US Overnight Roundup: Inside day candles seen across equities and commodities.

USD  (fxUnity Monthly)

USD rallied back to levels before QE3 announcement but is still kept below significant resistance of 0.92. The technicals reinforce what we already expect: potential strong breakout on the upside or strong selling from the bounce off 0.92; this coincide with the overall climate of the market waiting for Spain “will she won’t she” bailout request.

DJI Futures H1

Yet another inside day trading range. We’ve been observing similar price actions ever since QE3. Price is still trading within range 0f 13,300 to 13,600.

S&P500 Futures H1

Price Action similar play by play to DJI Futures. Nothing much to comment on other than the fact that we could be in for an extended consolidation if Spain does not give clear indication on their near term intentions.

Gold/USD H1

Even though Gold chart looks broadly similar to S&P500 and DJI Futures, there is some subtle difference in the sense that most of the price actions were below 27th Sep high. Though not truly significant, does give Gold a slightly more bearish outlook as compared to the equities indices. Current price actions also suggest that Gold may have broken away from the tight trading range of yesterday (between 1,775 – 1,780) and now heading towards the trading range between 1,765 and 1,770.

Bottomline:

No new developments overnight. Nonetheless we can see markets giving up gains from better than expected US Manufacturing data on Monday. Traders are more pre-occupied with the Euro-Zone fiasco with Spain and any news good or bad will simply add in ripples in price action without truly causing a tide shift.

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