The Bias In The Dollar Is Clear
BOND MARKET RECAP
9/14/2004
December Bonds closed up 0-06 at 111-20. This was
0-18 up from the low and 0-02 off the high.
December 10 Yr Treasury Notes finished up 0-050 at
112-205, 0-035 off the high and 0-110 up from the low.
The Treasury market waffled on both sides of
unchanged but mostly favored the upside in the action Tuesday. The scheduled
economic report slate showed mostly soft readings with retail sales down a touch
more than expected. The Richmond Fed manufacturing shipments figure improved
sharply but other measures within the report easily countervailed the rise in
the shipments component. We do think that expectations for a +0.5% increase in
Industrial Production for Wednesday morning served to limit the upside in
Treasuries. With firm energy prices and concern for the potential damage off the
coming hurricane could also have given bond bulls a leg up in the action
Tuesday.
Technical Outlook
BONDS (DEC) 09/15/2004: Daily stochastics have risen
into overbought territory which will tend to support reversal action if it
occurs. The market’s close above the 9-day moving average suggests the
short-term trend remains positive. The close over the pivot swing is a somewhat
positive setup. The near-term upside target is at 112-09. The next area of
resistance is around 112-00 and 112-09, while 1st support hits today at 111-09
and below there at 110-26.
TNOTES (DEC) 09/15/2004: Stochastics are at mid-range
but trending higher, which should reinforce a move higher if resistance levels
are taken out. The market’s short-term trend is positive on the close above the
9-day moving average. With the close higher than the pivot swing number, the
market is in a slightly bullish posture. The next upside target is 113-020. The
next area of resistance is around 112-280 and 113-020, while 1st support hits
today at 112-130 and below there at 112-035.
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STOCK INDICES RECAP
9/14/2004
December S&P finished up 1.7 at 1130, 0.4 off the
high and 4.8 up from the low.
December S&P E-Mini closed up 1.75 at 1130. This
was 4.75 up from the low and 0.5 off the high.
December Dow closed unchanged at 10327. This was 26
up from the low and 13 off the high.
December Dow E-Mini finished unchanged at 10327, 12
off the high and 26 up from the low.
The stock market showed early weakness but once again
the market mostly managed to play down the negatives. We have to think that
concern for hurricane Ivan was keeping some investors from entering the long
side. Some traders surprisingly made note of the increased aggression inside
Iraq and that is something that the stock market had been mostly discounting
over the last month. With quadruple witching expiration directly ahead some
traders are expecting an expansion in the daily trading range over the coming
two sessions.
Technical Outlook
S&P 500 (DEC) 09/15/2004: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The market’s close above the 9-day moving average suggests the
short-term trend remains positive. The market has a slightly positive tilt with
the close over the swing pivot. The next upside objective is 1134.10. With a
reading over 70, the 9-day RSI is approaching overbought levels. The next area
of resistance is around 1132.60 and 1134.10, while 1st support hits today at
1127.40 and below there at 1123.70.
SP EMINI (SEP) 09/15/2004: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. A positive signal for trend short-term was given on a close over the
9-bar moving average. With the close higher than the pivot swing number, the
market is in a slightly bullish posture. The next upside target is 1133.37. The
9-day RSI over 70 indicates the market is approaching overbought levels. The
next area of resistance is around 1132.00 and 1133.37, while 1st support hits
today at 1127.00 and below there at 1123.38.
NASDAQ (DEC) 09/15/2004: Studies are showing positive
momentum but are now in overbought territory, so some caution is warranted. The
close above the 9-day moving average is a positive short-term indicator for
trend. It is a mildly bullish indicator that the market closed over the pivot
swing number. The next upside target is 1452.00. The 9-day RSI over 70 indicates
the market is approaching overbought levels. The next area of resistance is
around 1446.00 and 1452.00, while 1st support hits today at 1431.00 and below
there at 1422.00.
MINIDOW (DEC) 09/15/2004: Momentum studies are
trending lower from high levels which should accelerate a move lower on a break
below the 1st swing support. 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 next downside objective is now at
10285. The next area of resistance is around 10344 and 10360, while 1st support
hits today at 10306 and below there at 10285.
