Market preview – week of Feb. 12, 2018

Summary

  • The S&P500 index is expected to have some bounce this week due to major February option expiration. But the bounce should not last very long. The intermediate-term trend is changing with key medium-term resistance around 2750-2800. A break below 2525 level could break the intermediate-term uptrend.
  • Oil broke its key support line $59 and triggered medium-term selling. Resistance around $62.75-63.50 zone is expected to hold the price down for this week. Last week’s sharp selling was quite a bearish movement. The decline should be expected to continue toward the next major support line around the 200-dEMA line ($54.50).
  • GOLD is expected to hold above $1309 level in the early days of the week. But later Gold may go down further. The uptrend should continue once the damage to short-term technical indicators is repaired

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