Natural Gas (NG) Breaks Weekly Chart Ascending Wedge Support

Natural Gas (NG) slid a massive 16% plus yesterday, breaking below upchannel support (on the daily chart) and ascending wedge support (on the weekly chart). Odds are high for a test of the psychologically key 7 whole figure level following Thursday’s highly anticipated weekly storage data, but any further downside ahead of the weekend will likely be limited to downchannel support (on the 4hr chart)…

Nasdaq100 (NQ) Testing Weekly Chart Downchannel Support

Although the Nasdaq100 (NQ) formed a fresh 2022 low yesterday, with the NQ at downchannel support (on the weekly chart), the NQ is only moderately likely to slide further this week to downchannel support (on the daily chart). Any break above downchannel resistance (on the 4hr chart) will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by early next week….

VIX (VX) Tries Bouncing Off May Low

The VIX (VX) is beginning to form a weekly Hammer, holding the higher May low versus the April low, and reinforcing the uptrend (as seen by the higher May high versus the April high). Any break above downchannel resistance (on the 4hr chart) would dramatically increase the likelihood of retesting the 61.8% Fib retrace of the April to May bounce in the few days after…