US STOCKS: Late Equities Roundup: Pharmaceuticals Buoy Health Care Sector

• Crude oil has rallied further on Tuesday after oil loadings at the Saudi port of Yanbu were suspended and as markets digest tensions in the Middle East. This helped to outweigh earlier optimism around de-escalation in the Russia-Ukraine conflict.
• WTI Oct 26 is up by 4.3% at $105.7/bbl.
• Oil has generally been trending higher, driven by ongoing uncertainty over supply from the Middle East following the closure of Saudi's east-west pipeline and Houthi control of Yemen's Red Sea coast. Saudi Aramco has not yet given a time when the pipeline will reopen.
• Meanwhile, Saudi Arabia is seeking to boost supplies through the Strait of Hormuz further after the attacks to its East-West pipeline.
• For WTI futures, the clearance of the $100 level is a bullish development, taking sights to $106.98 next, a Fibonacci projection. Above here, next resistance is at $107.10, the 76.4% retracement of the Mar - Jul bear leg, followed by round number resistance at $110.00.
• Elsewhere, spot gold is little changed today, ahead of tomorrow’s FOMC meeting, where markets are leaning heavily towards a 25bp hike.
• Spot gold is up by just 0.1% at $4,303/oz.
• Gold has traded through 50-day EMA support, currently at $4,345.2, a clear break of which would signal scope for an extension towards $4,231.1, a Fibonacci retracement. First resistance is at $4,510.9, the Sep 3 high.

• RES 4: 160.39 High Sep 2
• RES 3: 158.49 50-day EMA
• RES 2: 156.71 20-day EMA  
• RES 1: 155.24 High Sep 15
• PRICE: 155.12 @ 16:27 BST Sep 15
• SUP 1: 152.89 Low Sep 8  
• SUP 2: 152.10 Low Jan 27
• SUP 3: 151.94 50% retracement of the Apr 22 ‘25 - Jul 23 bull leg
• SUP 4: 151.63 1.00 projection of Jul 23 - Aug 3 - Sep 2 price swing 

The recent pause in USDJPY appears to be a flag formation - a bearish continuation pattern. If correct, it reinforces the bear theme. Last week’s breach of support at 155.23, the Aug 3 low and bear trigger, confirmed a resumption of the downtrend. Scope is seen for a move towards 151.94, the 50% retracement of the bull leg between Apr 22 ‘25 and Jul 23. Initial resistance to watch is 155.23, the Aug 3 low. 

• "*CBO: ANNUAL PCE INFL. PROJECTION NOW 0.5 PPT HIGHER IN Q1 2027, Bbg
• "*WAR IN IRAN COST US $38 BILLION IN FIRST FIVE MONTHS: CBO SAYS" Bbg