Stock Futures At Resistance, Gold & Treasuries At Support

/NQ (Nasdaq 100 futures) is currently back-testing dual trendlines from below where a reaction is likely with a near-term pullback target the minor uptrend line below. Should /NQ reverse soon, the minor uptrend line below would likely come into play as support although a solid break below that level would be bearish.

/ES (S&P 500) is also back-testing a comparable trendline from below with a minor uptrend line below a likely pullback target as well, should the stock indexes reverse soon.

At the same time the risk-on equity markets are at resistance, the risk-off assets, gold & US Treasury bonds, are both trading just above support after successfully testing & so far holding those levels today. /ZB 30-yr T-bond futures successfully tested the 157’055 support earlier & remain above that level with potential positive divergences on the indicators. The first chart below was the 60-minute chart that I posted in the trading room earlier when /ZB had fallen to that level followed by the updated chart showing Treasuries so far reversing off that level. Note: Multiple charts posted together in a gallery format as below will not appear on the subscriber email notifications but may be viewed on the site by clicking on the title of the post within the email.

Although /GC gold fell sharply along with Treasuries immediately following the Jobless Claims report, unlike the stock market which continued to build on its pre-market gains, gold & T-bonds held those support levels & actually regained some of the earlier losses. Also, note that rallies have typically followed such extreme oversold readings in /GC.