Getting Near Upside Extensions

Stocks are nearing price extensions – S&P 500 ($SPX and ES H1-D). They may or may not make it to these price levels. I continue to get more technical and have fewer opinions. Targets were hit on the daily chart, so a pause or pullback in price was expected. So far, it has only been a pause. We’ll see how the rest of the week plays itself out.





The NASDAQ 100 (NQ H1-D) has also hit price extensions and has now paused. Key support for the recent rally is 2,195.75 It needs to hold, or a deeper correction should be expected.





Gold (GC G1-D) has key support at the recent low near 1,369. Short term support is in the 1,383 range on the hourly chart. If that breaks, there is not much support for a while.



To go with Gold, the US Dollar (DX H1-D) has hit what looks to be meaningful support. A rally in the Dollar has been bad for risky assets and has been driven by falling Bond Prices / rising Bond Yields.