| INDICES/COMMODITIES | ||
| S&P Futures | 2098 | The S+P had a steadier session today and remains close to the 2100 pivot after a 2094/2103 range in waiting for the US jobs data later today.. As with yesterday’s update, the daily charts appear to be rolling over so more downside may lie ahead, where support would lie at 2080, a break of which could bring about a move tow 2060. The topside will find sellers above 2116, where the all time high lies, beyond which would see a continuation of the slow crawl higher. Wait for the data and go with the flow. |
| DJI | 18102 | Ditto S+P. The DJI has had a steady 18068/18146 session in waiting for today’s jobs numbers. Resistance is seen at 18000 and then at 17945, while the topside will see resistance at 18200/50, but above which would see a march on towards 18300 and higher. Wait for the data to find out. |
| ASX SPI | 5888 | The ASX had a steadier 5856/98 range and this may well cover it for much of the session in waiting for the US jobs data to provide the direction. The support remains intact at 5850 below which could see a sharper decline towards 5800 and possibly 5775 The topside will see sellers at 5900, above which 5940 will again provide stiff headwinds but a break of which could hed on towards the 5981 trend high. |
| GOLD | 1201 | Gold is again sticking close to 1200 after a 1197/1209 session, with no real change in the technical outlook. We are currently sitting just below the 200 HMA (1207) and once again unable to make any impression on the 100 DMA (1215) which, if seen, would continue to act as resistance ahead of the 1220/23 area. Given the look of the dailies, I would again be looking for a level to sell into the strength, hoping for an eventual break of the 1190/1200 support, searching for a run towards 1185 and then possibly to Fibo support at around 1174 (76.4% of 1131/1307). On the topside, 1217 (100 DMA) will continue to act as resistance, but above 1225 could trigger some stops and see another run towards the equally stubborn 1230/35 level. Selling rallies with a SL above 1255 (1245: 200 DMA) still seems to be the plan. If the US dollar does decide to head strongly higher, Gold is going to find upside progress increasingly difficult |
| SILVER | 16.18 | Silver had a narrow 16.15/16.37 range today and finished pretty much unchanged from the previous session. There is no change in view and I still prefer to sell into strength towards the descending trend resistance at 16.60, looking for a decline towards/below 16.00 (15.97: 61.8% of 14.41/ 17.99) and possibly to the triple bottom at around 15.52. Above 17.00 (38.2% of 18.47/16.08) would prove me wrong and could bring about further gains towards 17.55 (61.8%), so keep stops in place. As with Gold, if the US dollar does decide to head strongly higher, Silver is going to find upside progress increasingly difficult |
| OIL(WTI) | 51.01 | WTI had a steadier session today, consolidating in a 50.82/52.38 range. As before, I prefer to remain sidelined while this directionless, choppy action continues, although I think the points to watch, below 50.00 could see a return towards 49.40, 48.70 and possibly to 47.75 (Thursday low), below which could head to the 5 Feb low at 47.35, 46.64 (2 Feb low) and 44.29 (1 Feb low) and 43.56 (trend low). The topside will see sellers again in the 52.00/50 area, above which would head back towards 52.70/53.00. Beyond that, the points to watch are at Wednesday’s 53.38 high, and then at last Monday’s 53.95 high. above which sits the double top that has formed at 54.15 and then 55.08 (2 Jan high. |
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