This Is Why We Could See More Choppy Action
BOND MARKET RECAP
11/22/2004
March Bonds closed up 0-19 at 112-11. This was
0-19 up from the low and equal to the high.
March 10 Yr Treasury Notes finished up 0-040 at
112-135, 0-005 off the high and 0-065 up from the low.
The Treasury market had a mostly uneventful
day Monday but volumes were light and the bull camp continued to show a slight
bit of control. We suspect that minor weakness in the Dollar and ongoing choppy
to lower action in the stock market provided the bulls with an edge. So far, it
would not seem like the big picture concern of an international currency crisis
is playing directly in the day to day action. The market apparently down graded
its view toward the Tuesday morning existing homes sales report by calling for a
minor decline instead of the previous expectation of a minor gain. Therefore,
one might suggest that the gains Monday came compliments of the change in
expectations toward the scheduled numbers.
Technical Outlook
BONDS (MAR) 11/23/2004: The major trend could be
turning up with the close back above the 40-day moving average. Stochastics are
at mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. The market’s close above the 9-day moving
average suggests the short-term trend remains positive. It is a mildly bullish
indicator that the market closed over the pivot swing number. The near-term
upside objective is at 112-27. The next area of resistance is around 112-18 and
112-27, while 1st support hits today at 111-25 and below there at 111-08.
TNOTES (MAR) 11/23/2004: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. 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 near-term upside target is at
112-010. The next area of resistance is around 111-290 and 112-010, while 1st
support hits today at 111-205 and below there at 111-155.
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STOCK INDICES RECAP
11/22/2004
December S&P finished up 5.7 at 1178, 1 off the
high and 9.7 up from the low.
December S&P E-Mini closed up 5.5 at 1177.75.
This was 11.25 up from the low and 1.25 off the high.
December Dow closed up 19 at 10500. This was 55
up from the low and 15 off the high.
December Dow E-Mini finished up 23 at 10501, 17
off the high and 101 up from the low.
The stock market started out weak and seemed like
it might come under more significant liquidation but as the morning unfolded
there seemed to be little aggressiveness in the bear camp. Some suggest that the
early oil rally faltered while others suggested that the Dollar ability to hold
up in the wake of the weekend G20 meeting also provided some confidence. In
short it would appear as if the shorts are in small numbers and that some buyers
are sitting on the sidelines waiting and hoping for a pre-holiday type rally. It
was clear from the action Monday that the tech sector was leading the declines
on Wall Street and that could mean that another session of choppy action is
ahead.
Technical Outlook
S&P 500 (DEC) 11/23/2004: Momentum studies
trending lower from overbought levels is a bearish indicator and would tend to
reinforce lower price action. The market’s short-term trend is negative as the
close remains below the 9-day moving average. The daily closing price reversal
up is a positive indicator that could support higher prices. It is a mildly
bullish indicator that the market closed over the pivot swing number. The next
downside target is 1165.13. The next area of resistance is around 1183.35 and
1186.52, while 1st support hits today at 1172.65 and below there at 1165.13.
SP EMINI (DEC) 11/23/2004: Momentum studies are
trending lower from high levels which should accelerate a move lower on a break
below the 1st swing support. The close below the 9-day moving average is a
negative short-term indicator for trend. The upside closing price reversal on
the daily chart is somewhat bullish. It is a mildly bullish indicator that the
market closed over the pivot swing number. The next downside target is 1162.75.
The next area of resistance is around 1184.00 and 1187.75, while 1st support
hits today at 1171.50 and below there at 1162.75.
NASDAQ (DEC) 11/23/2004: Momentum studies
trending lower from overbought levels is a bearish indicator and would tend to
reinforce lower price action. A positive signal for trend short-term was given
on a close over the 9-bar moving average. The upside daily closing price
reversal gives the market a bullish tilt. It is a mildly bullish indicator that
the market closed over the pivot swing number. The next downside target is
1542.38. The next area of resistance is around 1583.25 and 1589.37, while 1st
support hits today at 1559.75 and below there at 1542.38.
