The recent bullish technicals on the risk-off assets (precious metals & US Treasury Bonds) continue to play out although the odds for a pullback in Treasury are starting to increase as both the 10-year & 30-year Treasury Bonds has now hit resistance/price target zones at the same time the stock index futures have hit support in early-hours trading. On the 60-minute chart below, /ZB (30-yr T-bond futures) has hit the 162’065 target high with negative divergence building.
ZB 60m Sept 23rd
/ZN (10-yr Treasury futures) continued to provide multiple objective long entries on pullbacks to the minor uptrend line although it has now hit the 130’016-130’107 target zone with potential divergences forming on the indicators.
ZN 60m Sept 23rd
/GC has steadily advanced since the last successful test & objective long entry at the key 1492 support level with gold futures trading just above the 1522 target at this time.
GC 60m Sept 23rd
/SI silver is trading just above the 18.381 target following the divergent low on Sept 13th & subsequent buy signal with the breakout & backtest of the yellow downtrend line followed by the breakout above the secondary (minor) downtrend line. However, the R/R to adding to silver is not very favorable at this time due to the near-term overbought conditions & the PPO starting to turn back down at high levels. As such, it would be preferable for those not already long to wait for a more objective entry such as on a pullback to the 18.060 support if that comes soon (although I’m not so sure it will).
SI 60m Sept 23rd
/PL platinum is now approaching the 962.50-968 target/ resistance zone following the breakout & successful backtest of the 60-minute bullish falling wedge pattern that was recently highlighted.
PL 60m Sept 23rd
/NQ (Nasdaq 100 futures contract) is testing the neckline of the Head & Shoulders topping pattern on the 60-min chart with 7789 support level just below with a sell signal to come on an impulsive break below both.
NQ 60m Sept 23rd
Likewise, /ES (S&P 500 futures) is testing the 2980 support following the recent divergent high Whether or not the precious metals will continue to rally or pullback off the aforementioned resistance levels/price targets will likely depend on whether the $NDX can hold & rally off these support levels.
ES 60m Sept 23rd