More of the same: The broad market continues to chop around in the sideways trading range since early April. Levels to watch on SPY are the 295 resistance level a (top of the trading range), just above, and this latest minor uptrend line below. 60-minute chart.
SPY 60m May 18th
/ES (S&P 500 futures) is coming up on the downtrend line off the April 29th highs. Any reversal below the May 10th reaction high will keep the near-term downtrend off that late April high intact while any break above it will call the near-term trend into question (although it will still be a mostly sideways range until & unless the 4/29 high is taken out by a wide margin). I’m also watching for a break below this minor uptrend line for a near-term sell signal. 60-minute chart below.
ES 60m May 18th
/SI (silver futures) has rallied into the 17.736 price target for a gain of over 20% since the previously highlighted falling wedge breakout & backtest on 5/5-5/6 & over 13% since the 2nd buy signal on the breakout above the 15.98 R level on 5/14. With silver overbought & at resistance, a break below this minor uptrend line will likely trigger a correction. 60-minute chart below.
SI 60m May 18th
Likewise, /GC (gold) hasn’t looked back after breaking out & backtesting the triangle pattern back on 5/7 & 5/11 although a solid break below this ascending price channel would likely spark a correction.
GC 60m May 18th
/NG effectively hit the first target here, followed by the typical reaction with another thrust up that has now cleared the 1.74ish target/resistance level & should open the door for the second target (just below the 1.807 R level. Previous & updated 60-minute charts below.
NG 60m May 14th
NG 60m May 18th
As per last week’s video, the cannabis sector continues to firm up & while my preference is to take a shotgun approach by scaling into the individual cannabis stocks with the most bullish charts, MJ (cannabis ETF) is a one-and-done alternative for trading the pot stocks. MJ has taken out the downtrend line with the next buy signal to come on a solid break and/or close above the 12.68 resistance level.
MJ daily May 18th