This is a pre-live session market update in 30 seconds for the paid & free subscribers.
WLGC Session 143 (Week 20, 2024) will start on 14 May 2024 (Tuesday), 8 pm (GMT + 8).
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Market Update in 30s
Last Tuesday we discussed a potential bearish reversal in the S&P 500 from 5200 (if it happened) and why it is not a decent setup compared to the previous bearish flag breakdown.
The breakdown did not happen and 5200 acted as support while S&P 500 grinding towards the axis zone at 5260-5270.
Although the market went up a little bit every day, the poor demand is a concern.
A slight increase in the supply could easily reverse the current upswing.
Nevertheless, a big trading range is unfolding for the S&P 500.
As anticipated, Gold broke out from the falling wedge while crude oil continues to show weakness.
We discussed Gold's super mega accumulation structure since 2021 and this uptrend is likely the beginning phase (Refer to the Gold monthly chart below: cup and handle breakout).
gold momentum is very strong and consistent. Geopolitical issues aside, more bullish ahead!