Key US Stock Indexes, Crude, Gold and Silver Markets Briefing

Key US Stock Indexes, Crude, Gold and Silver Markets Briefing

Key US Stock Indexes, Crude, Gold and Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: The US stock market ended midweek on a higher note as a rally in Crude Oil futures and financials (+1.5%) outweighed interest rate worries. The DJIA (+0.6%) finished ahead of the NAS Comp (+0.5%) and the S&P 500 (+0.4%).

Index futures climbed in pre-market action Wednesday, receiving a boost after the release of a weaker-than-expected reading of the ADP National Employment Report for September. The report indicated the addition of 154,000 (consensus 171-K) private sector payrolls in September, it is worth remembering that the Employment Situation Report, which will be released Friday, carries much more influence. The September Employment Situation Report will be released on Friday at 8:30a EDT (consensus 176,000). The hiring landscape remains important as participants refine rate hike expectations. PE

DJIA+112.58 at 18281.03, NAS Comp +26.36 at 5316.02, S&P 500 +9.24 at 2159.73

Volume: Trade was above the recent average as more than 962-M/shares changed hands the NYSE

  • Russell 2000 +9.9% YTD
  • NAS Comp +6.2% YTD
  • S&P 500: +5.7% YTD
  • DJIA +4.9% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (-0.11) Neutral (-0.23) Neutral (0.04) Neutral (-0.14)

As I write this report at 7:24a EDT on 6 October the DJIA mini Dec futures are trading at  18,171.0 -29.00

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Overall precious metals are trading lower and could probably see some more fall before bouncing. The rise for Crude Oil could be limited and expect a corrective fall from here. PE

Gold at 1266.18 paused Wednesday diving Tuesday, it is likely to extend the fall further to 1250 near term. A corrective bounce from there seen medium term.

Brent Crude at 51.50 is up to test the high seen in Jun 2016 and if that mark is good Resistance, expect corrective fall from there.

WTI Crude Oil at 49.48 may see rejection at 50.5 and could come off towards 49 medium term.

Silver at 17.71 ready to extend its fall, in case the immediate support near current marks breaks, it could test 17.50-17.30 before bouncing back. Note: that there is immediate support near current marks on all LTN’s candle charts.

Copper at 2.1695 come off from marks near 2.20 and while Resistance holds, it could continue to fall towards 2.15-2.10 in here.

Stat 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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