For today’s S&P 500 technical analysis there’s really only one way to go, and that’s with the bulls. Buyers are relentless at these all time highs, and there is almost no fear at all in the market according to the VIX volatility index. The stock market today is definitely on a rocket ride upwards, but it won’t last forever. It looks to me like we’ve got one more push up to go, before a good correction. But for the moment we have a clear trend up with no signs off trouble at all at this time.
Now when it comes to the russell 2000 vs s&p 500, the R2k is the weaker of the two no question. It’s also still in a rising trend, but it’s not showing the kind of strength the S&P is displaying. Looking at the Russell 2000 futures, it’s clear to see where the points of support and resistance are. But with the daily still overall strong, we can only look to trade to the long side at this time.
Now for a look at the crude oil price. Light sweet crude is also uptrending after bottoming recently and now the 13 period moving average is climbing above the 50 period, and this market is primed for a push higher. Looks like we’re finishing up a wave 5 on the 60 minute timeframe so a minor correction should be coming soon. If crude oil trading is your thing, and you have a good crude oil trading strategy, be ready for an entry after that correction, in order to catch the next major move up.
And now for gold futures trading. Gold has not been able to move higher recently, but it’s not moving lower either. Anyone can clearly see that it’s in a choppy consolidation area, but our gold futures analysis suggests there is still room to the upside to finish an Elliott wave 5. Gold has had a huge runup recently, and all signs point to there being more room overhead. It looks like we may even be in a pennant pattern which would suggest a further price extension to the upside.
And now for my natural gas traders. If you’re looking for some natural gas trading tips, here’s a few things to watch for. Natural gas looks to have bottomed recently and is now making higher highs and higher lows along with an oscillator divergence. All signs point to a bullish scenario, and a good trendline trading strategy is to wait for a pullback to the trendline which shows it holding as support, and get long the natural gas market. The moving averages are up, the price action is up, the oscillator is up, everything is up and looking good to continue.
And now for a little Bitcoin technical analysis. If you’re into Bitcoin trading, you know how volatile this market can be. But that doesn’t mean it breaks the basic rules of technical analysis trading. Maybe you have your own BTC trading strategy, but here’s what I see. We’re at the top of an Elliott wave 3, and are either in the pullback of wave 4, or wave 4 has already finished and we are working on wave 5 to the upside now. We can’t know with 100% certainty until everything plays out, so for now we have too just trade what we see, and not what we think. And what I see, is a Bitcoin price prediction that has it moving higher from here for at least one final wave that could push BTC near the all time highs before correcting once again.
Good trading everyone!
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