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CURRENCY MARKET RECAP
9/14/2004
December US Dollar finished down 10 at 8872, 18 off
the high and 28 up from the low.
December Euro finished down 0.02 at 122.49, 0.39 off
the high and 0.15 up from the low.
December Euro Dollar closed up 0.02 at 97.81. This
was 0.025 up from the low and 0.005 off the high.
December Canadian Dollar closed up 0.43 at 77.23.
This was 0.51 up from the low and 0.12 off the high.
December British Pound finished up 0.13 at 178.41,
0.64 off the high and 0.14 up from the low.
December Swiss closed down 0.05 at 79.66. This was
0.14 up from the low and 0.29 off the high.
December Japanese Yen closed up 0.38 at 91.62. This
was 0.21 up from the low and 0.25 off the high.
While the Dollar mostly avoided aggressive downside
action it is clear that the bias in the Dollar is pointing downward. However,
the weak retail sales reading was partially offset by a strong Richmond Fed
shipments reading and the hope for a strong set of US economic readings on
Wednesday morning. Given that a number of currencies managed aggressive upside
action on Tuesday it certainly seems like a fresh upside trend has begun in the
Pound, Swiss and Canadian. The Euro action Tuesday certainly seems to be
discouraging to the longs in that currency.
Technical Outlook
YEN (DEC) 09/15/2004: The cross over and close above
the 40-day moving average indicates the longer-term trend has turned up.
Negative momentum studies in the neutral zone will tend to reinforce lower price
action. The close above the 9-day moving average is a positive short-term
indicator for trend. 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 next downside objective is
91.17. The next area of resistance is around 91.85 and 92.08, while 1st support
hits today at 91.39 and below there at 91.17.
EURO (DEC) 09/15/2004: Stochastics are at mid-range
but trending higher, which should reinforce a move higher if resistance levels
are taken out. A positive signal for trend short-term was given on a close over
the 9-bar moving average. With the close higher than the pivot swing number, the
market is in a slightly bullish posture. The next upside objective is 123.09.
The next area of resistance is around 122.76 and 123.09, while 1st support hits
today at 122.22 and below there at 122.01.
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PRECIOUS METALS RECAP
9/14/2004
December Gold closed up 1.5 at 407.5. This was 2.2 up
from the low and 1.5 off the high.
December Silver finished up 0.015 at 6.23, 0.08 off
the high and 0.02 up from the low.
October Platinum closed up 4.3 at 848.1. This was 6.1
up from the low and 0.9 off the high.
The gold and silver markets managed an impressive
probe higher and basically did so without the direct and step wise support from
a lower Dollar. Therefore, it is possible that some buyers were into the market
ahead of the hurricane landfall in the US. It is also possible that some fund
buyers simply took the violation of technical resistance as a cue to re-enter
the long side. With continued sloppiness in US economy numbers and recent
failures on the December Dollar chart it is also possible that some gold and
silver longs were getting long in anticipation of a slide in the Dollar all the
way to 88.00.
Technical Outlook
SILVER (DEC) 09/15/2004: Daily stochastics are
trending lower but have declined into oversold territory. The market’s close
below the 9-day moving average is an indication the short-term trend remains
negative. It is a mildly bullish indicator that the market closed over the pivot
swing number. The next downside target is now at 614.6. The next area of
resistance is around 628.0 and 634.5, while 1st support hits today at 618.1 and
below there at 614.6.
GOLD (DEC) 09/15/2004: 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. The close over the pivot swing is a somewhat
positive setup. The next upside objective is 411.0. The next area of resistance
is around 409.3 and 411.0, while 1st support hits today at 405.7 and below there
at 403.7.
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COPPER MARKET RECAP
9/14/2004
December Copper finished down 0.50 at 128.00, 0.30
off the high and 1.70 up from the low.
The copper market attempted yet another upside
breakout but was unable to hold those gains. It is possible that slack retail
sales readings from the US made some longs uncomfortable and interested in
banking some profits. After all December copper prices have managed a 500 point
decline off the September low and would seem to be tracking directly in the face
of sagging macro economic activity. With the strikes in Peru settled that could
take away a significant potentially bullish factor from the market in the days
ahead. Expectations of a slight expansion in the Industrial Production on
Wednesday morning also seemed to be providing the market with some support
during the action Tuesday.
