October crude oil closed lower on Friday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 43.28 would confirm that a short term top has been posted.

If the October contract resumes the rally off August's low, the 50% retracement level of the May-August decline crossing at 51.25 is the next upside target. First resistance is Monday's high crossing at 49.33. Second resistance is the 50% retracement level of the May-August decline crossing at 51.25. First support is the 20 day moving average crossing at 43.28. Second support is August's low crossing at 37.75.

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October Henry natural gas closed sharply lower on Friday as it extends the trading range of the past two weeks. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near term. Closes above the 20 day moving average crossing at 2.747 are needed to confirm that a low has been posted.

If the October natural gas renews the decline off August's high, weekly support crossing at 2.556 is the next downside target. First resistance is the 20 day moving average crossing at 2.747. Second resistance is the reaction high crossing at 2.816. First support is Wednesday's low crossing at 2.636. Second support is weekly support crossing at 2.556.

The September S&P 500 closed sharply lower on Friday as it extended this week's decline. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If September extends this week's decline, August's low crossing at 1831.00 is the next downside target. Closes above the 20 day moving average crossing at 2002.37 are needed to confirm that a short term low has been posted. First resistance is the reaction high crossing at 1992.50. Second resistance is the 20 day moving average crossing at 2002.37. First support is August's low crossing at 1831.00. Second support is the the 62% retracement level of the aforementioned rally crossing at 1803.60.

October gold closed lower on Friday as it extends Thursday's breakout below the 20 day moving average crossing at 1127.80. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. If October extends this week's decline, the reaction low crossing at 1108.40 is the next downside target. Closes above Tuesday's high crossing at 1146.80 are needed to confirm that a low has been posted. First resistance is the 38% retracement level of this year's decline crossing at 1161.50. Second resistance is the 50% retracement level of the January-June decline, crossing at 1189.00. First support is today's low crossing at 1115.40. Second support is the reaction low crossing at 1108.40.

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The December Dollar closed lower on Friday but remains above the 20 day moving average crossing at 96.29. The high range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term. If December extends the rally off August's low, the reaction high crossing at 97.40 is the next upside target. First resistance is the reaction high crossing at 97.04. Second resistance is August's high crossing at 98.74. First support is August's low crossing at 92.85. Second support is the 75% retracement level of the 2014-2015 rally crossing at 92.36.

December coffee closed lower on Friday. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term. If December extends the decline off August's high, weekly support crossing at 10.20 is the next downside target. Closes above the 20 day moving average crossing at 12.90 are needed to confirm that a short term low has been posted.

October sugar closed lower on Friday. The low range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI turned neutral to bullish signaling that sideways to higher prices are possible near term. If October extends the rally off August's low, July's high crossing at 12.80 is the next upside target. Closes below the 20 day moving average crossing at 10.71 would confirm that a short term top has been posted.

See you in the markets,

Ray C. Parrish

aka the Crude Oil Trader


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