Monday Market Outlook: Bullish Signals in Oil, Futures Markets
Positive signals in overnight futures as well as pronounced upward movement in oil prices are suggesting more upside-oriented trading trading this week. "We're seeing some good energy right now as we work back up above Friday's high [in the S&P]," says Lichtenstein this morning. "We're exhibiting some strength and holding levels that we need to be holding in order to test that upper extreme of 1300."
We can certainly expect some bullish sentiment to remain priced in after last weeks coordinated central bank policy easing. The question, as always, is the degree to which the bulls can win out over the bears, who have fundamentals and headline risk on their side. Lichtenstein: "I see some resistance around 1270 even, the upper-extreme spike high that we saw at the end of October which was right around 1290, and again the psychological level of 1300. But that's going to take some energy, some conviction on behalf of the bulls."
Make it a safe and productive week - we'll see you back here next Monday.
Posted in: Ben Lichtenstein