Bulls face a struggle on Thursday

Good day! Commodity prices stabilized further in Wednesday's session as they continued to react to the support zone that hit earlier this month. Crude oil finished higher by 1.7% to push above the $100/barrel mark and end the session at $101.32, while gold closed higher at $1,526.70 an ounce and silver finished the session at $37.642 an ounce.

Dow Jones Industrial Average

The strength in commodities made itself known in the overall market as well. The weekly support zone at 20 week moving averages held and the pace started to slow on the 60-minute downtrend channel thanks to a rally on Wednesday in the indices that took them back into Tuesday's highs following a lower low the prior evening.

The intraday uptrend on Wednesday was nice and steady, creating a "V" type of bottom on the 15 minute time frame and plenty of intraday opportunities for day traders. Since the price action had comparable momentum as seen on Wednesday's descent, however, those previous highs served as very strong resistance heading into the final hour of trade and the market pulled back somewhat into the closing bell.

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