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…
The S&P500 (ES) is consolidating with its weekly Hammer just shy of the psychologically key 4k whole figure level. With last week’s weekly Doji bouncing off just above the 2023 low, the ES has been trying to halt the slide from the February peak…
The VIX (VX) has seen strong profittaking from Wednesday’s fresh 2023 peak, but should be finding support soon as it drifts back towards this week’s low, just above where the VX had broke above the weekly chart descending wedge resistance. Any weekly close above the psychologically key 25 whole figure level would dramatically increase odds for a retest of this week’s high in the few days after…
The S&P500 (ES) is trying to form a weekly Doji after rebounding off near the 2023 low and the 61.8% Fib retrace of the October to February bounce. Although odds are now moderate for this week’s short covering to spring ES back to the psychologically key 4k whole figure level, ES is less likely to retest the weekly chart downchannel resistance before month end than it is to slide below the November low in the same period…
The VIX (VX) soared more than 10% yesterday, breaking back above downchannel/descending wedge resistance (on the weekly chart). The VX is all but assured of a weekly close above this key bull/bear battleground, dramatically increasing odds of testing the psychologically key 25 whole figure level and January high sometime in March…
Natural Gas (NG) continues consolidating after the strong profittaking from the psychologically key 3 whole figure level briefly reached Friday. Although NG has unwound most of last week’s gains, it has made progress in its major bottoming near downchannel support (on the weekly chart)…
Nasdaq100 (NQ) is consolidating Friday’s bounce, hesitating as seen by the weekly Doji forming just above the psychologically key 12k whole figure level. Any break above the 4hr chart downchannel resistance this week will likely coincide with a retest of triangle resistance (on the daily chart)…
The S&P500 (ES) is consolidating after yesterday’s bounce, but remains wobbly going into next week with a weekly Doji trying to form just below the Oct-Feb uptrend support (on the weekly chart). Any weekly close below the psychologically key 4k whole figure level would reinforce the idea that the slightly higher February high versus the January and December highs was a bear trap…
Natural Gas (NG) is trying to gain for a 6th straight day, but appears ready for healthy consolidation after the strong bounce off downchannel support (on the weekly chart) and last week’s fresh February low. NG has in all likelihood formed a major low just above the psychologically key 2 whole figure level (on the April contract), but may see a pullback following Thursday’s highly anticipated weekly storage data back to downchannel resistance (on the daily chart)…
The VIX (VX) slid almost 4% yesterday after bumping against downchannel/ descending wedge resistance (on the weekly chart), but remains poised for another test this week of this key bull/bear battleground. Any reclaiming of last week’s high will dramatically increase odds of testing the psychologically key 25 whole figure level and January high in the week after…
