September crude oil closed up $1.40 at $78.39 a barrel yesterday. Prices closed nearer the session high yesterday. Bulls and bears are still on an overall level near-term technical playing field as the psychological resistance mark of $80.00 has turned away the bulls so far this week. The next near-term upside price objective for the bulls is producing a close above major psychological resistance at $80.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $75.00. First resistance is seen at yesterday's high of $78.89 and then at $79.00. First support is seen at $78.00 and then at $77.50.

Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

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September heating oil closed up 399 points at $2.0659 yesterday. Prices closed nearer the session high yesterday. Bulls and bears are still on a level near-term technical playing field. The bulls' next upside price objective is closing prices above solid technical resistance at $2.1500. Bears' next downside price objective is producing a close below solid technical support at $2.0000. First resistance lies at yesterday's high of $2.0848 and then at last week's high of $2.1018. First support is seen at $2.0500 and then at $2.0250.

Wyckoff's Market Rating: 5.0.

September unleaded gasoline closed up 308 points at $2.0955. Prices closed nearer the session high yesterday. Bulls and bears are still on a level near-term technical playing field. The next upside price objective for the bulls is closing prices above solid technical resistance at last week's high of $2.1519. Bears' next downside price objective is closing prices below solid support at $2.0000. First resistance is seen at yesterday's high of $2.1164 and then at $2.1519. First support is seen at $2.0750 and then at $2.0500.

Wyckoff's Market Rating: 5.0.

September natural gas closed up 11.2 cents at $4.83 yesterday. Prices closed nearer the session high yesterday and closed at a fresh three-week high close. The bears still have the slight overall near-term technical advantage, but the bulls are gaining fresh upside momentum, and would gain more by producing a bullish weekly high close on Friday. The next upside price objective for the bulls is closing prices above solid technical resistance at the July high of $4.945. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $4.491. First resistance is seen at yesterday's high of $4.87 and then at $4.945. First support is seen at $4.75 and then at yesterday's low of $4.678.

Wyckoff's Market Rating: 4.0.

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.