Wednesday, 23 March 2016

Pre-Market Brief

Good morning. US equity futures are a little higher, sp +3pts, we're set to open at 2052. USD is +0.3% in the DXY 95.90s. Metals are significantly lower, Gold -$18, with Silver -2.8%. Oil is -0.8% in the $40s, ahead of the EIA report.


WTIC oil, weekly2


*note the upper weekly bollinger band for Oil in the $44s. Any price action >$45 looks out of range.

A daily close in the sp'2060s looks very viable today... not least if Oil can rally, despite another giant weekly inventory surplus. (API report was 8.8 million barrels).

re: metals. Gold is interesting, back in the $1220s... a natural retrace would be 1200/1180 zone.

notable early weakness, mining stocks, GDX -2.8%.

Overnight action

Japan: -0.3% @ 17000
China: +0.3% @ 3009
Germany: currently +1.1% @ 10097.

A break >10k, next level is the 10MA resistance in the 10400s.

Have a good Wednesday

9.14am.. Oil -2%.... battling to hold the $40 threshold. Equity bulls should be somewhat concerned.

sp -4pts.. now set to open at 2045.

Gold -$25,  miners really getting smashed, GDX -3.8%.