Weekly Review. S&P500, Brent, gold | 13 January 2017

S&P500

Monthly review: index keeps looking for new highs while ADX reverses smoothly. It can cause both a new rapid upshift and reversal (if oscillator refuses to confirm new price high)

Weekly chart: here ADX/RSI shows correction. Resistance level is focused on upper Bollinger band (2282.8). Support level is 2186.7 (middle band), if the pair declines to this level the downturn tendency will be confirmed.

Daily chart: 2287.5 resistance level is confirmed. If this level shows bearish potential, there will appear substantial background for Over&Under reversal pattern shaping

Expectations: well, in spite of the threatening upward breakout, I'm leaning towards rollback down from 2287.5 towards 2231.3

Solutions: sell from 2287.5 to 2231.3. It is recommended to wait for confirming signals on minor charts.

Brent

Monthly chart: ADX is in flat, so the main expectation is continuing price fluctuations within middle Bollinger band area (50.00)

Weekly chart: as you can see here, ADX is in trend, so price growth towards 66.80 is possible. Under such scenario preliminary rollback to middle Bollinger band (50.00) is possible

Daily chart: here ADX is very active too. Upmovement scenarios are going to prevail this week. Support level for buyers is much more localized - 55.60 (middle Bollinger band).

Expectations: growth to 58.47, as a rehearsal for further shift towards 66.80. Preliminary rollback to 55.60 is possible

Solutions: buy towards 58.47 and 66.80 (in mid-terms). The best solution is to buy in 55.60

Gold

Monthly chart: ADX has trend nature, so it is likely that the pair is going to continue declining towards lower Bollinger band (1026.03, see red arrow). If bulls manage to go higher than middle band (1190.30), upshift to 1364.11 (upper band, see blue arrow) will ne possible

Weekly chart: there is bullish Over&Under pattern in 1090.00. Resistance level is localized in 1252.28 (middle Bollinger band).

Daily chart: here a nice bearish inside bar allows to sell gold from current levels with stops in 1190.30 expecting decline to 1118.97 and 1190.00

Expectations: decline to 1118.97 and 1090.00

Solutions: sell towards 1118.97 and 1090.00