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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