S&P500 (ES) Consolidates Just Above Weekly Chart Downchannel Resistance

The S&P500 (ES) is trying to firm, but remains vulnerable this week to a deepening in the consolidation that began Friday. Although the February high formed Thursday has been slightly higher than the January and December highs, a slide back (this week) below the psychologically key 4k whole figure level and the uptrend support (on the weekly chart) connecting the October and December lows would keep alive the possibility (albeit moderately unlikely for now) that the break above the weekly chart downchannel resistance was a Bear Trap…

Natural Gas (NG) Testing Weekly Chart Downchannel Support

Natural Gas (NG) is trying to bounce off this week’s fresh 2023 low near downchannel support (on the weekly chart). With NG arguably breaking above descending wedge resistance (on the daily chart), odds are elevated following Thursday’s highly anticipated weekly storage data for a break above downchannel resistance (on the 4hr chart) and a daily close above the psychologically key 3 whole figure level…

WTI Crude (CL) Just Below Weekly Chart Downchannel Resistance Ahead of Inventory

WTI Crude (CL) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period…

WTI Crude (CL) Weekly MACD Tries Positively Crossing

WTI Crude (CL) is trying to add to yesterday’s gains after breaking above the psychologically key 80 whole figure level. Any decisive surge above the slightly downsloping resistance line (on the daily chart) connecting the December and January highs will likely though have to wait until after Thursday’s highly anticipated weekly inventory data (postponed from today due to Monday’s US Dr Martin Luther King Jr Day holiday).

Nasdaq100 (NQ) Nearing Weekly Chart Descending Wedge Resistance

Nasdaq100 (NQ) is consolidating after the strong short covering last week, taking a breather before it attempts an extension to descending wedge resistance (on the weekly chart) going into February. NQ does not appear likely to slide back to the 2022 low before month end, with any test of the psychologically key 10k whole figure level and weekly chart descending wedge support likely deferring until at least mid February…

Nasdaq100 (NQ) Tries Bouncing To Weekly Chart Descending Wedge Resistance

Nasdaq100 (NQ) is consolidating after the strong short covering this week, taking a breather before it attempts an extension to descending wedge resistance (on the weekly chart) going into February. NQ does not appear likely to slide back to the 2022 low before month end, with any test of the psychologically key 10k whole figure level and weekly chart descending wedge support likely deferring until at least mid February…