Summary

• The S&P500 index may continue pulling back on Monday, but expect it to bounce before the ADP employment report. Market will focus on Friday’s non-farm payroll report this week. Watch the 3100 support line; if it is broken, we are likely to see a re-test of the 3020 area.
• Oil is expected to hold above the $54 level for a small bounce that stays below the $58.35 line. The bounce should not last long. If price fails to hold above $54, the next downside target will be $51.00-$50.50.
• GOLD is expected to rally a little and test the $1480-83 zone. A break above that area will be bullish. Friday’s employment report will largely determine if Gold can establish a more sustainable rally.

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