Market preview – week of September 16, 2019

Summary

  • The S&P500 index is expected to build a short-term double top pattern with new all-time highs. But the FOMC rate policy announcement Wednesday is key to the outcome. A 0.5% rate cut may push the index to new highs; if not, a sell-off should be expected.
  • Oil is expected to have a spiking breakout move early this week, but later may go back into its triangle pattern again.
  • GOLD is expected to hold above the $1485 zone if the Fed cuts interest rates as expected. Otherwise gold may break down around $1475 to search for lower support.

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