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In today’s webinar, we covered the major equity indices and commodity markets. Right now, it looks as though gold has a little more room to go lower in the very near-term, but there is support right around 1217. Silver was hit hard last week into a key trend-line off the December low, and with that support is under siege; the expectation is it will head lower towards the 17.40/17 region. Looking to crude oil, it remains stuck in an ascending wedge and until it can break free from its choppy range we will look elsewhere for opportunity.
The Nikkei has fallen back into what was viewed as a bullish symmetrical triangle and puts the burden of proof on the bulls’ back. It’s viewed as the least favorite index to focus on at this time. The DAX is funneling back-and-forth between trend-lines, currently the focus is on whether it can continue to hold the December trend-line. In the very short-term there is a couple of lines and levels to look to play off of. The FTSE 100 appears to be carving out a bull-flag over the past few days, and could be poised to move higher soon. The S&P 500 and Nasdaq 100 are both backing-and-filling in a relatively bullish manner. We would like to see a gap fill from last Wednesday and strong turn higher before turning near-term constructive. There is still room in the short-term for more down-side.
For full technical considerations, please see the video above.
---Written by Paul Robinson, Market Analyst
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