Nasdaq100 (NQ) slid roughly 1.5% Friday, closing just above the September and October lows. With NQ poised to complete its Bear Flag consolidation (of the past month on the weekly chart) in the next week or so, NQ has all but made a lower 2023 high versus the 2021 high…
The USDCAD surged more than 150 pips Friday from the day’s low (just above the September low) to the intraday high and close. The USDCAD has bounced off an uptrend support that began in July (as seen on the weekly chart), closing last week above the psychologically key 1.35 whole figure level…
The S&P500 (ES) edged lower with a daily Gravestone Friday, closing the week just above what is likely to become initial upchannel support (on the weekly chart). With the lower September low versus the August low, ES will all but form a lower September high versus the August high, with the July high likely to have been the high for 2023…
The USDJPY edged higher Friday, closing around the September and 2023 high. With the USDJPY extending last week its massive rally since January to above its 76.4% Fib retrace of the October to January slide, a test of the October high is now likely by year end…
The S&P500 (ES) formed a daily Doji Friday after Thursday’s daily Hammer, trying to halt the slide from the September high. Any break below ascending wedge support (on the weekly chart) sometime next week dramatically increases the likelihood of a lower September low versus the August low, and that the July high was the high for 2023…
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The S&P500 (ES) is edging higher just shy of Monday’s fresh 2023 high and triangle resistance (on the weekly chart). Any selloff following today’s highly anticipated US Non-Farm Payrolls (NFP) at 830am EST will dramatically increase odds of a break going into next week below upchannel support (on the 4hr chart)…
The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…
The S&P500 (ES) is consolidating after edging higher yesterday to a fresh 2023 high above triangle resistance (on the weekly chart). ES increasingly appears ready to join the Nasdaq100 (NQ) in gravitating to the 61.8% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com)…
The VIX (VX) is consolidating for a second straight day Wednesday’s surge, appearing poised to continue next week efforts at a major bottom with the green weekly Tombstone trying to bounce off the 2023 low. Any break today above downchannel resistance (on the 4hr chart) and descending wedge resistance (on the daily chart) will dramatically increase odds next week of a break of the weekly chart descending wedge resistance….
