Technical analysis of the four major assets: Gold, WTI Crude Oil, Bitcoin, and S&P 500 Index trend forecast

Market Background: AI Valuation Concerns Continue to Weigh on Stocks

Fund managers’ cash holdings have fallen to 3.7%, a rare low since 2002, indicating excessive market concentration. Based on historical patterns, the Bank of America strategy team issues a warning that there is a risk of a market correction in the next 1 to 3 months, while US Treasuries are expected to be relatively resilient. This Thursday, the US non-farm payroll data will set the tone for the Federal Reserve’s December interest rate decision.

Gold Trend: Bottoming and Rebound Brewing

Gold rose by 0.4% on Wednesday (November 19), reaching a high of $4098, just shy of the round number. Although fluctuating within the $3890-$4225 range, holding above the $4000 psychological level suggests a short-term rebound is forming.

Key Levels for the Market:

• A break above $4100 resistance could extend the rally toward $4130-$4220
• After the rebound ends, focus on whether the $4000 support holds
• Around November 27 is an important time window

Technical Support/Resistance: Support levels: 4000, 3930, 3760 | Resistance levels: 4100, 4220, 4320

WTI Crude Oil: Upward Momentum Accumulating, Risks to Watch

WTI crude oil rose by 1.42% on Tuesday (November 18), reaching a high of $60.85, with three days of gains in four. The AO indicator shows upward momentum building, and traders should watch for the possibility of further gains once oil stabilizes above $60.

Key Observations:

• Major resistance around $65.5
• Support focus at $58.0

Technical Support/Resistance: Support levels: 60.0, 58.3, 56.0 | Resistance levels: 62.0, 65.0, 70.0

Bitcoin: Short-term Correction Opportunity Emerges, Medium-term Risks Remain

Bitcoin is currently trading above $90,000, down nearly 30% since early October. The series of lower lows and lower highs form a clear downtrend, but after a sharp decline, a rebound correction is strongly needed. In such deep sell-offs, how traders quickly stop the bleeding and seize rebound opportunities is key—short-term support can be observed at $92,000.

Current BTC price: $92.18K, 24-hour change: -1.78%.

Rebound Scenario: If Bitcoin stabilizes above $92,000, it could challenge $96,000 and even $100,000.

Risk Management: Given the medium-term trend remains weak, if stable support is not established above $100,000, the price will revisit $86,500 to $75,000.

Technical Support/Resistance: Support levels: 92,000, 90,000, 85,000 | Resistance levels: 100,000, 106,000, 108,500

S&P 500 Index: Depth of Pullback Uncertain, Caution on Rebound

The S&P 500 fell 0.83% on Tuesday (November 18), hitting a new low of 6574 points in a month. It is currently in a consolidation and correction phase after the rally since early April, with downside risks still present.

Short-term Focus Levels: 6760 as a technical turning point

• If the index recovers and stays above 6760, further decline toward 6550-6430 is likely
• To reverse the downtrend, it needs to rebound and stabilize above 6820

Technical Support/Resistance: Support levels: 6550, 6430, 6330 | Resistance levels: 6760, 6820, 6920

Overall, the four major assets face technical correction pressures. Gold and oil show signs of a phase rebound, while Bitcoin and stock indices still have significant short-term correction space. Traders should adjust their positions flexibly according to their risk preferences.