Gold (GC) formed a daily Gravestone Friday with its weekly Hammer consolidating the prior week’s decisive break above downchannel resistance (on the weekly chart). With GC testing the August high and psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (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…
Natural Gas (NG) surged more than 5% Friday, adding to the strong gains Thursday off just above the 2023 low. NG has now completed a major bottoming effort since May (as can be seen easier on a monthly chart on tradingview.com), but likely has a bit more upside this week before it bumps against the psychologically key 3.5 whole figure level and the August high…
The USDCAD surged more than 150 pips Friday from the day’s low (just above the September low) to the intraday high and close. The USDCAD has bounced off an uptrend support that began in July (as seen on the weekly chart), closing last week above the psychologically key 1.35 whole figure level…
WTI Crude (CL) gained for a second straight day Friday closing the week near the July high above the psychologically key 80 whole figure level. CL appears to be in the late stages of consolidating from its 2023 high (set 2 weeks ago) after sharply reversing from last week’s weekly Hammer low…
Nasdaq100 (NQ) slid more than 0.5% lower Friday, closing the week near its low. NQ increasingly appears close to completing its massive rally from the 2022 low (in October) to the 2023 high (formed in July) with NQ testing ascending wedge support (on the weekly chart). If the August candle (as can be seen more easily on a monthly chart on tradingview.com) elongates in its red body to below the June low, the July high will likely have marked the high for 2023…
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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….
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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…
