Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Equities are mixed, DJIA in a correction phase, DAX and Shanghai look Bullish near term. Nikkei could bounce from support, need price confirmation on Nifty for directional cue. PE
Note: At 4:40a EDT Wednesday 8 March the major US stock market index futures are trading flat to unchanged with a slight Bullish bias.
DJIA at 20924, -0.14% may have entered into a short term correction phase, which could extend towards 20800-20750, as I said earlier.
DAX at 11966.14,+0.06% took out 1st resistance at 11928, if that holds, it could move towards 12090 or higher near term. Overall trend, North.
Nikkei at 19252.13, -0.48% trading lower, could re-test to 19000 before bouncing from there towards 19400-19600 again.
Shanghai at 3238.46, -0.12% moving higher and heading towards 3250-3275. Near term looks Bullish.
Nifty at 8946.90, -0.18% at Key juncture, could decide its direction by the end of this week. A break on either side of the 8800-9000 would give a directional confirmation near term.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1217 moved lower in line with expectation and trading at the lower band of its trading range of 1217-1274. The upward trend line support since 16 December has been broken. A close below 1217 could push the price towards 1183. Now Bearish as long as it is trading below 1250.
Silver at 17.54 broke Key support at 17.60, next supports are 17.45 and 16.60. Bias Bearish as long as it is trading below 18.
Copper at 2.71 trade around its Key support at 2.60. A close below that could open up way to 2.53 and 2.45 and below.
Brent Crude at 56.61, and WTI Crude Oil at 52.80 are trading within their ranges of 55-57.60 and 52.45-55. We have US Crude Oil inventory data coming later. An increase in weekly inventory could push both Brent Crude and WTI Crude Oil to 51 and 49.65 respectively.