Market preview – week of January 6, 2019

Summary

  • The S&P500 index  is expected to retest the low 3205-3200 zone. If this support zone holds there is a chance for the index to bounce back near last Friday’s high area. Otherwise this week the index can go lower near the 3150 area for testing.
  • Oil  may go higher first if more external war news continues goosing the price. Any minor early pull back near the $60.50 area could be seen as a buying opportunity by the long side.
  • GOLD is bullish. We expect it to hold above the $1510 level this week to move to a  higher level. Any minor pullback will be bought by shorts covering.

Full weekly preview (free)

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