LOOKING AHEAD TO TUESDAY BY REFLECTING BACK ON MONDAY'S ACTION
Yen, Pound forming potential topping formations; The US Dollar still technically bearish; and Bull Pennant forming in Natural Gas futures
CURRENCIES: 09/22/09 Higher close yesterday for the US Dollar Index while, conversely, lower for the Euro, Swiss franc, Canadian and Aussie dollar along with the pound and Japanese yen again. All of the currencies still are in uptrends while the dollar continues to look lower overall. However, the yen and pound are forming potential topping formations at this time. Also the Canadian dollar and pound continue basically trading sideways since the middle of the year.
FINANCIALS: 09/22/09 Higher close Monday for the eurodollar but lower for bonds and notes again. The financials are still in uptrends but feeling some pressure from the rising stock indices. There is toppy action going on in all of the financials that need to be monitored closely
ENERGIES: 09/22/09 Lower to sharply lower closes for natural gas, crude and heating oil along with the rbob. The crude and rbob are still still giving me sell signals but the heating oil gave me a BUY SIGNAL last Thursday which I don't trust but it's a buy signal nevertheless. After today's action the heating oil is in a support area. Natural gas settled lower but has formed a nice looking BULL PENNANT with a sharp rally off of its session's lows. I still have a sell signal for the gas while it attempts to form a possible bottom with resistance over 375 basis the October contract.
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