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Rotman's Trade Advisory - GOLD SHOOTS HIGHER; OIL DOWN AGAIN
Equities: The MAR16 SP500 futures are up slightly today to 2002. The MAR16 emini Russell 2000 is also up slightly to 1116. Both of these markets are well below their respective 200 day moving averages, indicating to us that the technical environment looks more bearish than bullish currently. We see 2040 as solid resistance for the SP500 futures. We also see the mid to high 1980?s as important support for the SP500 futures market.
Bonds: The MAR16 US bonds seem to be holding strength post-Fed announcement. They are above their 200 day moving average, which comes in at around 153’22. 159 is our next major resistance level/area. If the stock market keeps trending lower, we would not be surprised to see the bonds rally. At the same time, holiday trading could be light, so moves that occur these last 2 weeks of the month may not necessarily indicate the moves that will occur in January 2016.
FX: Interestingly, the MAR16 USD is down 37 ticks to start the week, even with the Fed announcing an interest rate hike last week. The MAR16 USD is well above its 200 day moving average and therefore we still see the USD as being in a bull market. The MAR16 Yen is up 22 ticks to 8289, and we would not be surprised to see the Yen continue to rally this week and even into the new year.
Commodities: FEB16 gold is up $13 to $1078. Again, we focus on the $1050 level as a very key support level. If gold can stay above $1050, we could see gold going to $1120. JAN16 natural gas has rocketed higher by about 8% this morning, bouncing back from levels below $1.70 last week. FEB16 WTI crude oil is down over 1% to $35.61, still showing us the down-trending price action. Again we see the $34-35 range as very good support for this market.
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