***BOND MARKET RECAP - 9/28/2009
December Bonds finished up 0-180 at 121-140, 0-050 off the high and 0-210 up from the low.
December 10 Yr Treasury Notes closed up 0-065 at 118-060. This was 0-105 up from the low and 0-015 off the high.
Technical Outlook
BONDS (DEC) 09/29/2009: The upside crossover (9 above 18) of the moving averages suggests a developing short-term uptrend. Rising stochastics at overbought levels warrant some caution for bulls. The market's short-term trend is positive on the close above the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The near-term upside target is at 122-130. The next area of resistance is around 122-050 and 122-130, while 1st support hits today at 121-080 and below there at 120-180.
10 YR TREASURY NOTES (DEC) 09/29/2009: Momentum studies are trending higher from mid-range, which should support 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. The market setup is supportive for early gains with the close over the 1st swing resistance. The near-term upside target is at 118-205. The next area of resistance is around 118-165 and 118-205, while 1st support hits today at 118-025 and below there at 117-240.
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***STOCK INDICES RECAP - 9/28/2009
December S&P closed up 20.9 at 1062. This was 18.2 up from the low and -1.1 off the high. December S&P E-Mini finished up 18.25 at 1059.25, 1.75 off the high and 23.5 up from the low.
December Dow finished up 111 at 9730, 30 off the high and 95 up from the low.
Technical Outlook
S&P 500 (DEC) 09/29/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. There could be more upside follow through since the market closed above the 2nd swing resistance. The next downside target is now at 1028.70. The next area of resistance is around 1072.10 and 1079.10, while 1st support hits today at 1046.90 and below there at 1028.70.
S&P E-MINI (DEC) 09/29/2009: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close above the 9-day moving average is a positive short-term indicator for trend. The outside day up and close above the previous day's high is a positive signal. 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 target is 1028.57. The next area of resistance is around 1071.87 and 1079.06, while 1st support hits today at 1046.63 and below there at 1028.57.
NASDAQ (DEC) 09/29/2009: Declining momentum studies in the neutral zone will tend to reinforce lower price action. A positive signal for trend short-term was given on a close over the 9-bar moving average. 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 1672.75. The next area of resistance is around 1744.50 and 1760.75, while 1st support hits today at 1700.50 and below there at 1672.75.
DOW (DEC) 09/29/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The close below the 9-day moving average is a negative short-term indicator for trend. The upside daily closing price reversal gives the market a bullish tilt. The close over the pivot swing is a somewhat positive setup. The next downside target is 9539. The next area of resistance is around 9702 and 9736, while 1st support hits today at 9604 and below there at 9539.
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***CURRENCY MARKET RECAP - 9/28/2009
December US Dollar closed up 0.205 at 77.220. This was 0.500 up from the low and 0.260 off the high.
December Euro closed down 0.62 at 146.02. This was 0.4 up from the low and 1.17 off the high.
December Japanese Yen finished up 0.26 at 111.55, 1.86 off the high and 0.12 up from the low.
December Swiss finished down 0.32 at 96.85, 0.76 off the high and 1.63 up from the low.
December Canadian Dollar finished up 0.46 at 92.02, 0.31 off the high and 1.08 up from the low.
December British Pound closed down 0.72 at 158.65. This was 0.99 up from the low and 1.01 off the high.
Technical Outlook
JAPANESE YEN (DEC) 09/29/2009: 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. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 113.95. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 112.52 and 113.95, while 1st support hits today at 110.55 and below there at 110.00.
EURO (DEC) 09/29/2009: 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 swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is 144.65. The next area of resistance is around 146.81 and 147.78, while 1st support hits today at 145.25 and below there at 144.65.
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***PRECIOUS METALS RECAP - 9/28/2009
December Gold closed up 2.5 at 994.1. This was 2.8 up from the low and 3.9 off the high.
December Silver finished up 0.135 at 16.195, 0.13 off the high and 0.175 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/29/2009: 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. The daily closing price reversal up is a positive indicator that could support higher prices. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is 1555.9. The next area of resistance is around 1648.7 and 1668.8, while 1st support hits today at 1592.3 and below there at 1555.9.
COMEX GOLD (DEC) 09/29/2009: 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 under the swing pivot. The next downside objective is now at 980.6. The next area of resistance is around 996.9 and 1003.1, while 1st support hits today at 985.7 and below there at 980.6.
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***ENERGY MARKET RECAP - 9/28/2009
November Crude Oil closed up 1.03 at 67.05. This was 1.64 up from the low and 0.49 off the high.
November Heating Oil closed up 1.72 at 172.37. This was 2.78 up from the low and 2.16 off the high.
November RBOB Gasoline finished up 1.55 at 165.15, 1.46 off the high and 3.47 up from the low.
November Natural Gas finished down 0.13 at 4.81, 0.16 off the high and 0.05 up from the low.
Technical Outlook
CRUDE OIL (NOV) 09/29/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. 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 market setup is supportive for early gains with the close over the 1st swing resistance. The next downside target is 64.64. The next area of resistance is around 68.11 and 68.89, while 1st support hits today at 65.99 and below there at 64.64.
RBOB GAS (NOV) 09/29/2009: Momentum studies are declining, but have fallen to oversold levels. The close below the 9-day moving average is a negative short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The next ownside objective is now at 159.72. The next area of resistance is around 167.61 and 169.57, while 1st support hits today at 162.69 and below there at 159.72.
HEATING OIL (NOV) 09/29/2009: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. 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 target is now at 167.28. The next area of resistance is around 174.84 and 177.15, while 1st support hits today at 169.90 and below there at 167.28.
