US STOCKS: Late Equities Roundup: DJIA Leading Leading Second Half Bid

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 150.92 High Aug 1 and a key resistance 
• RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg 
• RES 1: 148.78/149.12 High Aug 22 / 61.8% of the Aug 1 - 14 bear leg  
• PRICE: 147.86 @ 15:58 BST Aug 27
• SUP 1: 146.21 Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.40 50% retracement of the Apr - Aug upleg
• SUP 4: 144.91 Trendline drawn from the Apr 22 low 

USDJPY is trading inside a range and a bear threat remains present. The short-term bear trigger has been defined at 146.21, the Aug 14 low. Clearance of this level would resume a downtrend and pave the way for an extension towards 145.40, a Fibonacci retracement. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high. 

• -5,000 FVZ5 109-14, sell through 109-14.25 post time bid at 1418:10ET, DV01 $223,000.
• The 5Y contract trades 109-14 last (+4.25)

• Oil prices found support on Wednesday, supported by a slightly larger than expected US crude stock draw.
• A breakdown in E3 talks with Iran also added support earlier in the session, along with growing threats from the EU to further sanctions on Russia – though its options remain limited.
• WTI Oct 25 is up by 1.4% at $64.2/bbl.
• A bear cycle in WTI futures remains intact and the latest round of short-term gains appear corrective - for now.
• Initial support is at $61.99, the Jun 30 low, which has recently been breached, strengthening a bearish theme. Initial resistance to watch is at $66.56, the Aug 4 high.
• Elsewhere, spot gold is broadly unchanged on the session around $3,395/oz, after rallying off session lows following the IAEA-Iran headlines that flagged that monitors have not yet returned to damaged Iranian sites. Reports also suggested that Iran isn’t providing adequate access to inspectors.
• The medium-term trend condition for gold remains bullish, with initial resistance seen at $3,409.2, the Aug 8 high, followed by $3,439.0, the Aug 23 high.
• Meanwhile, copper has fallen by 0.9% to $449/lb today.
• Copper futures are in consolidation mode, with initial resistance at $488.17, the 50-day EMA. On the downside, a continuation lower would signal scope for a test of key support at $418.85, the Apr 7 low.