SCHATZ TECHS: (Z5) Trading At Its Recent Lows
- RES 4: 107.348 50.0% retracement of Apr 7 - Sep 25 bear leg (cont)
- RES 3: 107.320 High Oct 17 and the bull trigger
- RES 2: 107.235 High Oct 22
- RES 1: 107.111/175 50-day EMA / High Oct 24
- PRICE: 107.035 @ 06:19 GMT Oct 30
- SUP 1: 117.020 Low Oct 28
- SUP 2: 107.014 76.4% retracement of the Sep 25 - Oct 17 bull leg
- SUP 3: 106.995 Low Oct 8
- SUP 4: 106.965 Low Oct 6
A short-term bear cycle in Schatz futures remains intact and the contract is trading at its recent lows. For now, the current bear cycle that started Oct 17 is considered corrective and is allowing a recent overbought trend condition to unwind. The extension lower exposes 107.014, a Fibonacci retracement, and the next important support. On the upside, initial resistance is at 107.111, the 50-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GOLD: A $550 rally in a Month
- Nearly a $40 gain for Gold Overnight, and Zooming out of the chart, since it started to really spike following Powell at Jackson Hole, Gold has rallied an incredible $550 Dollars since that day, in just over a Month.
- Next resistance will be the $3900.00 level, while Commodity Desks will be hoping for the big Psychological $4k.
(Chart source: MNI/Bloomberg Finance LP).
EQUITY TECHS: E-MINI S&P: (Z5) Bulls Remain In The Driver’s Seat
- RES 4: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6800.00 Round number resistance
- RES 2: 6787.63 1.382 proj of the Aug 1 - 15 - 20 price swing
- RES 1: 6756.75 High Sep 22
- PRICE: 6714.25 @ 07:25 BST Sep 30
- SUP 1: 6647.54 20-day EMA
- SUP 2: 6577.25 Low Sep 10
- SUP 3: 6533.46 50-day EMA
- SUP 4: 6481.75 Low Sep 3
A bull cycle in S&P E-Minis remains intact. Key short-term resistance has been defined at 6756.75, the Sep 22 high where a break would resume the primary uptrend. This would open 6787.63, a Fibonacci projection. On the downside, the contract has recently pierced initial support at the 20-day EMA, currently at 6647.54. A clear breach of this average would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 6526.11.
WTI TECHS: (X5) Resistance Intact For Now
- RES 4: $76.89 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $74.79- 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $73.39 - High Jun 23 and a bull trigger
- RES 1: $66.42/68.43 - High Sep 29 / High Jul 30 and key resistance
- PRICE: $63.19 @ 07:23 BST Sep 30
- SUP 1: $60.85 - Low Aug 13 and the bear trigger
- SUP 2: $57.50 - Low May 30
- SUP 3: $54.89 - Low May 5
- SUP 4: $54.10 - Low Apr 9 and a key support
WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend.
