1.4 up from the low and 0.6 off the high.
December Soybean Oil finished down 0.2 at 21.51,
0.37 off the high and 0.11 up from the low.
Near perfect weather for harvest for the next
week was offset by strong sales and fears that yields will drop off as the
harvest moves north to support higher trade early in the session. However,
increased speculative selling and new contract lows for corn helped to push
November soybeans lower and to the lowest level since September 10th, 2003.
Weekly export sales came in at 1.003 million tons as compared with trade
expectations at 450,000-650,000 tons and 392,000 tons necessary each week to
reach the USDA projection. Cumulative sales have reached 28.2% of the USDA
forecast for the season as compared with 26.4% on average for this time of the
year. China was the largest buyer posting 480,200 tons for the week and unknown
destination bought 174,000 tons. China has committed to buy 2.898 million tons
so far this season and the USDA projects total exports to China at 9.4 million
tons. Meal sales were 117,800 tons vs. expectations at 40,000-70,000 tons and
oil sales were 4600 tons, near the high end of expectations. Palm oil was
sharply higher overnight which helped support oil early but reports that bird
flu may caused two more deaths in Thailand could be seen as more negative demand
news for meal and helped to offset the higher opening in meal. Spot meal prices
have dropped across the Midwest as more and more new crop supply is becoming
available with the active harvest. Soybean basis levels were mixed with
processor bids lower due to increased supply of new crop soybeans but river bids
firm due to higher gulf basis. Resistance for November soybeans comes in near
542 and 546 with support at 533 and 510 1/2.
Technical Outlook
BEANS (NOV) 09/24/2004: Daily stochastics are
trending lower but have declined into oversold territory. A negative signal for
trend short-term was given on a close under the 9-bar moving average. The market
tilt is slightly negative with the close under the pivot. The next downside
objective is 529 1/2. The market is approaching oversold levels on an RSI
reading under 30. The next area of resistance is around 542 and 546 3/4, while
1st support hits today at 533 1/2 and below there at 529 1/2.
MEAL (DEC) 09/24/2004: Daily stochastics are
trending lower but have declined into oversold territory. A negative signal for
trend short-term was given on a close under the 9-bar moving average. The close
over the pivot swing is a somewhat positive setup. The next downside objective
is 159.9. With a reading under 30, the 9-day RSI is approaching oversold levels.
The next area of resistance is around 163.1 and 163.9, while 1st support hits
today at 161.1 and below there at 159.9.
BEANOIL (DEC) 09/24/2004: Daily stochastics are
trending lower but have declined into oversold territory. The close below the
9-day moving average is a negative short-term indicator for trend. It is a
slightly negative indicator that the close was under the swing pivot. The next
downside objective is 21.10. The 9-day RSI under 30 indicates the market is
approaching oversold levels. The next area of resistance is around 21.75 and
22.05, while 1st support hits today at 21.27 and below there at 21.10.
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WHEAT MARKET RECAP
9/23/2004
December Wheat finished down 1/2 at 325 1/4, 3 3/4 off the
high and 3 3/4 up from the low. March Wheat closed down 1/2 at 336 1/2. This was
4 up from the low and 2 1/2 off the high.
More rain in the plains overnight helped to limit
the early gains as the market attempts to recover some of the steep losses from
yesterday. For the weekly export sales report, released before the opening,
wheat sales were reported at 417,600 tons as compared with trade expectations of
400,000-550,000 tons and 333,300 tons necessary each week to reach the USDA
projection. Cumulative sales have reached 52.5% of the USDA forecast for the
season as compared with 40% on average for this time of the year. While the
sales pace has been strong after active sales this past summer, recent weeks
have been slow and traders feel that future sales will be met with significant
competition. The Ag Minister in Russia increased their estimate for grain
exports to 8-10 million tons from near 7 million tons last year. Russian grain
production this season is expected to be near 73-76 million tons from 67.2
million tons last year. The move under yesterday’s lows triggered increased
speculative selling and new contract lows in corn added to the negative tone.
