The VIX (VX) surged more than 8% Friday (on the May contract), at one point breaking above the February high. The VX is trying to form a higher April low versus the March low, and is in the process of completing a major bottom (as can be seen more easily on a monthly chart on tradingview.com)…
Silver (SI) surged Friday with a daily Hammer, breaking to the highest level since June 2021. SI has in the past week decisively broken the downtrend resistance line connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
The S&P500 (ES) slid more than 0.5% Friday, consolidating further as seen by last week’s second straight weekly Doji near the 2024 high. ES is looking increasingly fatigued and near completion on what is arguably an ascending wedge (on the weekly chart)…
Gold (GC) gained nearly 1% Friday for its 8th straight green daily candle, closing the week just shy of Friday’s fresh 2024 and record high. GC has broken above a Bull Flag resistance since August 2020 (as seen easier on a monthly chart on tradingview.com) and is poised to extend the Bull Flag higher in much of the next few months…
Nasdaq100 (NQ) edged more than 1% lower Friday, closing ahead of Monday’s US Presidents’ Day shortened session just below last Monday’s fresh record high. Another red weekly candle this week would suggest NQ has been rejected at upchannel resistance (on the weekly chart)…
WTI Crude (CL) edged another near 1% higher Friday, completing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Happy 2024! Hope you’ve enjoyed the holiday season. The S&P500 (ES) edged higher Friday from the July high, but remains vulnerable going into this week after forming the 1st red weekly candle in 10 weeks. With ES having arguably been rejected by upchannel resistance (on the weekly chart), odds are moderate and rising for a swing back to upchannel support sometime in Q1 (despite December’s record high as can be seen more easily on a monthly chart on tradingview.com)…
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 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…
