Weekly Market Preview – week of May 15, 2017

Summary

  • The S&P500 index is bullish in all time frames but the rally is old and the momentum is weakening. The favourable seasonal bias is ending. A failure to move above 2400 this week may lead to a retracement back to 2350-60.
  • Oil is still showing a long-term sell signal but the oversold bounce last week has created some divergences in the indicators and the market is returning to the break down price area.
  • GOLD is still showing a sell signal but we are approaching oversold territory and an oversold bounce may develop this week. $1250 continues to be an important resistance area.

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