Weekly preview

Market preview – week of Feb. 17, 2020

Summary Monday Feb. 17 is a holiday in the U.S. Regular markets are closed, Globex is open. The S&P500 index  is expected to make anew high around 3400 this week. Because this week is Major February option expiration week, we may see low volatility into Friday. Oil  is expected to hold above $50-$49.50 this week and challenge the overhead resistance line (neckline of double bottom pattern) on the way to a further bounce. GOLD  still is expected to hold above the $1550 level and continue … Continue reading

Market preview – week of Feb. 10, 2020

Summary The S&P500 index  is expected to retrace back near the 3225 level this week. But the lack of safe investment alternatives will continue to bring new international buyers into the US market. The dip buyers will continue showing up to slow any decline. At the same time, sellers will continue fighting for the index to make new highs — again. Oil  is expected to consolidate around the $50-$49.50 zone for the early week days. If there is no announcement (or rumor) of an OPEC … Continue reading

Market preview – week of Feb. 3, 2020

Summary The S&P500 index  has a doji (evening star) candle pattern on the monthly chart, which suggests both a short-term and an intermediate-term correction ahead. The SP500 is due to pull back. This week the index could go down first and bounce later. Oil is near its major support zone $50-$49.50. The price could bounce first and then drop again later. GOLD  is expected to hold above $1565 for a move higher near the $1610-$1620  leve Full weekly preview (free) Or click the pop-out arrow … Continue reading

Market preview – week of January 27, 2020

Summary The S&P500 index  pulled back on Friday after it made new all-time highs at 3337.50. The airline and hotel stocks took a big hit due to the Chinese virus panic. But extremely overbought market conditions also contributed to the selling by encouraging profit taking. In the short-term external news will continue influencing the market. Any early bounce could be countered by selling. Oil  broke $57.35 level and heading toward the bottom of the longer-term range. This week the OPEC meeting decision can move oil … Continue reading