Market preview – week of Mar. 2, 2020

Summary The S&P500 index  is expected to have an oversold bounce. But it will not last very long. Unless the index forms a double bottom pattern on the daily chart to help hold up the price, it is more likely the index will go lower after a brief bounce. Oil  is expected to have a bounce from previous long-term low at $42.50 area. But the $53.55 area is a firm resistance line. GOLD  is expected to hold the price below $1610-$1620  level for a while. … Continue reading

Market preview – week of Feb. 24, 2020

Summary The S&P500 index  is expected to make a new high around 3400 this week. Because this is the Major February option expiration week, we may see reduced volatility into Friday. Oil  is expected to hold above $50-$49.50 zone this week and challenge the overhead resistance line (neckline of double bottom pattern) in an attempt to bounce further. GOLD  is still expected to hold above the $1550 level and continue struggling to go back to the high near the $1610-$1620  level. Full weekly preview   … Continue reading

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