December Bonds finished up 0-180 at 121-140, 0-050 off the high and 0-210 up from the low.
December 10 Yr Treasury Notes closed up 0-065 at 118-060. This was 0-105 up from the low and 0-015 off the high.
Technical Outlook
BONDS (DEC) 09/29/2009: The upside crossover (9 above 18) of the moving averages suggests a developing short-term uptrend. Rising stochastics at overbought levels warrant some caution for bulls. The market's short-term trend is positive on the close above the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The near-term upside target is at 122-130. The next area of resistance is around 122-050 and 122-130, while 1st support hits today at 121-080 and below there at 120-180.
10 YR TREASURY NOTES (DEC) 09/29/2009: Momentum studies are trending higher from mid-range, which should support 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. The market setup is supportive for early gains with the close over the 1st swing resistance. The near-term upside target is at 118-205. The next area of resistance is around 118-165 and 118-205, while 1st support hits today at 118-025 and below there at 117-240.
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***STOCK INDICES RECAP - 9/28/2009
December S&P closed up 20.9 at 1062. This was 18.2 up from the low and -1.1 off the high. December S&P E-Mini finished up 18.25 at 1059.25, 1.75 off the high and 23.5 up from the low.
December Dow finished up 111 at 9730, 30 off the high and 95 up from the low.
Technical Outlook
S&P 500 (DEC) 09/29/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. There could be more upside follow through since the market closed above the 2nd swing resistance. The next downside target is now at 1028.70. The next area of resistance is around 1072.10 and 1079.10, while 1st support hits today at 1046.90 and below there at 1028.70.
S&P E-MINI (DEC) 09/29/2009: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close above the 9-day moving average is a positive short-term indicator for trend. The outside day up and close above the previous day's high is a positive signal. 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 target is 1028.57. The next area of resistance is around 1071.87 and 1079.06, while 1st support hits today at 1046.63 and below there at 1028.57.
NASDAQ (DEC) 09/29/2009: Declining momentum studies in the neutral zone will tend to reinforce lower price action. A positive signal for trend short-term was given on a close over the 9-bar moving average. 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 1672.75. The next area of resistance is around 1744.50 and 1760.75, while 1st support hits today at 1700.50 and below there at 1672.75.
DOW (DEC) 09/29/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The close below the 9-day moving average is a negative short-term indicator for trend. The upside daily closing price reversal gives the market a bullish tilt. The close over the pivot swing is a somewhat positive setup. The next downside target is 9539. The next area of resistance is around 9702 and 9736, while 1st support hits today at 9604 and below there at 9539.
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***CURRENCY MARKET RECAP - 9/28/2009
December US Dollar closed up 0.205 at 77.220. This was 0.500 up from the low and 0.260 off the high.
December Euro closed down 0.62 at 146.02. This was 0.4 up from the low and 1.17 off the high.
December Japanese Yen finished up 0.26 at 111.55, 1.86 off the high and 0.12 up from the low.
December Swiss finished down 0.32 at 96.85, 0.76 off the high and 1.63 up from the low.
December Canadian Dollar finished up 0.46 at 92.02, 0.31 off the high and 1.08 up from the low.
December British Pound closed down 0.72 at 158.65. This was 0.99 up from the low and 1.01 off the high.
Technical Outlook
JAPANESE YEN (DEC) 09/29/2009: 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. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 113.95. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 112.52 and 113.95, while 1st support hits today at 110.55 and below there at 110.00.
EURO (DEC) 09/29/2009: 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 swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is 144.65. The next area of resistance is around 146.81 and 147.78, while 1st support hits today at 145.25 and below there at 144.65.
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***PRECIOUS METALS RECAP - 9/28/2009
December Gold closed up 2.5 at 994.1. This was 2.8 up from the low and 3.9 off the high.
December Silver finished up 0.135 at 16.195, 0.13 off the high and 0.175 up from the low.
Technical Outlook
COMEX SILVER (DEC) 09/29/2009: 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. The daily closing price reversal up is a positive indicator that could support higher prices. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is 1555.9. The next area of resistance is around 1648.7 and 1668.8, while 1st support hits today at 1592.3 and below there at 1555.9.
COMEX GOLD (DEC) 09/29/2009: 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 under the swing pivot. The next downside objective is now at 980.6. The next area of resistance is around 996.9 and 1003.1, while 1st support hits today at 985.7 and below there at 980.6.
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***ENERGY MARKET RECAP - 9/28/2009
November Crude Oil closed up 1.03 at 67.05. This was 1.64 up from the low and 0.49 off the high.
November Heating Oil closed up 1.72 at 172.37. This was 2.78 up from the low and 2.16 off the high.
November RBOB Gasoline finished up 1.55 at 165.15, 1.46 off the high and 3.47 up from the low.
November Natural Gas finished down 0.13 at 4.81, 0.16 off the high and 0.05 up from the low.
Technical Outlook
CRUDE OIL (NOV) 09/29/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. 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 market setup is supportive for early gains with the close over the 1st swing resistance. The next downside target is 64.64. The next area of resistance is around 68.11 and 68.89, while 1st support hits today at 65.99 and below there at 64.64.
RBOB GAS (NOV) 09/29/2009: Momentum studies are declining, but have fallen to oversold levels. The close below the 9-day moving average is a negative short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The next ownside objective is now at 159.72. The next area of resistance is around 167.61 and 169.57, while 1st support hits today at 162.69 and below there at 159.72.
HEATING OIL (NOV) 09/29/2009: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. 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 target is now at 167.28. The next area of resistance is around 174.84 and 177.15, while 1st support hits today at 169.90 and below there at 167.28.
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