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ENERGY MARKET RECAP
9/14/2004
October Crude Oil closed up 0.52 at 44.39. This was
0.49 up from the low and 0.46 off the high.
October Heating Oil closed up 2.24 at 122.76. This
was 1.66 up from the low and 1.34 off the high.
October Unleaded Gas finished up 3.87 at 124.01, 0.89
off the high and 2.81 up from the low.
October Natural Gas finished up 0.08 at 4.93, 0.08
off the high and 0.11 up from the low.
October Propane closed down 0.01 at 0.79. This was
equal to the low and 0.01 off the high.
The energy complex couldn’t seem to ignore the fears
being generated by hurricane Ivan. Even in the face of news that the Northern
pipeline was going to be shut down for a couple days it wouldn’t seem like crude
prices were holding as much strength as one would expect give the news flow of
the last 24 hours. It should also be noted that Iraq is planning to go ahead
with an oil sale of 6-10 million barrels of oil from Kurkuk despite the recent
attacks. It also seemed like OPEC rumors were consistently down grading the
magnitude of the increase in the output ceiling with Kuwait indicating the
increase to be only 500,000 barrels per day. At this hour it would not seem like
the hurricane will track far enough West to reach the maximum bullishness that
the energy complex might have been factoring.
Technical Outlook
CRUDE OIL (OCT) 09/15/2004: 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. A positive setup occurred with the close over the 1st
swing resistance. The near-term upside objective is at 45.33. The next area of
resistance is around 44.86 and 45.33, while 1st support hits today at 43.92 and
below there at 43.44.
UNLEADED (OCT) 09/15/2004: The cross over and close
above the 40-day moving average is an indication the longer-term trend has
turned positive. 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.
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
next upside target is 127.23. The next area of resistance is around 125.86 and
127.23, while 1st support hits today at 122.16 and below there at
119.83.
HEATING OIL (OCT) 09/15/2004: The upside crossover (9
above 18) of the moving averages suggests a developing short-term uptrend.
Stochastics are at mid-range but trending higher, which should reinforce a move
higher if resistance levels are taken out. The market’s short-term trend is
positive on the close above the 9-day moving average. The market’s close above
the 2nd swing resistance number is a bullish indication. The near-term upside
target is at 125.68. The next area of resistance is around 124.25 and 125.68,
while 1st support hits today at 121.26 and below there at 119.68.
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CORN MARKET RECAP
9/14/2004
December Corn finished down 2 1/2 at 218, 3 off
the high and 1/4 up from the low. March Corn closed down 2 1/4 at 227 1/4. This
was 1/4 up from the low and 2 3/4 off the high.
Active harvest, reports of higher than expected
yields and the outlook for warm and mostly dry weather to continue for another
week helped to pressure the market early in the session. While there is a
seasonal tendency for crop conditions to decline at this time of the year, crops
rated in good to excellent condition came in at 69% in last nights weekly crop
progress report, unchanged from last week and up from the 14-year average at
60%. Crops in poor to very poor condition were also unchanged on the week at 10%
from 12% as the 14-year average. A weak basis was noted in the country with the
ongoing harvest which reached 5% by Sunday. Warm weather on the 6-10 day
forecast is expected to help crops push toward maturity but crops in South
Dakota, Minnesota and Wisconsin are still well behind a normal pace. Excess
feedwheat in Canada due to poor harvest weather could add to the competitive
feed supplies for the region. September wheat went off of the board today at 206
1/2, down 3 3/4 on the session and to the lowest level for the nearby futures
since July of 2003. December corn resistance comes in at 220 3/4 and 224 with
217 1/4 as next support.
