Market preview – week of Jan. 2, 2018

Summary

  • The S&P500 index has bounced about 7% from the December low. It could bounce a little more, but probably not much: lots of resistance areas ahead, and we probably have not seen the bottom of this decline yet.
  • Oil has fallen from the 2018 high around $76 to a low last seen in 2017. There has been a little bounce, but we may see a re-test of the low to shake out over-optimistic buyers before there is any decent short-term rally.
  • GOLD has broken back above a long-term uptrend line but a short-term correction is possible. Watch to see if the price can move above $1285-90. If it can’t, a small retracement is likely.

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