Weekly Market Preview – week of May 8, 2017

Posted on by May 7, 2017

Summary

  • The S&P500 mini-futures are expected to test the new 2385 breakout level in the early days of the week. The long and short trends are bullish, and a new high above 2400 is possible this week.
  • Oil is trending strongly down and sold off heavily last week. An oversold bounce is possible as long as the price does not fall below the 200-day EMA line.
  • GOLD also sold off heavily last week and broke an important support area at $1235-$1237. If it remains below that support (now turned to resistance) we may see a trip back to the $1200 level.

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