Key US Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV, $CU
Commentary: US stocks bounced Tuesday after Monday’s dive and if no extension seen in the next couple of sessions, it signal a Bear phase medium term. PE
DJIA 18228.30, +133.47 bounced Tuesday off of the 17900 area. It is Key that is bounces back from that mark 17900 or breaks below to indicate more Bearishness in the near term. Support on the 3-day and the weekly charts continue to hold in here. The upper end of the range is 18,500.
DJIA +133.47 at 18228.30, NAS Comp +48.22 at 5305.71, S&P 500 +13.83 at 2159.93
Volume: Trade was moderate with 827-M/shares exchanged on the NYSE:
- Russell 2000: +9.6% YTD
- NAS Comp: +6.0% YTD
- S&P 500: +5.7% YTD
- DJIA: +4.6% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (-0.20)||Neutral (-0.17)||Bearish (-0.35)||Neutral (-0.08)|
As i write this report the DJIA mini December futures are trading at 18142.0 or +3.00 at 8:59a EDT on 28 September
Crude Oil, Gold, Silver & Copper Markets
Commentary: Commodities are overall strong over the last few days on USD weakness. PE
Brent Crude at 46.20, and WTI Crude Oil at 44.85 fell Tuesday on the confusion surrounding the OPEC/ Saudi Arabia talks. If Brent Crude can rise towards 48-49 near term then WTI Crude Oil can rise towards 48. Caution, a sharp decline can occur at the higher levels if the talks end with no agreement, wait to see.
Gold at 1328.0, or -2.40 might try to move up towards 1350-60 within its trading range of 1310-60. Whether it gets sold off strongly at 1360 is Key. A rise past 1360 could signal increases risk aversion in the equities markets.
Dec Silver closed Tuesday’s session 0.42 lower, or -2.1% at 19.17 oz, 1st support is at 19.0
Note: The Gold/Silver Ratio is 69.4
Copper at 2.1735 saw some profit-taking since Monday, coming down levels just above 2.20. Strong medium term Resistance seen near 2.22-25, support at 2.1025.