Technical Analysis 23 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 - 23 September 2010
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed lower due to profit taking on Wednesday as it consolidates some of the rally off August's low. The mid-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that additional strength is possible near-term.
 S&P 500 Index Technical Analysis
SPI closed lower due to profit taking on Wednesday as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near.
 Nasdaq Index Technical Analysis
NDI closed lower due to profit taking on Wednesday as it consolidates some of the rally off August's low. The mid-range close sets the stage for a steady-to-lower opening on Thursday. 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 on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are overbought but are neutral-to-bullish signalling that additional gains are possible near-term. If it extends the rally off August's low, April's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
 USD/JPY Technical Analysis
USD/JPY closed lower on Wednesday and below the 20-day moving average crossing confirming that a short-term top has been posted. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold and are turning bearish signalling that sideways-to-lower prices are possible near-term. If it extends this week's decline, this month's low crossing is the next downside target. Closes above the reaction low crossing would confirm that a short-term low has been posted while opening the door for a larger-degree rally during the last half of September.
 GBP/USD Technical Analysis
GBP/USD closed higher on Wednesday and the mid-range close sets the stage for a steady-to-higher opening on Thursday. However, stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. If it renews the decline off August's high, the 50% retracement level of the May-August rally crossing is the next downside target. If it extends last week's rally, August's high crossing is the next upside target.
Commodities Technical Analysis
 Gold Technical Analysis
Gold closed higher on Wednesday posting another new all-time high as it extends the rally off July's low. Stochastics and the RSI are overbought but are bullish signalling that sideways-to-higher prices is possible near-term. If it extends the rally off July's low, upside targets will now be hard to project following yesterday's rally to a new contract high. Closes below the 20-day moving average crossing would confirm that a double top with June's high has been posted.
 Crude Oil Technical Analysis
Crude Oil closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it extends the decline off last week's high, August's low crossing is the next downside target. Closes above last week's high crossing are needed to renew the rally off August's low.
The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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'Technical Analysis 23 September 2010' edited by paddypowertrader, updated 23-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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