Weekly review of S&P500 index, oil and gold | 24 July 2015

Monthly chart: bulls bolted off to work on the upper Bollinger band (2190.6), but ADX is persistent in its decline, so we are waiting for a downward reversal.

Weekly chart : Divergence is one more proof of weakening of bulls. We also note ADX/RSI.

Day chart: Northern pressure has been preserved and the upper Bollinger band still breaks Highs, so resistance around 2139.0 under load.

Expectations: meanwhile, here we witness growth. Resistance 2139.3 can hold bulls, but in general they have a chance to work in the direction of 2190.6.

Trading decisions

1) It is too early to sell but buying is dangerous too. Nevertheless, those working to buy/sell on trend can try to buy (or not close earlier opened Buy) expecting that the price would reach 2190.6

"Brent" oil

Monthly chart: Meanwhile, our middle-term scenario (decline to 42.64) is proving its worth. Waiting for Iranian oil to enter markets and even more abrupt decline.

Weekly chart: an intermediate support from the bottom Bollinger band (54.05) is holding bears, so we are considering two paths: the price would continue its direction breaking its support (red arrow), or a preliminary pullback to the area of the middle band (62.17, blue arrow)

Day chart even a better shaped resistance on 60.48 (the middle Bollinger band),

Expectations:so, this week support 54.05 can be attacked. But a preliminary pullback in the upward direction is probable 60.48.

Trading decisions:

1) We are keeping sales open. If the price grows to 60.48, we shall add a position to short. Target of this week is 54.05, but we can keep it for the long term to 42.64.

Золото

Monthly chart: load to the support around the bottom Bollinger band (1119.03) is growing. Its loss will bring Gold to get under a critical level 1000 USD per ounce.

Weekly chart the bottom Bollinger envelope has been broken, which is avery good Southern signal. Waiting for the price around the middle band (1187.40) and sell.

Day chart: the bottom envelope has been broken too! The middle band is better shaped on 1167.83.

Expectations: so, gold is going to fall and that is going to take a long time. We can be lucky to get a pullback to 1167.83, where we can sell in the middle term. Targets are around 932.80.

Trading decisions:

1) Waiting for an upward pullback and sell in the area 1167.83.