Neural Market Trends |||

Market Report for Jan 16, 2020

It’s Saturday, January 16, 2021, and this your Gold, Silver, Bitcoin, and Stock Market report. The markets take a pause this week to catch their breath! Gold and Silver drop this week, Bitcoin sells off from record highs, and the Dow Jones / Nasdaq / S&P500 pull back from recent highs.

The markets are entering a consolidation phase with profit-taking happening in the stock markets and possibly Bitcoin. We expect more of this in the coming week as Biden Administration takes over. That said, the threat of violence from alt-right terrorists is quite possible for next week which could generate volatility in the highly speculative markets of Bitcoin and Silver.

President-elect Biden announced a stimulus that he will send to Congress on Day 1 of his administration. This is good news for the Markets and we expect Gold, Silver, and Bitcoin to move higher from here. Additionally, the Stock Markets should move higher from here as well after the consolidation phase.

Gold Chart

Gold had a bad week as money left the metal markets and continued into the Stock Market and Bitcoin. Gold opened the week lower and closed below a new support line. Gold closed lower to $1,829.30 from $1,834.09 last week, for a loss of -0.26%. Our models forecast a pretty flat to slightly higher close for next week to the $1,850 level for gold. We believe that Gold will drift lower from these prices.

Note: Red lines are key resistance, Green lines are key support

Silver Chart

Silver had a fairly low volatile week last week, but it did end lower. After an initial gap up opening for the week, it closed down but higher than last week’s close. Silver closed up to $24.825 from $24.58 last week, a positive change of +0.98%.

The models are forecasting a higher close for Silver to the $25.65 level. It would appear that the metals are pausing right now but we do expect Silver prices to drift lower from here.

Note: Red lines are key resistance, Green lines are key support

BTC to USD Chart

Bitcoin pulled back this week. To the casual observer you would say that it was crashing, however volatile and large price swings are nothing new for Bitcoin speculators. This was a run of the mill’ market correction for Bitcoin. Bitcoin closed lower to $36,825.36 from $40,797.60 last week, a drop of -9.73%. Model forecasts point to a flat close to Bitcoin next week to the $36,572.37.

It should be noted that Bitcoin remains in a parabolic move at this point which is a very unsustainable and volatile chart pattern. Proceed with caution if you are a speculator.

Note: Red lines are key resistance, Green lines are key support

Dow Jones Chart

The Dow Jones closed lower this week from the previous week as it caught its breath. The Dow Jones closed down to 30,814.25 from 31,097.97 last week, a change of -0.91%. Our models point to a higher close for the Dow Jones next week to the 31,000 level, near its record highs.

We believe that we may see some volatility for the Stock Market at these record levels as healthy profit-taking occurs. After that, we expect the markets to keep breaking records as the Biden administration will effectively roll out the Covid 19 vaccine.

Note: Red lines are key resistance, Green lines are key support

Nasdaq Chart

The tech-heavy Nasdaq took a breather this week too. It closed to 12,998.5 from 13,201.98 last week, down -1.54%. Next week’s forecast is for a higher close to the 13,076.00 level.

Many of the stock market indices are showing topping patterns as consolidation (profit taking) begins at these record levels. It is always wise to take profits.

Note: Red lines are key resistance, Green lines are key support

S&P500 Chart

Last but not least for this week’s market report is the S&P500. The S&P500 closed the week to 3,768.25 from 3824.67 last week. This was a drop of -1.47%.

Our models are forecasting a flat to higher close to the 3791 level next week. Just like the indices above, we should see more profit-taking and consolidation before the markets move higher and possibly break the record highs.

Note: Red lines are key resistance, Green lines are key support
Up next 2021-01-10-GILT 2021-01-13-QYLD-dividend-history1
Latest posts In the End, Climate Change Is the Only Story That Matters The Colorado River Is Dying. Lawns Are Dumb SPX Inflation Check - Energy Prices Keep Going Lower Inflation Check - Soft Commodity Prices Starting To Break Inflation Check - Meat Prices Starting To Break Inflation Check - Grain Prices Starting To Break It’s either to the moon or wendys More Bosses Are Spying on Quiet Quitters TensorStore for High-Performance, Scalable Array Storage recent sale 1875s united states trade dollar recent sales 187477 counterfeit united states CEO Pichai fields questions on cost cuts at all hands meeting" /> CO2 than the entire Western hemisphere" /> #Design Patterns for Deep Learning Architectures Quantitative Easing and Rates meme Selling AI KB Homes and Real Estate Reckoning GME - What A Hunk Of Crap GILT Weekly Chart Heating Oil Keeps Dropping - Thank Goodness! SPY This is why I don't sell Great Wall of China Locations FMS, an agent based Financial Market Simulator — FMS 0. The Fed forecasts hiking rates as high as 4pt6pct before ending inflation fight JPOW must be house shopping" /> I’m going to sue all of you Forecasting Medium Subscriber Count With Facebook Prophet NVDA