COMMODITIES: Short-Term Gains for WTI Still Considered Technically Corrective
Short-term gains in WTI futures are considered corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend condition in Gold is unchanged and remains bullish. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch lies at the 50-day EMA, at $4016.8. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- WTI Crude up $0.27 or +0.46% at $59.22
- Natural Gas up $0.01 or +0.16% at $5.005
- Gold spot down $2.94 or -0.07% at $4200.46
- Copper down $3.85 or -0.71% at $535.05
- Silver down $1.1 or -1.88% at $57.4095
- Platinum down $23.89 or -1.43% at $1651.75
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EQUITIES: Short-Term Weakness for Eurostoxx Futures Considered Corrective
Short-term weakness in Eurostoxx 50 futures is considered corrective. The contract has breached the 20-day EMA, signalling scope for a deeper retracement towards support at the 50-day EMA, at 5567.19. Support below the EMA lies at 5549.50, the base of a bull channel drawn from the Aug 1 low. A breach of this level and the 50-day EMA, is required to highlight a stronger reversal. Key resistance and bull trigger is 5742.00, the Oct 29 high. The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. Attention is on support at the 20-day EMA, at 6804.03. A clear break of this level average would signal scope for a deeper retracement and expose the 50-day EMA at 6698.11 - a key pivot support. The bull trigger has been defined at 6953.75, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the uptrend.
- Japan's NIKKEI closed lower by 914.14 pts or -1.74% at 51497.2 and the TOPIX ended 21.69 pts lower or -0.65% at 3310.14.
- Elsewhere, in China the SHANGHAI closed lower by 16.335 pts or -0.41% at 3960.186 and the HANG SENG ended 205.96 pts lower or -0.79% at 25952.4.
- Across Europe, Germany's DAX trades lower by 425.99 pts or -1.77% at 23708.36, FTSE 100 lower by 102.59 pts or -1.06% at 9598.75, CAC 40 down 127.82 pts or -1.58% at 7981.97 and Euro Stoxx 50 down 89.91 pts or -1.58% at 5589.34.
- Dow Jones mini down 414 pts or -0.87% at 47060, S&P 500 mini down 79 pts or -1.15% at 6803.75, NASDAQ mini down 385.5 pts or -1.48% at 25717.25.
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