Although not all-inclusive, here are a few of the charts (via futures) that I’m watching today:
Both /NQ & /ES (Nasdaq 100 & S&P 500 E-minis) broke down below their respective uptrend lines last night after failing on the bounce back to resistance yesterday. /ES is currently trading right on the 2830 support which gives the market a chance to bounce here while a solid break below that level should open the door to another wave of selling & a thrust down for /ES & /NQ to test the significant March 13th lows. I’m leaning towards the former scenario but should the markets bounce here, they still face several significant resistance levels not far overhead which are likely to cap any bounce today.
/GC gold futures continue to rally since Wednesday’s divergent low & is now approaching the 1284.50ish target. I also see some potential bullish developments on the 60-minute charts & might add gold as an official trade as early as today in anticipation of a breakout above that falling wedge pattern on the daily & weekly charts.
/CL crude futures continue to move impulsively lower following the most recent divergent high which was highlighted on Monday, already hitting & exceeding the minor uptrend line target. /CL has also made an impulsive break down below the 60.45-63.00 trading range with the USO Active Short Trade currently indicated to gap below the second price target at the open today.