MINIDOW (DEC) 11/23/2004: Momentum studies are
trending lower from high levels which should accelerate a move lower on a break
below the 1st swing support. A negative signal for trend short-term was given on
a close under the 9-bar moving average. The daily closing price reversal up is a
positive indicator that could support higher prices. It is a mildly bullish
indicator that the market closed over the pivot swing number. The next downside
objective is 10362. The next area of resistance is around 10559 and 10597, while
1st support hits today at 10441 and below there at 10362.
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CURRENCY MARKET RECAP
11/22/2004
December US Dollar finished down 9 at 8323, 12
off the high and 10 up from the low.
December Euro finished up 0.2 at 130.35, 0.15 off
the high and 0.16 up from the low.
December Euro Dollar closed down 0.0075 at
97.525. This was equal to the low and 0.0075 off the high.
December Canadian Dollar closed up 0.54 at 84.3.
This was 0.46 up from the low and 0.25 off the high.
December British Pound finished up 0.15 at
185.49, 0.11 off the high and 0.49 up from the low.
December Swiss closed down 0.11 at 86.01. This
was 0.04 up from the low and 0.16 off the high.
December Japanese Yen closed down 0.13 at 97.
This was 0.12 up from the low and 0.19 off the high.
The Dollar started at almost the same level that
is closed last week at, as the market was really unsure on how to interpret the
weekend G20 meeting. The Japanese Minister of Finance suggested that a strong
Dollar is “ideal†but also indicated that market forces can sometimes result in
unusual swings. Therefore, we see the most likely candidate for intervention
hardly poised to act in the near term and that would seem to leave the Dollar
under pressure. However, the Euro zone did post a significant contraction in
their trade surplus and that could serve to take some of the upside momentum out
of the Euro. The Euro zone saw its trade surplus knocked down from 8.6 billion
euro to 3.1 billion Euro and that is a significant change.
Technical Outlook
YEN (DEC) 11/23/2004: Rising stochastics at
overbought levels warrant some caution for bulls. The market’s close above the
9-day moving average suggests the short-term trend remains positive. It is a
slightly negative indicator that the close was under the swing pivot. The
near-term upside objective is at 97.32. The market is becoming somewhat
overbought now that the RSI is over 70. The next area of resistance is around
97.15 and 97.32, while 1st support hits today at 96.85 and below there at 96.71.
EURO (DEC) 11/23/2004: The daily stochastics have
crossed over up which is a bullish indication. Rising stochastics at overbought
levels warrant some caution for bulls. The market’s close above the 9-day moving
average suggests the short-term trend remains positive. With the close higher
than the pivot swing number, the market is in a slightly bullish posture. The
near-term upside target is at 130.65. The next area of resistance is around
130.50 and 130.65, while 1st support hits today at 130.20 and below there at
130.04.
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PRECIOUS METALS RECAP
11/22/2004
December Gold closed up 2 at 449. This was 2.9 up
from the low and 0.1 off the high.
December Silver finished down 0.028 at 7.572,
0.068 off the high and 0.007 up from the low.
January Platinum closed down 4.5 at 855.2. This
was 4.2 up from the low and 1.8 off the high.
The gold and silver markets started out soft but
then managed to firm into mid-session. With the Dollar weakening as the session
extended that gave hope to the bulls that the recent G20 meeting wasn’t going to
result in an alteration of the downtrend pattern in the Dollar. The Bundesbank
also suggested that they would decide before the end of this year whether or
they would take advantage of the 2004 option to sell more gold assets. In other
words, a return of Central Bank sales dialogue was noted but yet prices didn’t
show too much reaction to that story!
Technical Outlook
SILVER (DEC) 11/23/2004: The daily stochastics
have crossed over down which is a bearish indication. Stochastics turning
bearish at overbought levels will tend to support lower prices if support levels
are broken. The market’s close above the 9-day moving average suggests the
short-term trend remains positive. It is a slightly negative indicator that the
close was under the swing pivot. The next downside target is 751.3. The next
area of resistance is around 761.0 and 766.2, while 1st support hits today at
753.5 and below there at 751.3.