Producer selling is light in the soft red areas with concentration on harvest of
other crops. Support for December wheat comes in at 321 1/4 and then 311 3/4
with resistance at 329 and 334 1/2.
Technical Outlook
WHEAT (DEC) 09/24/2004: The market back below the
40-day moving average suggests the longer-term trend could be turning down.
Momentum studies trending lower at mid-range should accelerate a move lower if
support levels are taken out. The market’s close below the 9-day moving average
is an indication the short-term trend remains negative. The market tilt is
slightly negative with the close under the pivot. The next downside objective is
317 3/4. The next area of resistance is around 329 and 332 3/4, while 1st
support hits today at 321 1/2 and below there at 317 3/4.
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LIVE CATTLE RECAP
9/23/2004
December Live Cattle closed down 0.12 at 87.47.
This was 0.70 up from the low and 0.22 off the high.
November Feeder Cattle finished up 0.15 at
111.45, 0.30 off the high and 0.80 up from the low.
The cattle market pushed to a new 2-week low and
filled the gap left on September 10th before finding late support from surging
pork prices and a limit-up move for October hogs. Speculative selling was active
early in the session on fears of a weaker tone in the cash market due to the
suspected weaker demand from the packer. A lack of new news from the Japan/US
negotiations and bearish news from the cold storage report added to the early
bearish tone. Boxed-beef cutout values (600-750 choice) were down $.06 on the
day at mid-session to $137.90 as compared with $135.19 last week at this time.
Technical Outlook
CATTLE (DEC) 09/24/2004: Momentum studies
trending lower at mid-range could accelerate a price break if support levels are
broken. The market’s close below the 9-day moving average is an indication the
short-term trend remains negative. The market’s close below the pivot swing
number is a mildly negative setup. The next downside target is 86.450. The next
area of resistance is around 87.920 and 88.270, while 1st support hits today at
87.020 and below there at 86.450.
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LEAN HOGS RECAP
9/23/2004
December Lean Hogs closed up 1.77 at 71.20. This
was 2.10 up from the low and 0.05 off the high.
February Pork Bellies finished up 3.00 at 103.37,
equal to the high and 3.57 up from the low.
The market shook off bearish news from the cold
storage report to surge to new contract highs led by the advancing cash market
and the discount of futures to the cash market. October futures pushed to
limit-up early in the session to close at 76.15 as compared with the CME 2-Day
Lean index for the period ending September 21st which came in at 77.08 which was
up 1.30 from the previous session and up from 71.83 from September 13th. Cash
live markets traded higher on the session after calls for lower trade due to the
bearish cold storage report and cash prices reached the highest level since
June. Talk of a strong export market which has supported the contra-seasonal
move higher in cash markets provided underlying support.
Technical Outlook
HOGS (DEC) 09/24/2004: The market made a new
contract high on the rally. Momentum studies are trending higher but have
entered overbought levels. The close above the 9-day moving average is a
positive short-term indicator for trend. The market’s close above the 2nd swing
resistance number is a bullish indication. The next upside objective is 72.820.
The market is approaching overbought levels with an RSI over 70. The next area
of resistance is around 72.250 and 72.820, while 1st support hits today at
70.150 and below there at 68.550.
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COCOA MARKET RECAP
9/23/2004
December Cocoa finished down 4 at 1522, 8 off the
high and 22 up from the low.
The cocoa market slid below the prior day’s lows,
as fresh buying from the commercial accounts failed to materialize. It seems
that a weather forecasting service predicted that heavy rains in October would
serve to lift the 2004-2005 crop in parts of Nigeria and that seemed to prick
the speculative bubble in place from early in the week. With some small spec
accounts holding underwater positions it is possible that the market sees a
fleeting bout of stop loss selling. Reports of trade selling at $1,530 will
probably serve as a resistance point in the coming sessions until the market
gets a fresh theme.
