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Market Wire Update:
Global Commodity Review
Dollar IndexThe dollar index went into Neutral mode on 26th Oct and has held that trend since. The near-term path of least resistance is consolidation around new lows, with long-bounces on weak equity trading days. A weekly close above 76.00 (that signals buyers are dominating), is bullish and signals a momentum reversal. Swing Point: 75.55
S&P FuturesThe S&P futures market confirmed a Long momentum read on Nov 11th and have built a near-term support base around 1085. The 1115 area will be a major resistance point to battle this week. The moves to test and hold support are impressive, and now backed with Japanese and German markets that are also looking bullish. Swing Point: 1105
Crude OilThere is still a very flat momentum read to crude oil trade that has been in place since 6th Nov. The 76.50 area continues to be a main price point, after sellers were held at bay recently around 72.50. The 80.50 area is the topside number to breach. There is a lack of speculative interest in oil trade right now. Swing Point: 76.10
Gold BullionGold signaled long on 3rd Nov and has easily held that mode. 1135 is near-term support, backing any further long tests of 1200. Now looking for signals that support is in to buy a Jan Call option, or that 1135 fails to hold, and to buy a Jan Put option. Swing Point: 1172
YenThe USD/JPY pair moved into Short mode on the 11th of November and is now just moving higher, after the Bank of Japan recently instigated a new round of quantitative easing that has weakened the Jpy.