GOLD (DEC) 11/23/2004: The market rallied 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. With the close higher
than the pivot swing number, the market is in a slightly bullish posture. The
next upside target is 451.3. The 9-day RSI over 70 indicates the market is
approaching overbought levels. The next area of resistance is around 450.5 and
451.3, while 1st support hits today at 447.5 and below there at 445.3.
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COPPER MARKET RECAP
11/22/2004
December Copper finished down 2.30 at 140.90,
0.70 off the high and 1.90 up from the low.
Copper prices came under attack aggressively
early in the session but then managed to cut the losses in half by mid session.
Apparently the WMC hostile buyout has given mining assets and metals a fresh
speculative spin and that served to partially countervail the recent negative
dialogue from China. We have to think that the copper market is primarily driven
by the China element and with the Chinese noting lower copper concentrate
imports in October and an Key copper Mining Executive suggesting that recent
copper prices were unsustainable we can understand the markets need to correct.
However, in the background it would seem like Asian cash price premiums are
handing together and that should reduce the amount of downside pressure on
prices.
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ENERGY MARKET RECAP
11/22/2004
January Crude Oil closed down 0.25 at 48.64. This
was 0.29 up from the low and 0.61 off the high.
January Heating Oil closed down 3.17 at 146.03.
This was 0.23 up from the low and 3.47 off the high.
January Unleaded Gas finished down 1.86 at
130.04, 2.36 off the high and 0.44 up from the low.
January Natural Gas finished down 0.25 at 7.54,
0.25 off the high and 0.07 up from the low.
January Propane closed up 0.02 at 0.87. This was
equal to the low and equal to the high.
The energy complex traded on both sides of
unchanged but looked rather vulnerable after giving up a rather impressive early
rally. However, with heating oil prices leading the way down it was not
surprising that the rest of the complex followed. It seems that the market
expects to see some more stock rebuilding into the December 10th OPEC meeting
and that is negative. However, it should be noted that a large Shell refinery
indicated a desire to perform some maintenance and that could be the beginning
of a pattern of refinery maintenance. In short the market might have overdone
the rally last Friday but some of the gains are expected to stick.
Technical Outlook
CRUDE OIL (JAN) 11/23/2004: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. 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 mildly bullish indicator that the
market closed over the pivot swing number. The near-term upside target is at
49.62. The next area of resistance is around 49.09 and 49.62, while 1st support
hits today at 48.19 and below there at 47.82.
UNLEADED (JAN) 11/23/2004: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. The close above the 9-day moving average is a
positive short-term indicator for trend. The daily closing price reversal down
puts the market on the defensive. The market’s close below the pivot swing
number is a mildly negative setup. The next upside target is 133.32. The next
area of resistance is around 131.44 and 133.32, while 1st support hits today at
128.64 and below there at 127.72.
HEATING OIL (JAN) 11/23/2004: Momentum studies
are rising from mid-range, which could accelerate a move higher if resistance
levels are penetrated. The market’s short-term trend is positive on the close
above the 9-day moving average. The market setup is somewhat negative with the
close under the 1st swing support. The near-term upside target is at 150.54. The
next area of resistance is around 147.88 and 150.54, while 1st support hits
today at 144.18 and below there at 143.14.
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CORN MARKET RECAP
11/22/2004
December Corn finished down 1 3/4 at 197
1/2, 2 3/4 off the high and 1/4 up from the low. March Corn closed down 2 at 208
1/4. This was 1/4 up from the low and 2 1/2 off the high.
March corn is now down as much as 11 cents off of
Thursday’s peak as weak export news and demand fears for livestock consumption
helped pressure. While the US dollar is cheap, high freight rates and selling
from China has helped turn the export psychology a bit more negative. A lack of
aggressive selling from producers or aggressive buying from end users kept the
market quiet to start the week but selling emerged later to push March corn to a
new life-of-contract low close. Traders expect tonight’s weekly crop progress
report to show the crop near 90% harvested as compared with 86% last week.
