Monday Market Commentary – March 13, 2017
Stocks Sell Near-Term – Update: Friday showed a light uptick but the near-term trend remains down. There could be a bit more upward grind or consolidation this week possibly, but the market internals have greatly deteriorated showing the very possibility that any cash sitting on the sidelines is already in the market now. Look for a lot more volatility and spreads widening now. Near-term the downtrend remains intact. Continue to look for a 5% to 7% correction from the near-term highs on March 01 now in the major indexes.
US Dollar Index Hold to Buy Near-Term – Update: Bullish forecast remains the same but with some caution. A possible sell forecast is not seen yet to forecast one. The USD index is still forecasted higher to 102.95 to 103.82 or higher near-term. 101.73 is current near-term resistance with 99.565 now as longer-term support.
Gold Silver Hold to Buy Near-Term – Update: Near-term look for a slight bounce now in gold to 1210 – 1217 near-term new resistance, and silver near-term new resistance at 17.37 to 17.42 and possibly higher to 17.80 to 18.00. Further out the forecast is lower on gold to 1175 to 1194 price areas, and silver 16.61 price area. At these lower price levels the forecast is a buy recommendation with higher prices after that.
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