Market preview – week of January 27, 2020

Summary

  • The S&P500 index  pulled back on Friday after it made new all-time highs at 3337.50. The airline and hotel stocks took a big hit due to the Chinese virus panic. But extremely overbought market conditions also contributed to the selling by encouraging profit taking. In the short-term external news will continue influencing the market. Any early bounce could be countered by selling.
  • Oil  broke $57.35 level and heading toward the bottom of the longer-term range. This week the OPEC meeting decision can move oil price. The $53.25 area is a key for this week. Oil can go up to $55.95-$56.25 or down toward $50.63-$49.85.
  • GOLD  is expected to stay above the $1535 level for bouncing back up toward the $ 1600 level.

Full weekly preview (free)

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