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)…
Tag: S&P500
VIX (VX) Bounce Off 2023 Low Testing Key 20 Level
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….
USDCHF Breaks Weekly Chart Descending Wedge Resistance
The USDCHF is consolidating after surging from Monday’s low, hesitating at triangle resistance (on the daily chart) and digesting this week’s break above descending wedge resistance (on the weekly chart). With the USDCHF comfortably above the psychologically key 0.90 whole figure level, odds are decent for renewed momentum next week in the bounce off the 2023 low and the weekly chart descending wedge support…
VIX (VX) Tests Daily Chart Descending Wedge Resistance
The VIX (VX) is consolidating Friday’s bounce off the fresh 2023 low, but remains at moderately low risk of sliding further this week to the daily chart descending wedge support one final time. Any break above downchannel resistance (on the 4hr chart) in the next few days will likely coincide with a reclaiming of the psychologically key 20 whole figure level…
S&P500 (ES) Consolidates After Surging to New 2023 High
The S&P500 (ES) is consolidating after surging for 2 straight days to a fresh 2023 high and triangle resistance (on the weekly chart). Odds are now elevated for the ES to join the 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) by month end…
VIX (VX) Tests 2023 Low Ahead of US Retail Sales
The VIX (VX) is testing the 2023 low formed early May, with any further downside today dramatically increasing the odds of testing the daily chart downchannel support in the week after. Nevertheless, the VX is arguably in the advanced stages of a descending wedge (on the 4hr chart), with a short covering this week back to downchannel resistance (on the daily chart) and the psychologically key 20 whole figure level moderately likely…
S&P500 (ES) Daily MACD Trying to Positively Cross
The S&P500 (ES) continues consolidating as seen by the near complete weekly Doji. With ES hesitating just under the 2023 high and 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), it does not appear ready to join the Nasdaq100 (NQ) in breaking to a fresh 2023 high…
S&P500 (ES) Continues Consolidating Just Below 2023 High
The S&P500 (ES) is consolidating for a second straight day after Friday’s bounce to near the 2023 high, hovering just under 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). Any break this week above the April high will suggest an extension of the bounce off the October low to a fresh 2023 high…
VIX (VX) Reclaims Key 20 Level Ahead of NFP
The VIX (VX) is consolidating yesterday’s surge to downchannel resistance (on the daily chart). With the VX now back above the psychologically key 20 whole figure level after the dip late April to below it to a fresh 2023 low, the VX is now forming a long bodied green weekly candle, halting a 6 week slide from the 2023 high….
Nasdaq100 (NQ) Nears 50% Fib Retrace of Nov’21-Oct’22 Slide
Nasdaq100 (NQ) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April. Odds are elevated for a retest this week, of 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)…