Technical Outlook
CORN (DEC) 09/15/2004: The market made a new contract
low on the break. Momentum studies are still bearish but are now at oversold
levels and will tend to support reversal action if it occurs. The market’s close
below the 9-day moving average is an indication the short-term trend remains
negative. The swing indicator gave a moderately negative reading with the close
below the 1st support number. The next downside target is 215 1/2. Some caution
in pressing the downside is warranted with the RSI under 30. The next area of
resistance is around 219 1/2 and 221 3/4, while 1st support hits today at 216
1/2 and below there at 215 1/2.
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SOY COMPLEX RECAP
9/14/2004
November Soybeans finished down 5 1/2 at 565 1/2, 9
1/2 off the high and 1/2 up from the low. January Soybeans closed down 6 at 573.
This was 1/2 up from the low and 9 off the high.
December Soymeal closed down 0.6 at 167.2. This was
0.9 up from the low and 1.8 off the high.
December Soybean Oil finished down 0.52 at 22.63,
0.85 off the high and 0.06 up from the low.
The increased selling pressures due to improving crop
conditions, good weather for harvest and talk of higher than expected yields in
many locations in the south and central cornbelt helped to push the market
lower. November soybeans have failed to close higher on the session since
September 1st. A lack of aggressive selling from speculators and news that China
bought 115,000 tons of US soybeans helped to support some buying after the
opening. While there is a seasonal tendency for crop conditions to decline at
this time of the year, crops rated in good to excellent condition came in at 63%
in last nights weekly crop progress report, up 1% from last week and up from the
14-year average at 54%. Crops in poor to very poor condition declined 1% on the
week to 11% from 15% as the 14-year average. For the NOPA crush report, released
before the opening, traders were looking for August crush to come in near
98-103.5 million bushels as compared with 108.7 million bushels in July and
121.2 million bushels in August of 2003. The report showed August crush at just
96.494 million bushels which is supportive for the products but bearish to
soybeans. Oil yields were pegged at 11.59 pounds per bushel which was up from
11.37 pounds in July even though traders suspected lower yields due to cold
weather in August. Oil stocks were pegged at 868.5 million pounds from 1.23
billion in July. There were 50 oil delivered this morning which helped trigger
the sharp break with September Oil going off the board today at noon at 23.20,
down 109 on the session. September meal expired at $166.00, down $6.20 on the
session and to the lowest point since August 11th, 2003. November soybean
resistance comes in at 575 and 577 1/2 with 552 and 541 as next support levels.
Technical Outlook
BEANS (NOV) 09/15/2004: Momentum studies are still
bearish but are now at oversold levels and will tend to support reversal action
if it occurs. A negative signal for trend short-term was given on a close under
the 9-bar moving average. The downside closing price reversal on the daily chart
is somewhat negative. The close below the 1st swing support could weigh on the
market. The next downside objective is now at 557 3/4. The next area of
resistance is around 570 1/2 and 577 3/4, while 1st support hits today at 560
1/2 and below there at 557 3/4.
MEAL (DEC) 09/15/2004: Daily stochastics are trending
lower but have declined into oversold territory. The market’s short-term trend
is negative as the close remains below the 9-day moving average. The daily
closing price reversal down is a negative indicator for prices. It is a slightly
negative indicator that the close was lower than the pivot swing number. The
next downside target is now at 164.8. The next area of resistance is around
168.5 and 170.1, while 1st support hits today at 165.9 and below there at
164.8.
BEANOIL (DEC) 09/15/2004: The close under the 40-day
moving average indicates the longer-term trend could be turning down. Daily
stochastics declining into oversold territory suggest the selling may be drying
up soon. The market’s close below the 9-day moving average is an indication the
short-term trend remains negative. The outside day down and close below the
previous day’s low is a negative signal. There could be some early pressure
today given the market’s negative setup with the close below the 2nd swing
support. The next downside objective is now at 21.92. The next area of
resistance is around 23.08 and 23.73, while 1st support hits today at 22.18 and
below there at 21.92.
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WHEAT MARKET RECAP
9/14/2004
December Wheat finished down 4 1/2 at 331 3/4,
4 3/4 off the high and 1/2 up from the low. March Wheat closed down 4 1/4 at 342
1/2. This was 3/4 up from the low and 3 3/4 off the high.
