Some Long-Term Charts To Keep An Eye Out For

There’s been some major market moves over the last couple of months and even last few weeks. I thought I’d share some of the long-term charts I’m watching. Some names are breaking major levels and some are on the cusp. Let’s take a look.

(Click on the charts to embiggen and get a better look!)

The Charts

US Dollar ($DX_F, $UUP)

The dollar is what’s driving some of the following charts. Who know’s what’s driving this, but we’re seeing a major pattern break to the upside. I believe after some consolidation, this will lead to a dollar bull market for the next couple of years.

Dollar

 

 

 

 

 

WTI Crude Oil ($CL_F , $USO)

Oil has been a major mover over the last couple of weeks, and as you can see, has broken a major uptrend line. Now, the same could have been said back in 2013 when it looked like oil was about to breakout to higher prices, but it didn’t come to fruition. So this might be a head fake. If not, lower prices are certainly in store for this broken chart. Below is a monthly chart.

Brent oil on the other hand, is testing major support.

Oil

 

 

 

 

Gold ($GC_F , $GLD)

Gold is testing a “triple bottom”. If you’re like me, triple bottoms are as real as unicorns. In other words, I don’t think this holds. Maybe we see a bounce here but ultimately, I’m expecting this to break lower. Silver already has (Like I said!).

Gold

 

 

 

 

 

Copper ($HG_F, $JJC)

Copper also doesn’t look very good. If it cracks this $3 level, I’d expect it to head lower.

Copper

 

 

 

 

 

As for the equity markets, I’m watching 3 things.

NASDAQ ($QQQ, $NDX)

I’d expect this to pull back into the channel it broke out of. It’s had a heck of a move since 2009, so some rest here would make sense (Of course, sometimes markets don’t! Take a look at the dot-com bubble!)

NSADAQ

 

Russell 2000

As for the $IWM, we’re cracking the all-important 108 level. If we close below that on Friday, that’s a pretty bearish signal as it confirms the head and shoulders pattern.

IWM

 

S&P 500

As for the $SPY, we’ve cracked below the channel and it really looks like we’re going to close below it as well. This could trigger some more selling.

SPY

 


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