Nasdaq100 (NQ) is consolidating after surging more than 2.5% yesterday, and is trying to complete its 4th straight weekly Hammer or Doji. NQ is arguably back in the advanced stages of a Bull Flag near the 2023 high (formed in April), where it appears to be gearing up to retest in May, the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com)…
Tag: ES_F
Nasdaq100 (NQ) Continues 3 Week Consolidation Near 2023 High
Nasdaq100 (NQ) is struggling to extend a Bull Flag near the 2023 high (formed in April). With NQ just above the 38.2% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com), NQ is appearing increasingly unlikely to muster enough upward momentum in its rally off the October low to make a final push by May sometime to upchannel resistance (on the weekly chart)…
S&P500 (ES) Tries Forming 3rd Straight Weekly Doji Near 2023 High
The S&P500 (ES) is consolidating after forming a fresh April high (Tuesday), beginning to struggle as it slips back beneath the 50% 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). Nevertheless, any regaining of the 2023 high formed February before month end will dramatically increase odds of testing the August high by May sometime…
S&P500 (ES) Testing 50% Fib Retrace of Jan’22-Oct’22 Slide
The S&P500 (ES) is consolidating near a fresh April high, hesitating as it tests the 50% 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), and nears the 2023 high formed February. Further creating caution is ES bumping up against a downtrend resistance (on the weekly chart)…
S&P500 (ES) Weekly Hammer Nears 2023 High
The S&P500 (ES) is consolidating just shy of the April and February high, forming a weekly Hammer just below downtrend resistance (on the weekly chart). ES now appears more likely to test the August high in April than the psychologically key 4k whole figure level…
VIX (VX) Weekly Doji @ Fresh 2023 Low
The VIX (VX) is trying to firm after sliding yesterday to a fresh 2023 low below the psychologically key 20 whole figure level. Nevertheless, with the VX arguably nearing descending wedge completion (on the 4hr and daily chart), the VX appears more likely to retest the March high in April than to slide all the way to downchannel support (on the weekly chart) in the same period…
S&P500 (ES) Testing Weekly Chart Downchannel Resistance
The S&P500 (ES) is consolidating after gaining 4 straight days, hesitating as it bumps against the weekly chart downchannel resistance. Odds are now moderately high for a retest of the August high in April. Before bears get excited, they’ll need to see a daily close this week below the psychologically key 4k whole figure level…
VIX (VX) Nears 2023 Low Ahead of Q2
The VIX (VX) is trying to firm after sliding from last week’s 2023 high, but remains vulnerable to retesting the 2023 low and the psychologically key 20 whole figure level going into April. Any reclaiming of this week’s high will likely have to wait until next week, and would dramatically increase the odds of testing the key 25 level in the few days after…
S&P500 (ES) Daily Chart Triangle Near Complete
The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level. Although ES managed to hold the 2023 low 2 weeks ago, the ES has been reluctant to extend its subsequent bounce…
VIX (VX) Consolidating Near Key 25 Level
The VIX (VX) is consolidating after bouncing strongly yesterday off a much higher low versus the 2023 low (from 2 weekly candles ago). Any weekly close above the psychologically key 25 whole figure level would dramatically increase odds of a test of this week’s high next week…