S&P 500 futures ended the week at 2720.75, continue to decline from the previous down week. The index is currently below 20 week SMA (green line) with 50 week SMA (blue line) as the next support. Suggest trader to stay sideline until a more obvious trend is formed. Option trader can take advance on the sideway market to sell iron condor at 2600- (put side) and 2800- (call side) respectively and willing to change view when trend emerges.
Crude oil futures formed a white long weekly candlestick. Those who has followed the call last week should be very comfortably in the money (making good un-realised profit if still holding the position).
Gold futures ended at $1254. Index declined despite stock market dropped. 200 week SMA at 1235 should continue to act as the next strong support. As per last week comment, the index continue to bounce between 1240 to 1370. Option trader with no position can consider to initiate long position (either Bull Call Spread, Bull Put Spread or both) to take advantage on the potential bounce back.