Will Indexes Extend Last Week’s Loss? Market Pulse
S&P Futures have retracted 100% of Friday’s bounce in overnight trading. Price is currently trading back down against the 20 day moving average with continued downside prospects below 2570. Given the broader market movement, I am continuing to eye any pullback for a possible bounce.
Gold Futures have opened up below the 100 day moving average, but ultimately price is continuing to consolidate here with no real conviction to speak of. I am going to be watching for the next move to emerge after which I will begin looking at the next setup.
Crude Oil Futures are consolidating up against 52 week highs. The trend here looks strong, so pullbacks are key at this point. I am looking at initial support between 54.71 and 54 for possible long interest.
Stocks on Watch
PSTI began to reverse in last week’s trading session and is continuing to move in pre-market trading. I see possible upside into the 1.50 area over pre-market highs. Will be watching to see if bulls can hold their ground after this morning’s open.