Market preview – week of January 20, 2020

Summary

US markets are closed Jan. 20 for the Martin Luther King holiday. Globex markets are open but expect light volume. US markets resume normal trading Jan. 21.

  • The S&P500 index  is too hot in the short term, and the overvalued market may surprise some investors. However the favorable season (for stocks) suggests the rally may carry on for a little while, especially if there is a minor pullback this week.
  • Oil  is at a critical price level which will determine the direction it should go next. $57.35 needs to be held up for a bounce; otherwise the price could move back to the bottom line of the long-term triangle range.
  • GOLD  is expected to stay above the $1520 level in order to bounce back toward the $1600 zone.

Full weekly preview (free)

Download link: (200120-weekly.pdf, 1.27MB)

 

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