It has been a record run so far this year as all the major indexes continue to accelerate upwards and set new highs. This was was no different.
The S&P500 closed today at 2,810
Up 1.42% for the week
The market doesn’t seem to care about a potential government shutdown
All things equal, our short to medium S&P500 target is 3,000 and that projection still stands.
As expected, Oil prices faded for majority of the week as commodities traders felt that price per barrel was overextended and as such, locked in profits. Current price per barrel is $63.47.
- I am bullish oil for the 2018 year
- Next short term price target is still $65
- Long term price target $70
- New long term support at $60
Gold’s upward price trajectory slowed as the metal lagged and volatility ramped up this week. Current spot price is $1331 an ounce.
- I’m neutral on gold for the short term
- Long term resistance at $1,350
- Proverbial support at $1,300
As majority of us know, the cryptocurrency markets the past week got further annihilated due to global regulatory pressures. There was a glimmer of hope in the constant sea of red ad prices eventually bottomed and steadied Wednesday night. Currently prices have not yet exploded upwards and look to be consolidating.
Here is this week’s chart for Bitcoin:
- A horrid start to the year for the cryptocurrency markets as a whole
- Historically, January has always been a depressed month for crypto prices
- I personally see prices picking back up eventually and moving upwards in the near term
For those not in the know, we finally launched our ELITE Membership on Tuesday January 16th and it has been great so far. All members got my exact crypto trade entries and this far I have near bottom picked it. My stock trades have also been shared and so far EVERY alert is so far making money. Not a bad start at all if I say so myself.
If you are at all interested in learning and earning alongside me, please visit our website or contact me directly.
I hope everyone had a good week thus far and I shall be taking a much needed break this weekend; okay who am I kidding, I likely won’t.