Oil finished the session higher by 6.01 to 97.16. Oil rebounded today after closing below yesterday\'s 93.00 support level on the back of a weaker U.S. Dollar. Oil has resistance at 97.00, 100.00, and 103.00. The support levels for crude are 93.00, 91.00, 87.00, and 83.00. Please remember oil is very sensitive to adverse weather, geopolitical events, and the U.S. Dollar.
Gold finished the session higher by 70.00 to 850.00. The tremendous move in gold is due to the fear of an economic collapse and a weaker U.S. Dollar. Gold has very good resistance here at 850.00, 865.00 and 882.00. The support levels for gold are 835.00, 823.00 and 816.00. Continue to watch the U.S. Dollar as gold and the dollar generally trade inverse to each other.
The 10 year bond yield finished the session lower by .08 to 3.41%. The yield has support at 3.40%, 3.34%, and 3.24%. The resistance levels 3.52%, and 3.60%.
In summary, the market sold off again in violent fashion. We continue to remain cautious and short term. Please watch the SPX support levels for support.
Remember the charts tell the truth.