Last night on the Asian markets gold broke out above resistance in what was a very promising long term inverse head and shoulders pattern.
But is it all a big fake out?
The daily candle is currently a big shooting star with price being below the resistance line. It remains to be seen whether this pull back gets bought.
The US Treasury bond 2 year yield is at a level last seen in May 2006. In July 2022 the yield broke out of what was a long term down trend since 1989. Now we can see what happens next. Will the rates breakout above this level? If they do then that could indicate a real trend shift.
1% move down for gold draws out a bearish head and shoulders pattern on the chart. This is an hourly chart so it doesn't predict a huge drop in price but even so looks like the resistance level above (1981), which got tagged recently, is still strong.
The US treasury bond ten year yield has been in a down trend channel for the last 9 months in the context of an uptrend that started in 2020. This could be a bull flag. The price now is at the top resistance line of that channel. A breakout could indicate higher inflation and interest rate expectations.
This incredibly strong but narrow channel of up trend for Meta has reached and slightly exceeded the 0.786 fib retracement of the year's swing high to low. The price yesterday just dipped slightly out of the channel. This could be early warning of a more significant pull back for Meta.
Big picture on Bitcoin is that a large ascending triangle pattern has formed. The current price is just below a large line of previous support and resistance. A move to the upside could indicate a truly momentous move higher. However I would be very wary of potential false breakouts because this is such an obvious play.
Downtrend parallel channel for this crypto related stock. Current chart pattern looks like a triangle with what could be a bull flag forming below the upper line. It looks to me like a break upwards could occur soon.
One moving average I track is the 50 month. this helps to determine whether there is a very long term bull or bear market. Sometimes stocks react to this MA line. In the case of Amazon it looks like price may be respecting this moving average to the downside which seems bearish for this stock.
On log scale this monthly chart of Nvidia I can draw a nice channel linking several major lows, the previous all time high and the current price. Could Nvidia's run be about to be interrupted I wonder. Also there is divergence emerging on the RSI indicating a weakening of momentum.
The huge orange downward channel I have drawn here joins up the two major lows of 2018 and 2020 with the high of 2021. The current SPX price is right at the top of this channel. Not a prediction just an observation.
These 2 channels show the longer term major lows of the last few years and within that another more recent channel which has formed over the last year. Looking at the fib level as well being right near the golden pocket and that the current price is right at the upper level of the channel I think there is a good case to be made for a significant pullback soon.
MMM has recently touched the area of previous resistance and the bottom of a parallel channel drawn by connecting the down trend swing highs. It is too early to tell whether this is a genuine trend reversal but it could be one to watch.
This chart of TLT the long term US treasury bond ETF uses moving averages to attempt to see potential support and resistance. This uses 10 month, 200 day, 100 day and 20 day. My interpretation of this chart is bearish and potentially a good place to short it.