FNArena has added another video to its Investors Education section on the website. This week, ATW's Jerry Simmons sees possible support emerging for US stock future indices (implying strength for equities) and oil, while sounding a cautionary note for gold.
As of Friday Jerry notes the S&P 500 E-mini futures index was holding within the recent resistance zone post Thursday's fall. He wants to see a sustained push past 1340-1343 before he calls a reversal, but notes that level of resistance has not been broken over the past 3 weeks.
The first step would be a breakout past 1332, with a rise above 1337-1340 being be the next resistance level that would need to be passed before a reversal is likely. He sees the uptrend continuing for now, noting a drop below 1295 area would be needed to establish a genuine downtrend.
For gold, he see the hard times continuing, as he see the possibility that a breakout to the downside happened last week. Jerry advises caution, as he notes the indicator was an inside bar, which is less reliable as a directional indicator.
For light crude oil, Jerry sees the possibility of a decline to 73.50-75.00 as part of a 5-wave move that is in progress. From there, he thinks the odds have moved in favour of higher prices, although a push mast 79.62 on the daily, or 86.50 on the weekly will be needed for confirmation. This could happen as early as this week.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
Here's the direct link: http://www.fnarena.com/index2.cfm?type=dsp_front_videos&vid=89
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the "Masters" Programme within the education system at New York based Advanced Trading Workshop (ATW).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section at http://www.fnarena.com/index4.cfm?type=dsp_front_videos)
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