We had four strong days of trading to close last week, and we’re approaching a critical resistance level. We’re above the 50-day moving average, and if we can break that resistance, we could see another move higher.
Until then, we need to be very careful because there aren’t many catalysts on the table right now. We do have some good earnings to watch out for, and some Fed speakers on Monday and Tuesday.
The big market mover this week will be the FOMC minutes on Wednesday, and Fed Chair Jerome Powell speaking Friday, when we may get clues about the next rate decision.
Crude oil is falling again after breaking the 200-day moving average, and I don’t expect much directional movement in the near term.
Gold, meanwhile, is killing it, and there’s still room for it to go higher. The two gold stocks I still like are AngloGold Ashanti plc (AU) and Matthews Emerging Markets Equity Active ETF (MEM).
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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