There are still opportunities to buy the S&P 500 index (^GSPC) on weakness, technical analysis shows. Meanwhile, crude oil appears to have found new strength.
Let's look at the S&P 500 first. The benchmark index essentially moved sideways last week, but the S&P 500 overall has shown some buoyancy during the last two weeks following its pullback to a crucial support level near 2105.
We remain potential buyers of this market, as the overall trend is still upward, and the index's level is still respecting important support levels. This week, we can look for price action signals to buy the S&P 500 on weakness as long as the index is above 2105 support level.
Crude oil recently broke above resistance near the $46.40-a-barrel level, easily closing above it last week. This market appears to have found some new strength, and we could see crude oil prices continue higher this week. We can look to be buyers on a pullback to the support are this week. Crude oil could potentially target key resistance at $51.65 or a level just below it.
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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.