Monday Market Commentary – March 06, 2017

Stocks Hold to Sell Near-Term – Near-term forecast remains the same from last week. Bullish sentiment is now at 92%. A contrarian indicator which is at three year high. The major market indexes are now very close to near-term reversals but could continue to grind just a bit higher possibly. The forecast now is for correction pullback of possibly 5% or more that could last one to two months. Shorting at these price levels could be very low-risk high-reward trades.

US Dollar Index Buy Near-Term – Near-term forecast remains the same from last week. 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. Look for a very possible strong upside momentum breakout now.

Gold Silver Hold to Sell Near-Term – Update: Gold sold off last week with Silver having a large one-day sell-off on March 02. Near-term gold and silver could sell off just a little bit more. Look for Gold buying support at the 1210 to 1217 price areas. If these prices areas fail to hold support, look for 1176 to 1184 as a secondary Gold price support level. With Silver, look for near-term price support at 17.37, and secondary price support at 16.61. The forecast for gold and silver longer term is higher but first this near-term correction pullback should happen first before heading higher again.