Long liquidation selling and weakness in the other
grains contributed to the early weakness but the market found some underlying
support from harvest delays for the US spring wheat crop and from Canada. Spring
wheat harvest reached 72% as of Sunday from 90% as the 5-year average. Taiwan
bought 43,390 tons of US wheat overnight and will tender for more this week.
Environment Canada reported overnight that 20-30% of the grain belt in
Saskatchewan was hit with temperatures below freezing last night which just adds
to the harvest delays and quality problems. This is the largest grain producing
province in the country and only 10% of the crops were harvested by September
12th as compared with 89% last year and the 5-year average of 53%. There were 11
deliveries posted this morning with the last trading day for September futures
today and the market going off of the board at 237 1/4, down 1 1/4 on the
session. Support for December wheat comes in at 331 and 327 1/2 with 339 1/2 and
347 1/4 as next resistance points.
Technical Outlook
WHEAT (DEC) 09/15/2004: Rising stochastics at
overbought levels warrant some caution for bulls. 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 under the swing pivot. The next upside
target is 338. The next area of resistance is around 334 1/4 and 338, while 1st
support hits today at 329 1/4 and below there at 327 3/4.
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LIVE CATTLE RECAP
9/14/2004
October Live Cattle closed up 0.40 at 85.42. This was
0.17 up from the low and 0.62 off the high.
October Feeder Cattle finished down 0.25 at 111.40,
0.70 off the high and 0.30 up from the low.
The cattle market found solid support from continued
strength in the beef market and a firm tone in the cash markets again this week.
Boxed-beef cutout values (600-750 choice) were up $1.76 on the day at
mid-session to $132.99 as compared with $131.46 last week at this time. Talk of
$84.00 cash markets this week helped to support the market as well and the
higher beef price brought about hopes of improving packer margins. The buying
support slowed late in the session and the market set-back into the close.
Slaughter for the day came in at just 124,000 head as compared with trade
expectations at 125,000-129,000 head which might be seen as a bearish force into
the opening.
Technical Outlook
CATTLE (OCT) 09/15/2004: 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. With the close over the 1st swing resistance number, the
market is in a moderately positive position. The near-term upside objective is
at 86.320. The next area of resistance is around 85.800 and 86.320, while 1st
support hits today at 85.020 and below there at 84.750.
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LEAN HOGS RECAP
9/14/2004
October Lean Hogs closed up 0.62 at 67.70. This was
0.35 up from the low and 0.17 off the high.
February Pork Bellies finished up 1.25 at 94.77, 0.37
off the high and 1.07 up from the low.
Hogs pushed moderately higher with December hogs
testing the contract highs as the stiff discount of futures to the cash market,
expectations for continued strong pork exports and speculative buying helped
support. As beef continues to have trouble re-opening the export market to Asia
customers, the pork alternative has helped to support a firm tone in the cash
markets and has helped pork values hold up well. The jump in loin prices this
week helped trigger thoughts of increased exports. The CME 2-Day Lean index for
the period ending September 10th was down just 11 cents to 71.66 which is down
just 77 cents since the end of August. The slow pace of decline in the cash
market has caused a surge in futures to be necessary to help narrow the
cash/futures spread. For the weekly cold storage report, traders are looking for
a net out-movement of 500,000-1.0 million pounds as compared with an
out-movement of 909,000 pounds last week.
Technical Outlook
HOGS (OCT) 09/15/2004: Rising stochastics at
overbought levels warrant some caution for bulls. A positive signal for trend
short-term was given on a close over the 9-bar moving average. Follow through
buying looks likely if the market can hold yesterday’s gap on the day session
chart. The market setup is supportive for early gains with the close over the
1st swing resistance. The near-term upside objective is at 68.170. The next area
of resistance is around 67.950 and 68.170, while 1st support hits today at
67.450 and below there at 67.150.
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COCOA MARKET RECAP
9/14/2004
December Cocoa finished up 20 at 1476, 7 off the high
and 18 up from the low.
The cocoa market appears to have turned short term
sentiment around with a higher probe and the highest close since September 8th.
