Key US Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV, $CU
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.