Key US Stock, Crude, Gold and Silver Markets Briefing

Key US Stock, Crude, Gold and Silver Markets Briefing

Key US Stock, Crude, Gold and Silver Markets Briefing


Commentary: Seeing stocks headed for a pullback or correction before seeing a new rise medium term. PE

Note: The CBOE Volatility Index (VIX) 14.49, +2.20, as investors sought some portfolio insurance ahead of some Key macro events this week.

DJIA at 18094.83, -0.09%  gaped open down Monday, after being rejected from the channel resistance near 18400 and while that holds seeing a re-test of support at 18000-17900. A break on either side of the 18400-17900 region is required to determine direction. For now the 18400-17900 range is expected to hold for a few sessions more.

DJIA -166.62 at 18094.83, NAS Comp -48.26 at 5257.49, S&P 500 -18.59 at 2146.10

Volume: Trade was below the recent average with 775-M/shares exchanged on the NYSE

  • Russell 2000 +9.3% YTD
  • S&P 500 +5.0% YTD
  • NAS Comp +5.0% YTD
  • DJIA +3.8% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bearish (-0.28) Bearish (-0.42) Bearish (-0.35) Neutral (-0.08)

As I write this report the DJIA mini December futures are trading at 18,033.00, +19 on 27 September at 6:38a EDT


Crude Oil, Gold, Silver & Copper Markets

Brent Crude 47.20, and WTI Crude Oil at 45.85 rebounded after the fall seen Friday. The channel supports on the 3-day charts held well and if that continues we may see an extension of the bounce ahead of the OPEC meeting. Overall as I said earlier, the sideways movement within 45-50 for Brent Crude and 42.50-48.00 for WTI Crude Oil should continue to and maybe through Wednesday’s session.

Gold 1344.20 has been moving sideways in the 1310-1360 region since mid-June and may continue in here. But, may see a dip at the resistance near 1350-1360.

Silver 19.59 is headed South and may fall towards 19 in the near term.

Copper 2.185 saw rejection near 2.22-2.25, an important resistance zone near term. A fall from there could push the Red metal lower towards 2.15-2.10.

Stay tuned..

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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