We’ll keep this one simple with a follow up to each of the securities covered in Friday’s pre-market Charts I’m Watching post. (Friday’s chart first followed by the updated 60-minute charts).
The near-term uptrend in /NQ remains intact without any changes to the technicals since last week. The next sell signals still to come on a break below the wedge & then the 8040 support level along with comparable breakdowns/sell signals in /ES.
Likewise, no change on /ES other than a potential wedge overthrow. The trend remains bullish with the next sell signals to come on a solid break below the wedge & then the 3020 level.
The extreme overbought conditions on /ZB (30-yr T-bond ETF) played out for a correction back to just above the 159’210 support so far, offering the next objective long entry on /ZB or TLT here with stops somewhat below the 159’003 or the 158’053 support levels.
So far, /GC gold has worked off last week’s extreme overbought reading via correcting mostly in time vs. price which is bullish.
The bullish divergences continue to play out with crude hitting the 55.54 minimum price target since Friday’s update & rallying up to the 56.88 target/resistance level although the odds for a reaction here are elevated & the next buy signal to come on a solid break & 60m close above 56.90.
It’s safe to say that the correction was indeed around the time Friday’s Charts I’m Watching update on /NG with nat gas rallying over 10% since then although trading at the 2.84ish resistance level now while overbought which increases the odds for a pullback off this level.
/KC coffee hit the 1.0295 & 1.0407 targets as the negative divergences continue to build, increasing the odds of a correction in the near-term although the intermediate-term outlook remains bullish.
Although the last update on /E7 Euro futures was posted on Thursday, I figured that I’d include another update here as well. /E7 Euro futures continues to consolidate below the 1.1208 target/resistance level with the next objective long entry or add-on pending a solid breakout above that level or another pullback to the uptrend line and/or 1.1147-1.1109 support levels. Thursday’s & today’s updated 60-minute charts below.