Indices/Commodities round up by Jim Langlands

S+P Futures 1968 We have today seen the test of 1965 that we were looking for, and if this can be taken out the S+P should head towards 1950 and possibly to 1935. Upside now looks limited to 1985, although I don’t think we are going to see it. Sell rallies
DJI 16930 The Dow had a rough day too, following the lead from the European markets, falling to 16930 and looking to me as though it wants to test the 100 DMA at 16820, although 16870 (38.2% of 16208/17276) will provide interim support. Right now I think 17000/20 should prove toppish and if seen, would provide a sell opportunity.
ASX SPI 5375 The ASX held up reasonably well reaching 5421 after the improved Chinese data before turning lower once again. I am not sure that the current levels will be maintained and suspect we are in for a retest of the support at 5335. If this gives way, look for a decline towards 5320, below which could see an acceleration towards the next meaningful support at 5265 (20 March low). The topside will now see sellers at 5375 and above, towards 5400 where the 100 HMA and 200 DMA will act as resistance. Sell rallies seems to be the plan again.
GOLD 1223 Gold squeezed up to 1235, before returning to sit pretty much unchanged and it looks as though we may be in for more choppy trade today. The bias remain lower though, and selling rallies is still the preferred plan in looking for a move towards 1200 and eventually to the 1180 target. Once again, the topside looks limited to 1230/35.
SILVER 19.80 Silver did squeeze to 18.00 providing a decent sell opportunity before returning lower to finish at 17.75. As with Gold, it could be choppy again today but the overall bias remains lower for a return to 17.35 and below there would suggest a run towards 17.00, and possibly a lot lower towards the Jan 2010 low at 14.62.  Resistance is again seen at 18.00 and I would be doubtful of heading back above 18.50 any time soon. Selling rallies is still the name of the game.
OIL (WTI) 91.72 The 90.50/95.00 range that we have been talking about for the last week is so far holding and WTI has today managed a decent rally off the base, from a low of 90.60, in rallying to a high of 92.05. This remains resistance, but a break of which would see a run towards 92.50 and possibly back to 93.50. The downside now appears well supported at 91.00, but as before keep SL in place below 90.50 and ideally just below 90.00. Shorter term momentum suggests that we could squeeze higher.


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