Weekly preview

Market preview – week of December 9, 2019

Summary The S&P500 index is expected to make new all-time highs early in the week and sell off after the 2:00 p.m. Wednesday FOMC announcement. Oil  is expected to hold up above 200-dEMA line and attempt to break overhead resistance at the $60.50 level. GOLD  is expected to move low first and make a small bounce after the FOMC announcement. However if gold price goes up before FOMC announcement, there is a big chance to sell off after it. The FOMC statement is often followed … Continue reading

Market preview – week of December 2, 2019

Summary The S&P500 index may continue pulling back on Monday, but expect it to bounce before the ADP employment report. Market will focus on Friday’s non-farm payroll report this week. Watch the 3100 support line; if it is broken, we are likely to see a re-test of the 3020 area. Oil is expected to hold above the $54 level for a small bounce that stays below the $58.35 line. The bounce should not last long. If price fails to hold above $54, the next downside … Continue reading

Market preview – week of November 25, 2019

Summary The S&P500 index may continue pulling back early in the week, but price is expected to push back up at the end. Watch the 3075 support line, which controls any possible retest of the 3020 area. This is a short week with trading disrupted by the US Thanksgiving holiday. Oil  is expected to hold up the $57 level for the next breakout move above $58.50. If the breakout fails, there could be a retracement to the $55.50 area where we should see buyers showing … Continue reading

Market preview – week of November 18, 2019

Summary The S&P500 index is expected to have a minor pullback this week. Watch the 3020-3000 zone, which controls any possible retest of the 2985 area. However the Index also could go up to the 3150-60 zone first if the support around 3102 holds up in the early part of the week. Oil  is expected to have an attempt to break out above the $58.50 line. If fails, there will likely be a retracement. The buyers will support the $55.50-$54.75 area. GOLD  is expected to … Continue reading