SPX is still trapped in the wedge and has tagged the lower trendline multiple times over the past few sessions. A break below 6.8K opens room for more downside.
We’ve been flagging the major support around NQ1!=24.7K. It was tested multiple times before the market snapped higher ahead of the SCOTUS tariff ruling. If NQ breaks 24.7K, we expect downside momentum to accelerate toward the next major support zone around NQ=24.2K.
SOX (Semiconductor Index), the bellwether sector, is close to a climax high.
MAGSShould MAGS (Magnificent 7) be rejected at 63, we should see more downside.
CL1! (WTI crude futures) backtested and held the major support around 65-66.
XAGUSD Silver is still lagging gold, but it's starting to build strength.
If gold tests 5.25K, silver should be able to at least probe the major resistance around 90.
The market had several failed attempts to break below NQ1! 24.77K yesterday, and again right after the PPI and GDP prints 30 minutes ago. This level remains stubborn. If it holds, we could get a relief rally into NVDA earnings next week.
XAUUSD Gold finally cleared the 5.1K resistance on a hotter than expected PPI, a much weaker than expected GDP print, and the Supreme Court's ruling that most of Trump's 2025 tariffs are illegal.
If gold holds 5.1K, it should grind toward 5.25K, then possibly pull back to retest 5.1K.
The next major resistance sits around 5.4K.
NQ1! will accelerate to the downside if 24770 is confirmed broken.
CL1! The U.S.-Iran situation is intensifying, with reports suggesting a strike as early as this weekend.
A confirmed break above this level opens the door for the low 70s. And if that happens, it likely means war.
SPX remains in the bull zone. A confirmed break below this level (6800–6810) would signal more downside.
NQ1!/NDX retraced off the declining trendline yesterday. If it doesn’t climb back above this trendline over the next few sessions, a retest, if not a break below, the key 24.2K support comes into play. A rising dollar and rising crude, the risk of a war that could keep inflation elevated and deficits expanding on top of already high long end yields, exorbitantly high P/Es across the board, key bellwethers overstretched to the upside, gold failing to reclaim the key resistance, and indices flirting with a breakdown. A major equity correction is imminent.
DXY Note that despite DXY breaking below the key support a few weeks back, it managed to reclaim it shortly after. On the daily chart, DXY broke above the triangle yesterday. If DXY doesn't fall back over the next few sessions, I could see it push higher, potentially back toward 99-100.
XAGUSD
XAGUSD Silver is poised to retest the lower trendline around the 60s if it fails to reclaim 90.
GOOGLSurgical precision in GOOGL’s bounce.
XLF (U.S. Financials ETF) bounced off the support zone as I expected.
SPX bounced off the uptrend support line after briefly dipping below it after the open on Friday. A confirmed break below this level (6800–6810) would signal more downside.
XAGUSD
XAGUSD As I have outlined a few times, silver's technicals are much weaker than gold's.
As shown below, it remains stuck in the 70-90 range and is trading in a descending channel.
XAUUSD continues to grind along the uptrend line, as we outlined the other day after it failed to recapture 5.1K. 5.1K remains the key resistance. If gold can post a confirmed break above 5.1K, a retest of the ATH around 5.6K comes into play.
If gold fails to recapture 5.1K over the next few days, it risks breaking down through the trendline, which would open the door for a retest of the major trendline that acted as support in early February.
CL1!
Not much action in crude since late January. It remains stuck in our 61 to 65 range as US Iran talks keep going back and forth, and price keeps whipsawing on headlines.
VIX (Cboe Volatility Index) continues to leave higher lows as it explodes to the upside.
NVDA167 is the line in the sand for NVDA (Nvidia), and for the broader market.
