Weekly Review. S&P500, Brent, gold | 17 February 2017

S&P500

Monthly chart: finally, ADX is growing. Considering strong bullish pressure another wave of mid-term growth might be expected. Now we need to trace market reaction on weekly upper Bollinger band (2342.3)

Weekly chart: here we have aggressive trending ADX, that means that level 2342.3 may be under strong pressure and may be broken.

Daily chart: ADX is growing here too but it's not trending yet. That gives the opportunity of rollback towards middle Bollinger band (2284.2). It is, of course, not recommended to sell.

Expectations: 2342.3 region attack (possibly following rollback to 2284.2 region)

Solutions: consider buying to 2342.3 (the best entry point is 2284.2)

Brent

Monthly chart: ADX's state is not clear, the cart is within broad flat corridor of 33.45-64.75. Such set-up is not favorable for trading.

Weekly chart: here we can see upward pressure on levels 60.48 and 64.71. Bulls didn't manage to close market only in their favor. For now consider only buying.

Daily chart: ADX is growing but not trending yet, so we may expect another rollback to support levels 55.72 and 54.34 (middle and lower Bollinger bands).

Expectations:

Core scenario - rollback to 55.72 region and rise towards 60.48

Alternative scenario - direct rise towards 60.48 with no preliminary rollback

Solutions: consider buying towards 60.48 (the best entry point is 55.72)

Gold

Monthly chart: gold is inside upper Bollinger envelope, that promotes growth to 1364.11 (upper band). However, ADX is dropping, so there is no trend potential within this time frame.

Weekly chart: there is similar situation but ADX is growing (although it didn't reach trend yet). Resistance level is around 1338.59 (upper Bollinger band).

Daily chart: here ADX is active and trending but not growing yet. Upper Bollinger band breakout (1242.45) is needed to trigger bullish attack

Expectations: 1242.45 region attack. In case of successful attack and breakout, further growth is possible. If not, we expect rollback towards 1215.13.

Solutions: consider buying to 1242.45 (the price may go higher but I suggest not to risk it)