SPX Oil Gold and Yields - Weekly preview

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4400 is the level bulls want to hold on any pullback for spx, whether it comes next week or not is hard to say. IWM and DJT are not confirming an upward bias on the weekly chart yet, so it's possible they are saying something that most are not hearing. Gold and Silver both hard to tell what's going to happen right now, so waiting I'm for a confirming move up or down. Oil is at strong technical support, thus the bounce today. I think it goes higher, but it needs to take out 80 for the bulls to start gaining control. TYX (Yields) will probably get to the gap area near 5 at some point soon....

Good luck and have a wonderful weekend

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good morning, RSI still pointing to another high and more bear divergences on mid time frames.

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QQQ is leading and it's rsi is getting close to an area of more bear divergence already. Qqq has been leading the rally up so it's worth watching it for any weakness.

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AAPL back to testing the channel trendline with building bear divergences.

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stops likely getting hit on SPX, looks like a breakout and can go higher, but other indexes are not participating - IWM DJT especially. push up to 4250 still possible, but a reversal soon wouldn't shock me.

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mis-typed should be "push up to 4550"

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Bulls are buying the pullback at support - 4520. Under that level and it may start looking like a false breakout. Under 4505 and gains from today will be reversed. In the meantime, price can still go to 4550 on low volume - no problem.

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in the gap area now, target reached. Hourly rsi now reset enough, but no signs of any weakness on SPX or QQQ yet. IWM and DJT still not really getting much buying but both positive...

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we had a small rejection from inside the gap, but i think it still goes higher overnight. FOMC minutes tomorrow and the NVDA so expect nothing much to happen until those are finished.

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good morning, well we're getting a little sell off in futures, but nothing major. The small time frame RSI is very oversold already, so my feeling is one more high is possible. However, mid time frames are showing triple bearish divergences at extremes, so basically it's a coin toss. Let's put it this way - a bounce is expected either way and then maybe we'll see if the market wants to keep going higher. So far the gap of 4550 on SPX cash has held back price.

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on futures, we've also got ton to an important resistance level, If they can hold this area it likely means they are going to take out the previous high. Hard to say at the moment. We are slightly over it, but not by much.

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Yields showing a falling wedge with bullish divergences on the 4 hr chart. A breakout may happen today. If not, one more spike down is also possible but this is looking bullish here.

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futures - possible count from the top. If the top is taken out it's obviously invalid.

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with FOMC minutes out of the way now, it looks like NVDA might be a bigger catylyst for a move (up or down). If the qqq count is correct, a move up into close would be likely and then a gap down tomorrow. This would be most interesting as many traders will be away starting tomorrow.

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Futures updated count, let's see what it looks like after 4:20 - NVDA.

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NVDA getting a small pullback, no biggie. It was showing bear divergences and hit the weekly BB so it's not a surprise. Follow through tomorrow would be needed if the indexes are going to correct here. If it gets under the 18 weekly ma sometime it would be significant. NVDA generally stays above it in bull trends.

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well we got a move up overnight and right now this is looking like a B wave, so maybe a sell off happens today into the end of the week, however one more high is close and we could get that first with the 830 numbers. I'll update after the open at some point.

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there's an uptrend line (blue) which would need to be taken out for any start of a pullback. A test of it is a buy until it breaks.

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lower line still needs to break to get a pullback, still higher highs and higher lows in play

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i didn't realize it at the time but both SPX cash and SPY filled their gaps today

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Good morning, hope you all had a good day off. No change in the SPX just yet, still in this channel.

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TYX has broken out of it's wedge, but it could come down and test it before further upside.

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looks like a false breakdown. if they can't get under 4550 and hold it's probably going to the top of the channel again. rsi can certainly go higher and create more bearish divergence.