Rising freight rates have kept export news quiet. Weekly export inspections were
reported at 36.3 million bushels from 36-42 million expected. Corn exports need
to average 41.8 million bushels per week to reach the USDA projection and
cumulative shipments have reached 18.7% of the USDA forecast for the season as
compared with 22.6% on average for this time of the year. The
Commitment-of-Traders report with options shows the market in an oversold
condition but speculators decreased their net short position by 22,000 contracts
in just one week. Speculators are still net short near 100,000 contracts so the
market looks vulnerable to more short-covering. March corn support comes in at
207 1/4 and 204 1/4 with resistance at 210 1/4 and 213.
Technical Outlook
CORN (MAR) 11/23/2004: The daily stochastics gave
a bearish indicator with a crossover down. Stochastics trending lower at
midrange will tend to reinforce a move lower especially 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’s close below the pivot swing
number is a mildly negative setup. The next downside objective is now at 206
1/4. The next area of resistance is around 209 1/2 and 211 1/2, while 1st
support hits today at 207 and below there at 206 1/4.
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SOY COMPLEX RECAP
11/22/2004
January Soybeans finished up 4 at 554 1/2, 2 1/2
off the high and 7 up from the low. March Soybeans closed up 4 1/2 at 558 1/2.
This was 7 up from the low and 2 off the high.
January Soymeal closed up 1.1 at 159.3. This was
1.6 up from the low and 0.2 off the high.
January Soybean Oil finished up 0.22 at 21.71,
0.09 off the high and 0.38 up from the low.
Strength in the product markets and a
short-covering trend from speculators helped support the higher close. Asia rust
concerns continue to provide support with 5 states in the US showing rust and
the USDA testing Arkansas fields today. Brazil’s state of Parana, the second
highest producing state, has reported Asian rust for the first time this season.
In spite of Asia rust, Brazil managed to produce a record crop last year of 52.6
million tons and the USDA projects production near 64.5 million tons for this
year. The Commitment-of-Traders report with options on Friday showed the market
in an oversold condition but speculators decreased their net short position by
21,000 contracts in just one week. Speculators are net short near 35,000
contracts as of November 16th. Weekly export inspections were reported at 48.1
million bushels from 38-40 million expected. Soybean exports need to average
16.4 million bushels per week to reach the USDA projection and cumulative
shipments have reached 32.9% of the USDA forecast for the season as compared
with 31% on average for this time of the year. For the monthly crush report,
traders look for October crush near 157 million bushels with oil stocks near
1.145 billion bushels and meal stocks near 328,000 tons. Traders expect
tonight’s weekly crop progress report to show the crop near 96% harvested as
compared with 93% last week. Rumors of China buying US cargoes provided
underlying support. Ideas that there could be further restrictions on meat and
bone meal feeding if the USDA announces another mad cow in the US in the next
few days helped to provide some support to meal. Resistance for January soybeans
comes in at 557 and 561 with support at 548 1/2 and 542.
Technical Outlook
BEANS (JAN) 11/23/2004: 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. The market has a slightly positive tilt with the close over
the swing pivot. The next upside objective is 562 3/4. The next area of
resistance is around 559 1/4 and 562 3/4, while 1st support hits today at 549
3/4 and below there at 544.
MEAL (JAN) 11/23/2004: Rising stochastics at
overbought levels warrant some caution for bulls. 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
162.8. The next area of resistance is around 161.7 and 162.8, while 1st support
hits today at 159.5 and below there at 158.3.
BEANOIL (JAN) 11/23/2004: 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. The market has a slightly positive tilt with the close over the
swing pivot. The near-term upside objective is at 22.26. The next area of
resistance is around 22.09 and 22.26, while 1st support hits today at 21.61 and
below there at 21.29.
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WHEAT MARKET RECAP
11/22/2004
December Wheat finished down 7 3/4 at 302, 11 1/2 off the high
and 1 up from the low. March Wheat closed down 7 3/4 at 312. This was 1 up from
the low and 11 1/2 off the high.
