Today I am reviewing and previewing Nasdaq, Gold, and Oil for the week of 3/24/2019. More weakness continuing in the Nasdaq for the next week or two is what I am looking for. Gold is currently in a short term holding pattern and I wouldn’t be surprised if there was more weakness in oil for the near term. One thing to note for the Nasdaq technical analysis is I spotted a trade that never was fulfilled to the short side.
When the eventual market correction happens price will go down a ton but it won’t go as low as the S&P 500 as far as reaching 0.
Video: Nasdaq Technical Analysis, Gold and Oil
Overall I think we are going to see some more weakness in the Nasdaq for the next couple of weeks. The Money Flow Index (MFI) is way overbought on the daily charts which can signify a pullback. It doesn’t always but it is a barometer I use.
Plus there are a lot of reverse lightning trade setups to the short side that could trigger a downtrend for a bit.
With gold, we are in a wait and see pattern for the short term. I am waiting for the price to break one way or another before any short term trade setups appear. Longer term it is in a very bullish setup because it initiated a 38-127 long trade setup. If this is a continuation trade then we can expect the price to move much higher.
For oil, we could be looking at a retracement to around $49. Price hit the 38% Fibonacci retracement level last week for a short lightning trade setup so that is where the current target is for it.
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