I'll simply summarize and provide the major resistance and support levels for the SPX, GOLD and OIL shown on the following monthly charts and you can judge for yourselves whether strength or weakness is in the cards in the near term.
As I mentioned in my post of December 29, 2019, the SPX hit my Q4 target of 3233 by year end. It happens to coincide with a +4 standard deviation of a long-term uptrending regression channel and has now formed near-term support. Its next support sits around 3070 (the +3 channel deviation).
The next major resistance level is around 3350, which intersects with this regression channel's +5 standard deviation.
The RSI, MACD and Stochs technical indicators are strongly in bull territory, but are approaching overbought status. However, this doesn't mean an automatic pullback is imminent...rather, we may see some profit-taking occur in the near term, resulting in a minor consolidation...caution is warranted on the "BUY" side.
Gold is approaching a major resistance level at 1600. It has popped above the upper edge of a rising channel around 1545, which is now major support. Its next support sits around 1450 (confluence of price support and the +1 channel deviation).
The RSI, MACD and Stochs technical indicators are strongly in bull territory, but are approaching overbought status. However, this doesn't mean an automatic pullback is imminent...rather, we may see some profit-taking occur, resulting in a minor consolidation...caution is warranted on the "BUY" side as price approaches 1600. If it blows through that price, we may see it shoot for 1,800, or higher, in the near-to-medium term.
Price is approaching first resistance around 65.00 (+1 deviation of a rising channel), followed by 70.00ish (in between the 200-month moving average and upper band of the channel).
Major support sits at 60.00 (confluence of price support and the channel median).
The RSI, MACD and Stochs technical indicators have recently moved into bull territory on this timeframe. I'd say that, of these three instruments, OIL has the most potential to continue to be a "BUY." However, caution is warranted on the "buy" side as price approaches 65.00. If it blows through that price, we may see it shoot for 70.00, or higher, in the near term.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Tues. July 14 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. July 15 @ 2:00 pm ET ~ Beige Book Report
* Thurs. July 16 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. July 29 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. Aug. 7 @ 8:30 am ET ~ Employment Data
* Wed. Aug. 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
*** Click here for link to Economic Calendars for all upcoming events