27 Sept: Forecast: Stock Indices, Commodities

By | September 27, 2017

 

S&P: 2495
Preferred Strategy: Neutral
24 Hour: Neutral Medium Term: Neutral
Resistance Support
2520 Minor 2492 (23.6% of 2445/2505) /Session low
2515 Minor 2484 25 Sept low
2510 Minor 2482 (38.2% of 2445/2505)
2507 20 Sept high – all-time high 2475 Minor
2500 Session high 2470 Minor


DJI: 22243
Preferred Strategy: Neutral
24 Hour: Neutral Medium Term: Neutral
Resistance Support
22500 Minor 22234 Session low
22450 Minor 22173 25 Sept low
22400 Minor 22150 Minor
22386 21 Sept  high   –all-time high 22100 Minor
22323 Session high 22000 Minor


ASX SPI: 5669
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 5653 Session low
5719 20 Sept high 5641 22 Sept low
5710 Minor 5621 21 Sept  low
5703 25 Sept high 5607 29 Aug low
5691 Session high 5592 24 July low/(38.2% of 5029/5944)


XAUUSD: 1294
Preferred Strategy: The charts are now aligning to point lower after Gold fell $20oz following the early squeeze up to 1313. The dailies in particular look heavy so continuing to focus on the downside seems to be the plan, but with one eye on the chance of an escalation in the N Korean situation which could then see a quick reversal higher. Sell Gold @ 1300. SL @ 1315, TP @ 1265
24 Hour: Mildly bullish Medium Term: Neutral – Prefer to sell rallies?
Resistance Support
1340 (76.4% of 1357/1288) 1292 Session low
1331 (61.8% of 1357/1288) 1288 25 Sept 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
1313 Session high 1267 15 Aug low


XAGUSD: 16.80
Preferred Strategy: Unlike Gold, Silver made a new trend low today and does appear to be breaking below the strong support offered by the 100 WMA /100 DMA. The momentum indicators are not really telling us much so while I mildly prefer to be short, the overall view is to remain square for now.
24 Hour: Neutral Medium Term: Neutral
Resistance Support
17.70 Minor 16.85 100 WMA /100 DMA
17.40 20 Sept high 16.77 Session low
17.30 200 WMA 16.71 25 Aug low
17.16 25 Sept high 16.57 15 Aug low
17.10 200 DMA /(23.6% of 18.21/13.77) 16.45 Minor


WTI: 52.07
Preferred Strategy: WTI traded sideways on Tuesday between 51.40/52.40 but leaving the overall outlook unchanged. As before, it does appear that WTI is heading higher in the days ahead and buying any short term dips with a SL placed below 51.00, or ideally below the 25 Sept low of 50.37 may be a plan. Above 52.40, medium term targets would be at 53.60 and eventually at 55.00. Further out, 60.00 may be on the cards.
24 Hour: Mildly Bullish Medium Term: Mildly Bullish
Resistance Support
54.00 Minor 51.37 Session low
53.73 12 April high 50.65 (23.6% of 45.56/52.25)
53.04 19 April high 50.37 25 Sept low
52.40 Session high 50.05 21 Sept  low
52.00 Minor 49.60 20 Sept low /200 DMA