US Stock Analysis
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| Crude Oil | |||
| Previous Day Range | High: 58.36 | Low:57.36 | Close: 58.05 |
| Technical Chart | Resistance R-2: 58.92 R-1: 58.49 |
Support S-1: 57.49 S-2: 56.92 |
Forecast |
| Oil prices on Wednesday fell after a U.S. report showed big increases in gasoline and distillates inventories and as crude production rose to a new record. Prices were also under pressure from an OPEC report saying the producer group expected lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. U.S. gasoline stockpiles last week rose to their highest since February, while distillate inventories jumped to their most since September 2017, according to the U.S. Energy Information Administration (EIA). The EIA report also showed crude production for the week ended Jan. 10 rose to 13 million barrels per day (bpd). U.S. West Texas Intermediate crude fell 42 cents, or 0.7%, to settle at $57.81 per barrel. Earlier in the session, WTI was trading at its lowest level since Dec. 4, while Brent crude was at its lowest since Dec. 11. | |||
| NDI | |||
| Previous Day Range |
High: 9096.00 |
Low:9023.00 | Close: 9059.50 |
| Technical Chart | Resistance R-2: 9132.50 R-1: 9096.00 |
Support |
Forecast |
| The Nasdaq Composite closed just above the flatline at 9,258.70. | |||
| DJI | |||
| Previous Day Range | High: 29090 | Low: 28838 | Close: 29028 |
| Technical Chart | Resistance R-2: 29237 R-1: 29133 |
Support |
Forecast High: 29133 Low: 28881 |
| The Dow Jones Industrial Average gained 90.55 points, or 0.3% to close at 29,030.22. At its session high, the Dow was up 187.92 points, or 0.7%. | |||
| SPI | |||
| Previous Day Range | High: 3299.00 |
Low: 3277.75 |
Close: 3293.75 |
| Technical Chart | Resistance R-2: 3311.42 R-1: 3302.58 |
Support |
Forecast |
| The S&P 500 ended the day up 0.2% at 3,289.29. | |||
| Gold | |||
| Previous Day Range | High: 1558.15 | Low: 1545.85 |
Close: 1555.40 |
| Technical Chart |
Resistance |
Support S-1: 1548.12 S-2: 1540.83 |
Forecast |
| Gold rose on Wednesday as details of the U.S.-China Phase 1 trade deal failed to soothe investors’ concerns about trade differences, as Washington retained tariffs on some Chinese goods. In other precious metals, palladium climbed to a record high and platinum surged to its highest in nearly two years. The United States and China signed the interim trade deal that will roll back some tariffs and boost Chinese purchases of U.S. goods and services. The deal will, however, leave in place 25% tariffs on a $250 billion array of Chinese industrial goods and components used by U.S. manufacturers. Spot gold rose 0.7% to $1,557.02 per ounce. U.S. gold futures settled up 0.6% at $1,554. | |||
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