Some bull and bear flags are finally getting close to maturity. But because many of them have weekly overbought and oversold levels, I don’t expect them to get to new highs or lows once they go. Maybe a retest up/down and then another range.
Equities seem to be respecting the resistance levels that formed last week.
Commentary
- GC: Forming bull flag – bouncing from what could be the lower end of a range yesterday.
- SI: Same as gold.
- HG: Breaking from what looks like a bear flag – but the whole structure is inside a range.
- ZB: Still working off sell divs.
- ZC: Seems poised for new lows
- LC: Z-day with short bias – first up day after a series of limit-down days and down days.
- LH: 2 days up into resistance – short.
- NG: 2 days up – overbought. Short bias.
- EMD/ES/NQ/YM/NK/FESX: All dropping from resistance levels.
- EC: Oversold into support. Might be worth nibbling at the long side.
- CD: Holding support – barely. Push lower might be a short.
- BP: Bear flag – almost back to grail sale level.
- JY: Forming a sloppy bull flag.
- NE1: Negative consolidation with buy divergences.
- PA: At resistance and overbought.
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