Market preview – week of May 6, 2019

Summary

  • The S&P500 index is expected to have a minor pullback early, but as long as the index holds above the 50-dEMA line, it is bullish. We expect to see buyers continue stepping in if/when the price pulls back.
  • Oil is expected to see some oversold bounce. This may take the form of a dump-and-bump move.
  • GOLD is expected to remain in a sideways consolidation range first, but there is a strong chance it will challenge (but initially not break) overhead resistances.

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