The S&P 500 bull market continues.
A bull market is clearly in place in the S&P 500 and I remain very bullish on it. Last week, price basically just consolidated (moved sideways) near the recent new all-time highs after breaking up through the previous highs near 2130.00. This week, we see core support near the old recent highs at 2120-to-2130 area; that area is now a key near-term support zone and a strong area to look to buy from.
I am watching for any short-term weakness in prices this week to consider getting long (buying) from that area to rejoin this up-trending market.
Gold to Move Higher
Gold has been in a sustained uptrend recently, despite the pullback we have seen over the last couple of weeks. This is a counter-trend move that may be reaching its termination point soon with 1300.00 key support coming in close below. For the Gold market this week, 1300.00 support will be a very important level to watch as prices continue to hover just above it. Traders should watch the price action closely at 1300.00 and just above this week for a high-probability opportunity to re-join the uptrend.
Crude Oil to Sell Off
Crude oil has been very weak recently and we can see last week it held firmly under overhead resistance at 46.80. I am looking to sell this market this week on and use any temporary strength to get short under 46.80 for a potential move down into 42.50 key support.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.