Technical Outlook
COCOA (DEC) 09/24/2004: Momentum studies are
rising from mid-range, which could accelerate a move higher if resistance levels
are penetrated. A positive signal for trend short-term was given on a close over
the 9-bar moving average. It is a slightly negative indicator that the close was
lower than the pivot swing number. The next upside target is 1548. The next area
of resistance is around 1537 and 1548, while 1st support hits today at 1507 and
below there at 1489.
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COFFEE MARKET RECAP
9/23/2004
December Coffee closed down 2.50 at 81.05. This
was 0.55 up from the low and 3.75 off the high.
A massive range down back into the gap seems to
leave the longs in a very bad position. Reports of origin selling in London
started the slide but then we suspect that stop loss selling from the charts
prompted following selling. With the origins fearful of a near term top it is
possible that December coffee extracts a large portion of the September gains
which seemed to be unfounded from a fundamental perspective. Some traders think
that December is set to fall back to the 77.50 level.
Technical Outlook
COFFEE (DEC) 09/24/2004: The daily stochastics
gave a bearish indicator with a crossover down. Stochastics turning bearish at
overbought levels will tend to support lower prices if support levels are
broken. A positive signal for trend short-term was given on a close over the
9-bar moving average. The outside day down is a negative signal. The market
setup is somewhat negative with the close under the 1st swing support. The next
downside target is now at 77.55. The next area of resistance is around 83.15 and
86.10, while 1st support hits today at 78.90 and below there at 77.55.
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SUGAR MARKET RECAP
9/23/2004
October Sugar closed up 0.12 at 7.88. This was
0.12 up from the low and equal to the high.
Sugar surged higher to test the September highs
led by active speculative and trade house buying. Talk of increased business
from Mexico, Asian countries and more imports from Iraq helped to provide a base
of support. The EU awarded export licenses for 191,000 tonnes of white sugar
which was well above trade expectations at 50,000-110,000 tons which added to
the bullish tone. March sugar has now soared 60 points in just 3 trading session
after the market failed to see increased long liquidation selling on the test of
low end of the 3-month consolidation.
Technical Outlook
SUGAR (MAR) 09/24/2004: The daily stochastics
have crossed over up which is a bullish indication. Momentum studies are rising
from mid-range, which could accelerate a move higher if resistance levels are
penetrated. The market’s close above the 9-day moving average suggests the
short-term trend remains positive. If yesterday’s gap higher on the day session
chart holds, additional buying could develop this session. Since the close was
above the 2nd swing resistance number, the market’s posture is bullish and could
see more upside follow-through early in the session. The near-term upside
objective is at 8.91. The next area of resistance is around 8.86 and 8.91, while
1st support hits today at 8.68 and below there at 8.54.
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COTTON MARKET RECAP
9/23/2004
October Cotton finished down 0.39 at 51.01, 0.54
off the high and 0.01 up from the low.
Cotton prices stayed inside of Wednesday’s range
for most of the trading session before experiencing weakness late in the session
due to lower grain prices and talk of the upcoming harvest. Hurricane fears have
diminished as a supportive factor even though hurricane Jeanne may take a run at
Georgia or North Carolina for the weekend. Weekly export sales came in at
140,800 bales as compared with trade expectations at 50,000-100,000 bales tons
and 130,200 bales necessary each week to reach the USDA projection. Cumulative
sales have reached 46.5% of the USDA forecast for the season as compared with
43.2% on average for this time of the year.
Technical Outlook
COTTON (DEC) 09/24/2004: Momentum studies are
still bearish but are now at oversold levels and will tend to support reversal
action if it occurs. The close below the 9-day moving average is a negative
short-term indicator for trend. It is a slightly negative indicator that the
close was lower than the pivot swing number. The next downside objective is
48.04. The next area of resistance is around 49.27 and 49.83, while 1st support
hits today at 48.37 and below there at 48.04.