The S&P 500
Crude oil prices (West Texas Intermediate) fell to less than $46.00 a barrel late last week as the weakness continued below the key resistance level at $51.65. As long as crude oil prices are contained below the recent highs at $51.60 a barrel, the view is to look to sell on strength. Traders ideally should wait for a sell signal on daily or four-hour chart to confirm an entry.
Gold remains in a very strong uptrend. We are still very bullish on this market. As you can see in the chart below, last Friday prices recovered from intraday losses after falling down into the eight- to 21-day exponential moving average layer. They ended the day higher, forming a large bullish pin bar reversal signal. We are looking to be buyers of gold this week to get long, in line with the overall uptrend.
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