US Stock Analysis

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Crude Oil
Previous Day Range High: 56.46 Low:54.85 Close: 55.36
Technical Chart Resistance
R-2: 57.17
R-1: 56.26
Support
S-1: 54.65
S-2: 53.95

Forecast
High: 56.26
Low: 54.65

Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. U.S. West Texas Intermediate crude shed 33 cents to $55.35 per barrel while Brent crude lost 39 cents to $59.91. Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates. “The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates.
NDI
Previous Day Range High: 7782.25 Low:7654.00 Close: 7710.50
Technical Chart Resistance
R-2: 7843.83
R-1: 7777.17

Support
S-1: 7648.92                              S-2: 7587.33

Forecast
High: 7777.17                         Low: 7648.92

The Nasdaq Composite slid 0.4% to 7,991.39.
DJI
Previous Day Range High: 26375 Low: 26086 Close: 26221
Technical Chart Resistance
R-2: 26516
R-1: 26369

Support
S-1: 26080                                  S-2: 25938

Forecast
High: 26369
Low: 26080
The Dow Jones Industrial Average rose slightly on Thursday as investors awaited a key speech from the Federal Reserve’s top official. The 30-stock index climbed 49.51 points, or 0.2% to 26,252.24 in a volatile session that saw it rise as much as 186.05 points and drop 103.72 points. Boeing’s 4.2% gain pushed the Dow higher.
SPI
Previous Day Range High: 2939.75 Low: 2904.25

Close: 2922.25

Technical Chart Resistance
R-2: 2957.58
R-1: 2939.92

Support
S-1: 2904.42                                  S-2: 2886.58

Forecast
High: 2939.92                         Low : 2904.42

The S&P 500 ended the day just below the flatline at 2,922.95.
Gold
Previous Day Range High: 1504.55 Low: 1492.20

Close: 1498.50

Technical Chart

Resistance
R-2: 1510.77                              R-1: 1504.63

Support
S-1: 1492.28
S-2: 1486.07

Forecast
High: 1504.63                          Low: 1492.28

Gold inched lower on Thursday after comments from U.S. Federal Reserve officials dampened hopes for additional monetary easing, although investors awaited further clarity from the central bank chief at the Jackson Hole symposium. Spot gold was down 0.18% at $1,499.5 an ounce, having earlier touched its lowest since Aug. 13 at $1,491.50. U.S. gold futures slipped 0.45% to $1,508.9.  “The entire market is in a wait-and-see mode, but there has been a steady stream of Fed speakers who have come out with a more hawkish message,” said Daniel Ghali, commodity strategist at TD Securities.

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