Market preview – week of Feb. 4, 2019

Summary

  • The S&P500 index is expected to have a minor pullback, but 2696-95 will be a key area to watch. Failure to hold up this zone could lead to a move further down toward the 2670-65 area or lower
  • Oil is expected to continue moving up first before it makes a retracement. $50 is a major support area. Any re-test of $52.50 is expected to see buyers enter.
  • GOLD is expected to have a retracement to fill last week’s two unfilled gaps, but the support at the $1290-$1300 zone will likely hold.

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