Last week at markets was very interesting. Crude oil prices retreat. At Friday closing it hit $128.88 per barrel.
Crude Oil Futures
Four following sessions gave black candlesticks and price broke resistance of some short-term SMAs. SMA15 started to move downward.
This factor influenced indexes. Two strong white candlesticks emerged on S&P500.
S&P 500
However, last Friday on S&P500 was weaker than two previous sessions. There is important resistance near 1275 formed by January and March minimums and I wouldn’t be surprise that before breaking it, index has to do small backward movement. Next days will show whether S&P 500 is able to attack this price level and go up or will continue downward movement. Of course it is strongly dependent on crude oil price. Therefore, currently we should always look at both charts.
“The good thing about bear markets is that they price in such bad news that it becomes easy at some point to surprise positively,” said Alec Young, strategist at Standard & Poor’s.
Gold behaves very well. SMA15, SMA30 and SMA50 are pointed up. I think last few sessions are only a correction necessary for further movement in upward direction. I currently keep my gold certificates (an asset on GPW – Warsaw Stock Exchange) and expect 1000$ per ounce. Of course this is not the level when I immediately sell. If the gold price would remain in uptrend, I keep it.
Gold Futures