A weak tone for export news and good weather for
the winter wheat crop kept the market under pressure early in the session but a
lack of new selling interest on the move under Friday’s lows helped to support a
bounce. The bounced failed to generate new buying and fund selling emerged to
drive the market to the lowest close for the life-of-contract which could be
seen as a negative technical development. Weekly export inspections came in at
19.99 million bushels from 17-20 million expected. Wheat exports need to average
14.7 million bushels per week to reach the USDA projection and cumulative
shipments have reached 56.9% of the USDA forecast for the season as compared
with 50.9% on average for this time of the year. News that China bought 1.5
million tons of wheat from Australia added to the sour tone early. The
Commitment-of-Traders report with options shows the market in a classic bearish
set-up with funds short and small speculators net long near 11,000 contracts.
The buying trend of the fund trader was seen as a positive force but the hefty
net long position of the small speculator indicates the market vulnerable to
long liquidation selling if support levels are violated. March wheat support
comes in at 311 and 308 with resistance at 318 3/4 and 321 1/4.
Technical Outlook
WHEAT (MAR) 11/23/2004: A crossover down in the
daily stochastics is a bearish signal. Negative momentum studies in the neutral
zone will tend to reinforce lower price action. The market’s close below the
9-day moving average is an indication the short-term trend remains negative. The
close below the 2nd swing support number puts the market on the defensive. The
next downside target is 302 1/4. The next area of resistance is around 318 1/4
and 327, while 1st support hits today at 305 3/4 and below there at 302 1/4.
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LIVE CATTLE RECAP
11/22/2004
December Live Cattle closed down 0.15 at 84.65.
This was 0.30 up from the low and 0.55 off the high.
January Feeder Cattle finished down 1.10 at
99.52, 1.37 off the high and 0.12 up from the low.
February cattle closed 7 lower on the session
with choppy, two-sided trade ahead of a key announced on the results of tests
for a US animal which is suspected with mad cow disease. Trade sentiment was
supported by sloppy feedlot conditions and ideas that the export market can’t
get much worse even if there is a new mad cow reported and that US demand will
not suffer from the news. Slaughter came in at 130,000 head as compared with
trade expectations at 116,000-120,000 head. The higher than expected slaughter
could mean packer demand is a bit better than expected. The Cattle-on-Feed
report was seen as neutral on Friday.
Technical Outlook
CATTLE (DEC) 11/23/2004: A bearish signal was
triggered on a crossover down in the daily stochastics. Momentum studies
trending lower at mid-range could accelerate a price break if support levels are
broken. 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 83.870.
The next area of resistance is around 85.070 and 85.550, while 1st support hits
today at 84.250 and below there at 83.870.
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LEAN HOGS RECAP
11/22/2004
December Lean Hogs closed down 0.02 at 74.80.
This was 0.52 up from the low and 0.10 off the high.
February Pork Bellies finished up 0.20 at 99.20,
0.65 off the high and 0.40 up from the low.
February hogs closed 60 higher on the session as
the cold storage report on Friday after the close supported solid gains in
bellies and showed a tighter than normal supply of frozen hams and Turkeys for
the holiday season. Slaughter came in at 401,000 head as compared with trade
expectations at 395,000-402,000 head. The CME 2-Day Lean Index for the period
ending November 18th was reported at 78.45, up $.57 from the previous session
and up from 75.29 the previous week. Peoria cash markets were down as much as
$3.00 which helped pressure the December futures but the discount of futures to
cash and hopes for high exports next year helped support the February futures.
Technical Outlook
HOGS (DEC) 11/23/2004: Momentum studies are
trending lower from high levels which should accelerate a move lower on a break
below the 1st swing support. The market’s short-term trend is positive on the
close above the 9-day moving average. It is a mildly bullish indicator that the
market closed over the pivot swing number. The next downside target is now at
74.070. The next area of resistance is around 75.100 and 75.300, while 1st
support hits today at 74.500 and below there at 74.070.
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COCOA MARKET RECAP
11/22/2004
December Cocoa finished down 36 at 1566, 24 off
the high and 4 up from the low.
