25 Sept: Forecast: Stock Indices, Commodities

By | September 25, 2017

 

S&P: 2500
Preferred Strategy: Neutral. The charts do look a bit toppish but we have been here many times before and buying dips is probably the medium term plan. In the short term I prefer to sell rallies with a tight SL placed above 2510.
24 Hour: Neutral Medium Term: Neutral
Resistance Support
2525 Minor 2492 Friday low/(23.6% of 2445/2505)
2520 Minor 2485 Minor
2515 Minor 2482 (38.2% of 2445/2505)
2510 Minor 2475 Minor


DJI: 22303
Preferred Strategy: Neutral. Keep any SL on shorts at just above the all-time high – 22405?
24 Hour: Neutral Medium Term: Neutral
Resistance Support
22500 Minor 22275 Minor
22450 Minor 22257 Friday low
22400 Minor 22200 Minor
22386 21 Sept  high   –all-time high 22150 Minor
22332 Friday high 22100 Minor


ASX SPI: 5678
Preferred Strategy: Neutral. Trade the range is the best suggestion I think. Something like 5600/5750?
24 Hour: Neutral Medium Term: Neutral
Resistance Support
5731 20 Sept high 5641 Friday low
5719 20 Sept high 5621 21 Sept  low
5710 Minor 5607 29 Aug low
5700 Minor 5592 24 July low/(38.2% of 5029/5944)
5687 Friday high 5560 Minor


XAUUSD: 1297
Preferred Strategy: Strategy: The short term momentum indicators hint at the chance of a further recovery, perhaps to 1300/10 but overall I still prefer to sell into strength, looking for a run towards 1280 and eventually lower.
24 Hour: Mildly bullish Medium Term: Prefer to sell rallies
Resistance Support
1325 (38.2% of 1357/1288) 1288 21 Sept  low
1314/16 (38.2% of 1357/1288)/20 Sept high 1281 (50% of 1205/1358)
1310 Minor 1276 25 Aug low
1304 (23.6% of 1357/1288) 1267 15 Aug low
1298 Friday high 1265 (61.8% of 1205/1358)


XAGUSD: 16.99
Preferred Strategy: The charts are fairly neutral. Stand aside
24 Hour: Neutral Medium Term: Neutral – Mildly Bearish?
Resistance Support
17.70 Minor 16.90 Friday low
17.40 20 Sept high 16.85/83 100 WMA /100 DMA /21 Sept  low
17.30 200 WMA 16.71 25 Aug low
17.10 200 DMA 16.57 15 Aug low
17.00 Friday high 16.45 Minor


WTI: 50.60
Preferred Strategy: WTI had been leaning higher but the dailies appear to be running out of steam. Stand aside for now and possibly look to buy dips.
24 Hour: Neutral Medium Term: Mildly Bullish
Resistance Support
52.50 Minor 50.05 21 Sept  low
51.97 25 May high 49.60 20 Sept low /200 DMA
51.40 Minor 48.90 Minor
51.09 20 Sept high 48.00 Minor
50.78/75 21 Sept  high/Friday high 47.40 100 DMA