- The S&P500 index is expected to have an oversold bounce. But it will not last very long. Unless the index forms a double bottom pattern on the daily chart to help hold up the price, it is more likely the index will go lower after a brief bounce.
- Oil is expected to have a bounce from previous long-term low at $42.50 area. But the $53.55 area is a firm resistance line.
- GOLD is expected to hold the price below $1610-$1620 level for a while. A break below $1535 will be very bearish. The price could then be pushed near the next long-term support line at $1485.
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