[Video] Minor rebounds on WTI and S&P 500 face resistance

WTI posted a relatively mild gain on Friday, but stopped well short of erasing Thursday’s 7% decline. The S&P 500 could also be carving out a swing high.

Stocks (2)


  • We also take a look at Visa Inc (V) in today’s video after it produced a particularly bearish candlestick pattern on Friday.
  • Gold is trading lower today and bears try to carve out a top below 1755. As long as this continues to hold as resistance then our bias remains for another attempt to test 1700. A break above 1764.72 would regain our bullish interest.
  • Nasdaq held above 12,726 support and printed a small bullish candle. It’s hardly a victory for the bull-camp though, so we remain on guard for a break beneath this key support level. A break above 13,300 however would be constructive for the bull case.
  • You can see our analysis for gold, WTI and the Nasdaq in Friday’s video.
  • Eli Lilly (LLY) has continued to trade lower since Tuesday’s video and notched up five consecutive bearish days. Perhaps it could be time for a minor retracement. Our bias remains bearish below the gap near 192 and target remains around the gap near 176.
  • Tesla (TSLA) is now on the backburner with a break beneath 651. Whilst it still shows potential for an inverted head and shoulders pattern (break above 721.11 confirms) and Friday produced a bullish hammer, price action is not playing ball with the original thesis so we’ll wait for the picture to become clearer.

S&P 500 (-0.06%) 19 March 2021
  • The index closed -1.78% below its 52-week high
  • 230 (45.54%) stocks advanced and 273 (54.06%) declined
  • Communication Services (0.8%) was the strongest sector and Real Estate (-1.26%) was the weakest
  • 6 out of the 11 sectors outperformed the index
  • 86.34% of stocks closed above their 200-day average
  • 75.25% of stocks closed above their 50-day average
  • 64.95% of stocks closed above their 20-day average


More from Forex

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.