Cocoa prices continued to be weak and would
appear to be headed back down to the critical $1,550 pivot point basis the March
contract. The London market reported origin selling, which then appeared to
prompt small spec selling. Given the last COT report it isn’t surprising that
the small spec and funds were prompted into selling as the long position was
indeed vulnerable. While the political uncertainty continues to bubble under the
surface it would not seem like conditions are primed for an explosion and that
has given some bears the confidence to attack the market.
Technical Outlook
COCOA (DEC) 11/23/2004: Momentum studies trending
lower at mid-range should accelerate a move lower if support levels are taken
out. A negative signal for trend short-term was given on a close under the 9-bar
moving average. The defensive setup, with the close under the 2nd swing support,
could cause some early weakness. The next downside objective is now at 1543. The
next area of resistance is around 1580 and 1599, while 1st support hits today at
1552 and below there at 1543.
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COFFEE MARKET RECAP
11/22/2004
December Coffee closed up 2.10 at 89.35. This was
1.35 up from the low and 1.15 off the high.
The coffee market managed a quasi upside breakout
on the charts and left a pretty bullish impression on those that were short into
the opening Monday. Apparently the recent COT report wasn’t as long as the
market expected to see after the significant run up in November and that gave
the bull’s added resolve. Some think that the market is running up in advance of
the Brazilian crop forecast and because of rising seasonal demand but the rally
is beginning to take on such significant proportion that it would seem like
something very bullish is missing from the headlines. An increase in demand and
a slight decline in production were already forecast by the ICO and some might
suggest that coffee prices on a long term historical and monthly basis are to be
considered cheap.
Technical Outlook
COFFEE (DEC) 11/23/2004: Momentum studies
trending lower at mid-range should accelerate a move lower if support levels are
taken out. A positive signal for trend short-term was given on a close over the
9-bar moving average. Market positioning is positive with the close over the 1st
swing resistance. The next downside objective is 86.85. The next area of
resistance is around 90.60 and 91.80, while 1st support hits today at 88.15 and
below there at 86.85.
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SUGAR MARKET RECAP
11/22/2004
March Sugar closed up 0.13 at 8.88. This was 0.18
up from the low and equal to the high.
The sugar market showed significant volatility
Monday after opening unchanged, tracking sharply lower and then managing an
impressive recovery rally. Even more surprising is that the sugar gains were
made in the face of a private forecast calling for 2004-2005 sugar cane
production to be above 326 million tons. Apparently favorable weather conditions
allowed for more aggressive harvest activity and when one considers that the
current crop might be close to 10% above the prior production it is a little
surprising that sugar prices managed a positive close. Ethanol continues to eat
up Brazilian cane use but a larger crop than was expected should serve to
discourage some would be buyers.
Technical Outlook
SUGAR (MAR) 11/23/2004: The cross over and close
above the 40-day moving average is an indication the longer-term trend has
turned positive. Momentum studies are 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. A positive signal was given by the outside day
up. A positive setup occurred with the close over the 1st swing resistance. The
near-term upside objective is at 9.01. The next area of resistance is around
8.97 and 9.01, while 1st support hits today at 8.79 and below there at 8.66.
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COTTON MARKET RECAP
11/22/2004
December Cotton finished up 0.95 at 48.78, 0.02
off the high and 1.08 up from the low.
The highest trade since November 9th seems to
suggest that some shorts are losing their aggressive resolve. Since the fund
position registered at 22,000 contracts in the last COT report and the small
spec long was down to 1,500 contracts we suspect that the selling fuel is drying
up. Therefore, some traders are suggesting that the cotton market might have
reached a temporary equilibrium. The first notice day of the December contract
is expected to take some of the aggressiveness out of prices and with the
holiday shortened week that should serve to narrow ranges even further. However,
with the market expected some demand numbers later this week and large
commercial selling aggressively last Friday we wouldn’t be surprised to see
prices attempt another downside probe.
Technical Outlook
COTTON (DEC) 11/23/2004: 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. It is a mildly bullish indicator that the market closed over the
pivot swing number. The near-term upside target is at 49.61. The market is
becoming somewhat overbought now that the RSI is over 70. The next area of
resistance is around 49.33 and 49.61, while 1st support hits today at 48.23 and
below there at 47.42.