The S&P 500 futures are trading beneath several key trendlines, and volume trends look neutral to bearish. To me there is no major indication of a big reversal higher, however, we may be stuck in a range for the near-term. The 2320 area is key support, and the next major level is the breakout point from the beginning of this year at approximately 2290.
WTI crude oil futures are looking like they will close today in the red, after spiking to $53.76 earlier this morning. The money flow index on the daily chart is at 90, which is a fairly extreme overbought signal. Sometimes, not only are these signals way too early, but they take more than 1 day to foretell the next correction. I believe at this point in the very near-term, rallies in oil will be sold.
We see WTI crude oil futures up again today (+1.19%). From the March 27th low, oil prices have rallied 6 dollars or around 14 %. The oil price is hitting an important resistance line today, so a small pullback may occur.
With the overnight news of the strikes in Syria by U.S. military, markets reacted rapidly. Gold and oil shot higher, while U.S. stocks dipped initially, only to rally back to nearly unchanged levels from yesterday's close. Crude oil has staged a very good rally during the past two weeks. It ran into key resistance at the $53 per barrel area.
I have been watching the price of coffee futures as of late, and was surprised to see the dip to the high $1.30's recently. Today, the market is right at $1.40 but showing a bullish technical pattern on the daily chart. Overall, it still is trading below the 200-day moving average.