Market preview – week of September 30, 2019

Summary

  • The S&P500 index is expected to stay under 2995 and go lower. The long-term rising trend line at 2980 was broken. If the resistance prevents the market from advancing, the index is likely to retest the 2950-45 zone and perhaps move lower towards 2938-20.
  • Oil is expected to retest $52.50 – the bottom of the established triangle range – but remain inside that range.
  • GOLD is expected to break below the neckline of a short-term H&S pattern absent some external news that reverses the current pattern. A break below $1480-$1475 could lead gold into the $1450 area.

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