26 Sept: Forecast: Stock Indices, Commodities

By | September 26, 2017

 

S&P: 2498
Preferred Strategy: Neutral
24 Hour: Neutral Medium Term: Neutral
Resistance Support
2525 Minor 2492 (23.6% of 2445/2505)
2520 Minor 2484 Session low
2515 Minor 2482 (38.2% of 2445/2505)
2510 Minor 2475 Minor
2507 20 Sept high – all-time high 2470 Minor


DJI: 22278
Preferred Strategy: Neutral
24 Hour: Neutral Medium Term: Neutral
Resistance Support
22500 Minor 22250 Minor
22450 Minor 22173 Session low
22400 Minor 22150 Minor
22386 21 Sept  high   –all-time high 22100 Minor
22339 Session high 22000 Minor


ASX SPI: 5687
Preferred Strategy: Neutral. Trade the range is the best suggestion I think. Something like 5600/5750?
24 Hour: Neutral Medium Term: Neutral
Resistance Support
5745 Minor 5666 Session low
5731 18 Sept high 5641 22 Sept low
5719 20 Sept high 5621 21 Sept  low
5710 Minor 5607 29 Aug low
5703 Session high 5592 24 July low/(38.2% of 5029/5944)


XAUUSD: 1310
Preferred Strategy: The charts are mixed so I prefer to stay neutral although the short term momentum indicators suggest further strength ahead. N Korean politics will dominate the action so best to stand aside I think.
24 Hour: Mildly bullish Medium Term: Neutral – Prefer to sell rallies?
Resistance Support
1340 (76.4% of 1357/1288) 1300 Minor
1331 (61.8% of 1357/1288) 1288 Session low/21 Sept  low
1323 (50% of 1357/1288) 1281 (50% of 1205/1358)
1314/16 (38.2% of 1357/1288)/20 Sept high 1276 25 Aug low
1311 Session high 1267 15 Aug low


XAGUSD: 17.17
Preferred Strategy: Ditto Gold.
24 Hour: Neutral – Prefer to buy dips ? Medium Term: Neutral
Resistance Support
17.70 Minor 16.95 Minor
17.40 20 Sept high 16.85/83 100 WMA /100 DMA /21 Sept  low/Session low
17.30 200 WMA 16.71 25 Aug low
17.16 Session high 16.57 15 Aug low
17.10 200 DMA 16.45 Minor


WTI: 52.05
Preferred Strategy: WTI looks as though it is heading higher in the days ahead. Buy any short term dips (or buy at market for more aggressive traders), with a SL placed below 51.00, or ideally below the session low of 50.37. Medium term targets would be at 53.60 and eventually at 55.00.
24 Hour: Mildly Bullish Medium Term: Mildly Bullish
Resistance Support
54.00 Minor 51.40 Minor
53.73 12 April high 50.65 (23.6% of 45.56/52.25)
53.04 19 April high 50.37 Session low
52.50 Minor 50.05 21 Sept  low
52.25 Session high 49.60 20 Sept low /200 DMA