Once again the market noted industry buying but we also have to think that some
funds were stepping into fresh long positions. However, we suspect that talk of
the coming harvest will serve to discourage aggressive buying unless there is
some fresh fundamental concern. In the near term cocoa appears to be caught
between the deflated May and June consolidation and the potentially expensive
July and August consolidation.
Technical Outlook
COCOA (DEC) 09/15/2004: Daily stochastics declining
into oversold territory suggest the selling may be drying up soon. The close
below the 9-day moving average is a negative short-term indicator for trend.
With the close over the 1st swing resistance number, the market is in a
moderately positive position. The next downside objective is now at 1449. The
9-day RSI under 30 indicates the market is approaching oversold levels. The next
area of resistance is around 1488 and 1498, while 1st support hits today at 1464
and below there at 1449.
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COFFEE MARKET RECAP
9/14/2004
December Coffee closed up 0.45 at 77.80. This was
1.40 up from the low and 0.50 off the high.
The coffee market continued to rise off bullish
hurricane threats as the storm had not as of this writing shifted its course to
the East. In other words, there is some merit in the threat against coffee in
New Orleans warehouses but we must reiterate that the storm would need to be a
category 4 or 5 storm, very slow moving and would have to be a direct hit on the
city to score a hit on supply. Adding to the upside momentum in coffee prices
were reports of a Colombian truckers strike!
Technical Outlook
COFFEE (DEC) 09/15/2004: 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. The market has a
slightly positive tilt with the close over the swing pivot. The next upside
target is 79.45. The 9-day RSI over 70 indicates the market is approaching
overbought levels. The next area of resistance is around 78.70 and 79.45, while
1st support hits today at 76.85 and below there at 75.70.
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SUGAR MARKET RECAP
9/14/2004
October Sugar closed up 0.05 at 7.71. This was 0.15
up from the low and 0.11 off the high.
The sugar market gapped lower on declining concerns
for the sugar cane crop in Cuba but the selling slowed ion a test of the August
lows and the market managed to close 5 higher for October sugar and up 15 points
from the lows. Open interest was down 15,172 contracts for the October futures
which leaves 93,675 contract open with just 12 trading sessions left before the
contract expires. October sugar in London closed lower on the session and to the
lowest close since July 1st with trade house and fund selling noted. With the
upcoming beet harvest picking up steam, the market failed to find much support
from news that Iraq is tendering to buy 25,000 tons of white sugar. Traders are
hopeful, however, that the recent break could trigger increased interest in
sugar from India and Egypt.
Technical Outlook
SUGAR (MAR) 09/15/2004: A bullish signal was given
with an upside crossover of the daily stochastics. Daily stochastics have risen
into overbought territory which will tend to support reversal action if it
occurs. The daily closing price reversal up is a positive indicator that could
support higher prices. The close over the pivot swing is a somewhat positive
setup. The next upside objective is 8.80. The next area of resistance is around
8.75 and 8.80, while 1st support hits today at 8.57 and below there at
8.43.
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COTTON MARKET RECAP
9/14/2004
October Cotton finished down 1.60 at 51.45, 2.55 off
the high and 0.05 up from the low.
The outside day down with the trade waiting for a
potential wet week ahead on cotton areas which do not need rain and with bolls
open on a large percentage of the crop must be considered disappointing action
to the longs. December cotton pushed sharply lower as traders feel the loss of
half of a million bales due to hurricane damage this year should not have much
impact on the bottom line as the USDA reports last week and bearish demand
expectations from China helped to trigger selling. A representative from Cotton
Council International told Reuters reporters that due to a bumper China cotton
crop this season that China import quotas for 2005 might be near 894,000 bales
as compared with nearly 2 million bales last year.
Technical Outlook
COTTON (DEC) 09/15/2004: Stochastics trending lower
at midrange will tend to reinforce a move lower especially if support levels are
taken out. The close below the 9-day moving average is a negative short-term
indicator for trend. A negative signal was given by the outside day down. There
could be some early pressure today given the market’s negative setup with the
close below the 2nd swing support. The next downside target is now at 48.32. The
next area of resistance is around 51.82 and 53.81, while 1st support hits today
at 49.08 and below there at 48.32.