Thursday Market Commentary - March 09, 2017

Stocks Sell Near-Term - Update: Near-term downtrend remains intact. Look for  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 - Near-term forecast remains the same from Tuesday. The possibility exists for a decline in the USD index now, but this is not quite clear enough to give a sell recommendation yet, if at all. The next few trading days might give more clues to the forecast. Currently the bullish forecast remains the same. 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 Sell Near-Term - Update: Gold has now broken near-term support at 1217 to 1210. Look for gold buying support now at the 1175 to 1194 price areas. Silver has now broken near-term support at 17.37. Look for silver buying support at 16.61 price area. Longer term the forecast is higher for gold and silver, but until we see support there is no near-term bullish forecast yet.