I went through the 81 futures and commodity charts I follow and plucked out a few I found of special interest. First is Bitcoin, which smashed down to support at $60,000 and is trying to recover now. I don’t think it’s going to manage to get much past $70,000, if that, before resuming its tumble down to my $40,000 target.
The US dollar index is at an important decision point. Will it succumb to overhead supply, like it did the last time I tinted the trading range? If so, precious metals will get a much-needed recovery.
Speaking of precious metals, gold has gone from the Must Have investment in January to the Who Cares investment of today. It is close to important psychological support at $4,000. It needs to hold the medium-term trendline to avoid risking an even more severe downturn.
The NASDAQ is a real beauty. I pointed out about a week and a half ago how it was “interesting” that the /NQ was mashed up against its broken channel.
That “interesting” setup preceded the hard fall that took place a couple of Fridays ago.
As for palladium, which was my obsession last autumn, it is having a face-off between two patterns. Recently, a bearish setup (in pink) has been completed, but on the other hand, a much larger bullish pattern (in green) is still very much intact. Long-term, I’m leaning more toward this thing getting up off the mat and resuming its uptrend.
I’m sure most of you are excitedly occupied with your plans for the Juneteenth celebration, so I’ll leave you to it. Personally, I can hardly wait, particularly since the market is shuttered for this, everyone’s favorite of national celebrations.
