Midday Market Minute Monday Jan. 31
Risk on Rally! We have remained bullish as long as the S&P remained above 4260, and here we are, breaking through another level of ours, 4440. Both the Nasdaq and the S&P are now approaching resistance levels going back to 1/21.
Opec+ is in the mix this week, with Crude Oil remaining above $85.50 per barrel. The meeting will shine light on whether they have the spare capacity to add to the supply. Add geopolitical issues to the blend, and we could see a march towards $90 by week end.
Gold is attempting to ping the $1800 level once again, with Silver disappointing traders this session, moving below the 50DMA.
Photo by Erik Mclean on Unsplash
Video Length: 00:03:57
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