One of the most significant developments & levels to watch is the 28030ish major resistance on the S&P 500 in which the broad market has failed at multiple attempts to surmount since first testing it from below back on Feb 25th. Both the /ES (SPX futures) 60-min chart $ the /NQ (Nasdaq 100 futures) 60-minute charts (below) both have negative divergences which indicate that any brief pop or even a daily close above that resistance level today could prove to be a whipsaw signal/failed breakout.
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- ES 60-min March 15th
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- NQ 60-min March 15th
/CL (crude futures) has broken down impulsively below this most recent 60-min bearish rising wedge pattern/divergent high to backtest the 57.85ish former resistance, now support level. Should crude successfully defend this backtest, that would be bullish while any solid break & move back down below that level would indicate a false breakout/bull trap would could have near to intermediate-term bearish implications for crude oil & the energy sector.
CL 60-min March 15th
Divergences continue to build on /KC coffee futures following the recent minor TL breakout & backtest.
KC 60-min March 15th
Along with other agricultural commodities, I’m keeping an eye on sugar as the next break aboive the 12.55 level on /SB, sugar futures,is likely to spark a rally to the 13.05ish level & beyond.
SB 60-min March 15th
Divergences continue to build on /KC coffee futures following the recent minor TL breakout & backtest.
KC 60-min March 15th
/ZW, wheat futures, continues to stair step higher following the recent breakout above the 60-min price channel + divergent low.
ZW 60-min March 15th
While the near-term outlook for gold remains unclear, /GC has been stair-stepping higher since the recent divergent low on this 60-min chart.
GC 60-min March 15th