Weekly preview

Market preview – week of Aug. 14, 2017

Summary The S&P500 index could continue going down to search for short-term bottom and then reverse. Oil $47-48 is a key support zone for this week. Holding above it could lead oil to bounce, but the $50 line area is a strong resistance area. It is likely prevent oil from popping. GOLD had a breakout last week, but it needs to get confirmation this week. A failure to follow through, and GOLD could retrace. Download here Or click the pop-out arrow in the top left … Continue reading

Market preview – week of Aug. 7, 2017

Summary The S&P500 index is expected to stay in the 2480.50 to 2460.50 range early in the week. Subsequent movement depends on which way the price goes first. If the market breaks above 2480.50 first, the index could run for the 2500 level, and then reverse. If it breaks below 2460 it could push down to test 2450 or lower toward the 2435-2425 zone. Oil: The short-term is overbought, but markets can stay overbought and still go up. $47-48 is the first major support zone. … Continue reading

Market preview – week of July 31, 2017

Summary The S&P500 index at 2400 is the major support. The index could repeat last week’s range early this week, but please be aware that some type of correction may occur soon. End-of-month rebalancing may continue Monday. Oil short-term bullish, and August is often a good time for oil. Any pullback will be bought if the $47 level holds up. GOLD is expected to continue going up. A brief pullback to the $1245 area in the early days of the week could be a buying … Continue reading

Market preview – week of July 24, 2017

Summary The S&P500 index could go sideways until the FOMC announcement Wednesday. 2400 is major support. Any pullback to that level could be bought by dip buyers. Oil price should continue going down early in the week; it may bounce later if the $45 level holds up. GOLD could continue going up before the FOMC announcement. Later in the week GOLD could retrace from the early week high.  The $1230 level is a major support; as long as it holds up, traders should focus on … Continue reading