Weekly preview

Market preview – week of May 21, 2018

Summary The S&P500 index is expected to hold up for a higher level. The market broke to the upside from a symmetrical triangle pattern and is consolidating above the breakout. A retracement to the breakout is possible. FOMC minutes on Wednesday. Oil is expected to have a minor pullback this week. Oil had been consolidating on the top area for nearly two weeks. A pullback to test the breakout area at $69.50-$68.50 zone should still be expected this week. Buying on dips will be seen … Continue reading

Market preview – week of May 14, 2018

Summary The S&P500 index is expected to make a minor pullback in the early week, and rebound later. The market broke above a short-term triangle resistance area in the last two trading days. The intermediate outlook is also positive. Oil is expected to have a testing breakout line move this week. Buying on dips will be seen again. There is continuing strong buying interest in oil but a brief retracement to the break-out level is likely. GOLD is expected to hold above the $1300 line … Continue reading

Market preview – week of May 7, 2018

Summary The S&P500 index is expected to declare its breakout direction soon. The triangle pattern is defined by 2725 on the upside and 2575 on the down side. A weekly break of either of those boundary lines will show which way we go next. Oil is expected to have a continuation high; there may later be a retracement. GOLD movements will depend on the US dollar. It could stay within last week’s range first and later make a breakdown move if the USD continues to … Continue reading

Market preview – week of Apr. 30, 2018

Summary The S&P500 index is having trouble deciding if it will rally or decline. This indecision makes trading less predictable. Wait for a break-out direction to be established before opening new positions. Oil has broken out from a two-year consolidation area. We’re expecting a brief retracement to test the break-out area. If it holds, the upside targets are $71 and $75. GOLD is being driven by the rally in the US dollar. We may see a small bounce early in the week, followed by a … Continue reading