| INDICES/COMMODITIES | ||
| S&P Futures | 2085 | Equities had a second day of mild losses, closing near the lower end of the 2083/2100 range. There is no real change in view, and given the mixed look of the indicators a neutral stance is still required. Support is seen at the 200 HMA, now at 2078, below which would allow a test of the 18 Mar low at 2060. Resistance will again be seen at the 100 HMA at 2093 and again at 2105/10. The Durable Goods Orders will provide the direction and in the short term, the 1 and 4 hour charts suggest that it will be the downside that may continue to remain under pressure. |
| DJI | 17944 | Ditto S+P. Waiting on the US data. After a 17925/18075 range, the points to watch are largely unchanged. Resistance is seen at the 18075 session high and then at 18125 and 18255. Support is at 17925, 17850 and at 17700. |
| ASX SPI | 5968 | The SPI is still marking time and may well do so once again today although the bias is to head slightly lower. Support is seen at at 5940, 5915 and at 5900 although this is some way off. The topside saw a high today of 5992, which may again contain it but above which would allow a move back towards the trend high at 6010. |
| GOLD | 1194 | Gold is squeezing slowly higher but remains below 1200. Further gains towards 1200 look possible, above which will find sellers at the Fibo resistance at 1205 (38.2% of 1307/1142) and at the 100 DMA at 1208 and should prove quite strong resistance in the near term. Given the strong positive daily momentum, the downside currently looks a bit more limited and support will arrive at 1185 (minor), 1178 (100 HMA) and again at 1165 (200 HMA). In the short term, buying dips seems to be the plan, with a SL placed below 1155, below which would head back towards 1140. A return of US$ strength will limit further upside progress and would see Gold again come under pressure. Right now this does not appear to be a concern. |
| SILVER | 17.01 | Silver has had a choppy sideways session and there is no real change in view. Fibo resistance lies at 17.10 (38.2% of 21.57/14.40), with further gains looking possible which could take us on towards to the 13 Feb high at 17.44 and possibly to the 200 DMA at 17.80. The downside will find bids now at 16.80/16.90, below which would retest the 100 DMA at 16.45 but which currently looks out of reach. |
| OIL(WTI) | 47.36 | WTI is unchanged today after another choppy session although the topside visited the 48.50 resistance (high 48.53) that we were hoping to see, before it turned lower for a dip back towards 46.60 and a subsequent recovery to close at 47.30. More choppy trade looks likely and another test of 48.50 is possible, a break of which would open up the chance of revisiting 50.00. The downside will again find bids at 46.30/50 and then at the previous session lows at 45.30 (200 HMA). Below this could take another look at Friday’s low at 44.80 although this seems unlikely to be bothered today. |
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