Market preview – week of July 27, 2020

Summary

  • The S&P500 index may see a retracement if the support at 3185 is broken early in the week, but if that occurs, the 50-dEMA line around 3100 should be solid support. At the last day of July the index needs to trade near the 3200 area for the end-of-month settlement in order to avoid changing the uptrend direction.
  • Oil  is still expected to stay inside the range established by the 200- and 50-dEMA lines. As long as oil stays inside that range, the $42.50 level could still hold the price down and the $37.50 area still hold the price up.
  • GOLD  is expected to challenge the year 2011 high at $1923.10 area. Any pullback will be bought as long as the price stays above $1800.

Full weekly preview

Download link: (200727-weekly.pdf, 691KB)

 

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