Technical Analysis 13 September 2010
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Daily Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major FX markets, Gold, Oil, the Dow Jones, S&P 500 and NASDAQ.
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For today’s report see: Technical Analysis.
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Technical Analysis - 13 September 2010
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed higher on Friday as it extends the rally off August's low. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that additional strength is possible near-term. If it extends the aforementioned rally, the reaction high crossing is the next upside target.
 S&P 500 Index Technical Analysis
SPI closed higher on Friday as it extended the rally off August's low. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that additional gains are possible near-term. If it extends the aforementioned rally, August's high crossing is the next upside target.
 Nasdaq Index Technical Analysis
NDI closed higher on Friday as it extends the rally off August's low. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that additional gains are possible near-term.
Forex Technical Analysis
 EUR/USD Technical Analysis
EUR/USD closed higher due to short covering on Friday while consolidating below the 10-day moving average. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. Closes below the reaction low crossing would renew the decline off August's high. If it renews last week's rally, the reaction high crossing is the next upside target.
 USD/JPY Technical Analysis
USD/JPY closed higher on Friday and the mid-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are diverging but remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.
 GBP/USD Technical Analysis
GBP/USD closed lower on Friday as it extended the trading range of the past two weeks. The low-range close sets the stage for a steady-to-lower opening on Monday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at would temper the near-term bearish outlook. If it renews the decline off August's high, the reaction low crossing is the next downside target.
Commodities Technical Analysis
 Gold Technical Analysis
Gold closed lower due to profit taking on Friday and below the 10-day moving average crossing signalling that a short-term top might be in or is near. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that additional profit taking is possible near-term. Closes below the 20-day moving average crossing would confirm that a double top with June's high has been posted. If it extends the rally off July's low, June's high crossing is the next upside target.
 Crude Oil Technical Analysis
Crude Oil closed higher on Friday and has renewed the rally off August's low. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. If October extends the rally off August's low, the reaction high crossing is the next upside target. Closes below the reaction low crossing would temper the near-term friendly outlook.
The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
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'Technical Analysis 13 September 2010' edited by paddypowertrader, updated 13-Sep-10
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Technical Analysis Index - an Index of Daily Technical Analysis articles covering Trends, Supports and Resistance Levels for some of the major Forex markets as well as US Stock Market Indices like the Dow, NASDAQ 100 and S&P 500.
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