Not much to add since the equity market updates on Friday with the broad market (S&P 500) now entering it’s 5th consecutive week at testing the key 282ish resistance level following last week’s intraweek breakout & failed attempt to hold those gains & print a solid weekly close above that level. QQQ broke down & closed below this minor uptrend line and SPY below the 280.53 price support on Friday & if those TL’s aren’t recovered today, as is suspect they won’t be, here are some downside targets/support levels to watch and/or trade off this week. 60-minute charts:
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- SPY 60-min March 25th
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- QQQ 60-min March 25th
On a related note, I’m watching this potential bear flag continuation pattern on /NQ with the yellow arrow showing the measured target for the pattern. Sell signal to come on an impulsive breakdown below the flag (pending). 60-minute chart:
NQ 60-min March 25th
Crude oil has been highly correlated with the stock market since last fall, both falling sharply into the December 24th lows & mounting a strong rally, albeit on diminishing momentum since then. Should the correlation between the two continue and assuming the stock market moves lower this week, crude will likely follow suit. /CL (crude futures) have been backtesting the primary trendline off the Dec 24th lows since breaking down below it earlier this month with the first key support below around 57.86.
CL 60-min March 25th
/GC gold futures continue to move higher following the recent divergent low & drop to support on this 60-minute chart with a minor uptrend line starting to form.
GC 60-min March 25th
Positive/bullish divergences continue to build on the 60-minute chart of /KC coffee futures although they just can’t seem to catch & hold a bid for very long as the JO (coffee ETN) swing trade is at risk of the suggested stop (a daily close below 33.60) of being hit today.
KC 60-min March 25th
/ZW wheat futures continue to move steadily higher following the recent breakout & still look good although a break of this minor uptrend line could spark a pullback & may offer another objective entry or add-on, if so.
ZW 60-min March 25th
/CT cotton futures still look to be headed the to at least the 81.12 area following the recent breakout above the bullish falling wedge & 75.00 resistance level, with the usual minor zigs & zags along the way. Any pullback to the 75 area this week would provide another objective long entry or add-on. BAL is the cotton ETN & remains an unofficial long trade as well as an official long trade setup & still under consideration to be added as an official trade soon.
CT daily March 25th