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Hello Traders!
This week the market experienced a mediocre decline, this decline is a continuation of the - apparently false - 171 breakout that happened two weeks ago. Of course, after such a thrust upward, it is only healthy for the market participants to realize some gains, but on a technical point, we would prefer to see a slower motion rather than the fast decline earlier last week. A point of optimism is that the down volume was on a decline regarding the positive momentum of the up volume .
As for the near support level , we are actually sitting on one - 167.50 - this level is both a low DIG Pivot and a high DIG Pivot from previous price swings (For more information on DIG Pivots Indicator, please refer to website. Available on TradingView for $29/Month). Apart from being a double pivot level, this area of 167.50 is where two gaps occurred during the past month, which adds up to its importance. The next super important support level happens to be at the next low DIG pivot at 163. This level is in fact a bouncing point from the upper trend channel which formed since early 2013. Breaking that level downward will probably trigger a consolidation period, or worse, a decline phase.
As for resistance levels the job is much easier since we are at all time highs and the recent decline implies the near resistance level of 173.50. Between those 2 important levels of 173.50 and 163 there is much room for the market to “digest” the recent bull run, as always, we will keep a close eye on the market for further development.
Metals & Oil            
It looks like the USO , the Oil             & Gas ETF , has lost direction in some way. It has been over a month that the price wanders between farther and farther price levels without a clear direction. This price action implies that there is no fixed balance between buyers and sellers, but the opposite, for now there is no “leader” for that market and it seems that the boundaries of the current situation are 39.50 as the upper bound and 36.30 as the lower bound.
As it happens, USO is currently slightly above the 36.30 lower bound - 36.85 - a bearish sign for now, but the nature of these technical formations dictate that the boundaries could widen up, meaning that new lows and new highs will be set - Still with no clear direction of the trend.
GLD             on the other hand acts like it’s heading back to a bearish picture. Prices fall fast with high volume makes us believe that the recent break through the negatively sloped channel was just a momentary profit taking. For now, an important support level should be watched, the level of 124. Breaking this level on the down side will set a new down trend as we will inaugurate a series of lower highs and lower lows.
Economic Calendar:
Oct 1 @ 10:00 AM - Consumer spending.
Oct 3 @ 10:00 AM - Factory orders.
Oct 4 @ 08:30 AM - Unemployment rate.
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