US Stocks seem to be reaching a short term high and possibly showing a small sign of exhaustion after their 8% post-Brexit rally. The gains have been largely fueled by the idea that a Brexit would keep the Fed on the sidelines for the long-term but with the FOMC less than a week away, the market is beginning to have some second thoughts. The 4 hour charts seem to be rolling over although the dailies remain positive so buying dips remains the preferred strategy.
WTI dropped by 2% on Thursday, as the market focused on Government data that showed growing inventories of gasoline and other oil products have pushed total petroleum supplies to record highs. More choppy trade looks likely but again with a downside bias.
Gold and Silver held on to their recent lows and ended a little higher on Thursday after the ECB left interest rates unchanged. The dailies still look negative so selling into strength is preferred
Please note: While I am travelling, the commentary on the individual indices/commodities will be on hold.
S&P: 2158
24hr Bias: Possibly rolling over but prefer to buy dips
Medium Term Bias: Cautiously bullish but with tight downside stops – around 2140. Prefer to buy dips
DJI: 18431
24hr Bias: Possibly rolling over but prefer to buy dips
Medium Term Bias: Mildly bullish – although possibly growing toppish in the short term: growing bearish divergence in the 4 hour charts
ASX SPI: 5451
24hr Bias: Possibly rolling over but prefer to buy dips
Medium Term Bias: Mildly bullish while the dailies remain positive – although possibly growing toppish in the short term: growing bearish divergence in the 4 hour charts suggest better levels to buy at than here.
24hr Bias: Neutral
Medium Term Bias: Prefer to sell rallies
Silver: 19.81
24hr Bias: Neutral
Medium Term: Prefer to sell rallies
WTI Oil: 44.55
24hr Bias: Very-choppy-neutral
Medium Term Bias: Neutral
Originally published by AxiTrader