Charts I'm Watching Today

Regarding the equity market, the white lines on these 60-minute charts of SPY & QQQ are support levels below, with a solid break and/or 60-minute close below each level increasing the odds for a continued move down to the next support level. Yellow lines above are resistance levels that could come into play should the market continue to rally from here with the green arrows showing a potential near-term bullish/longer-term bearish (alternative) scenario of another thrust up to a marginal new high while putting in negative divergence before a significant trend reversal with my preferred, bearish scenario in red. (gallery/multiple charts may not appear on subscriber email notifications but can be viewed on the site)

As the largest publicly traded company in the world as well as the largest component of both the S&P 500 and Nasdaq 100 (and the only $1T stock), I’ll be watching to see if MSFT (Microsoft Corp) closes red today as a confirming sell signal to yesterday’s bearish engulfing candlestick & potential divergent high/potential false breakout).

GLD (gold ETF) continues to play out as predicted for over a year now & with the EUR/USD recently breaking out above the large symmetrical triangle pattern & currently testing the key 1.13056 resistance level from above, pullbacks in gold should continue to provide opportunities to continue to scale into a long-term position. GLD may also be added as an official trade soon as I’m watching to see how the EUR/USD resolves this consolidation above 1.1305. GLD weekly charts going back to June 2018 below. (click on first chart to expand, then click on right to advance)

EUR/USD (Euro/US Dollar) daily charts below:

After hitting the final target (T3) followed by the expected reversal, the recently closed WEAT (Wheat ETN) trade backtested the T2 (now support) level & has been consolidating since. WEAT is on watch as another potential official long trade for what could be the next major leg up.