Stock indexes fell the beginning of March and have since consolidated and are now testing their all time highs, or breaking above them. The Nasdaq and Russel have made new all time highs since March. The dollar is still near recent lows and sitting on its 200ma. Oil tested its highs made in the beginning of March, but failed and is currently sitting at its 200 and 250 ma's.
The S&P gapped up this week and was close to testing all time highs. It has a small vM (not triggered) to 2369.75 which is just above the top of the gap at 2365.75. If it enters the gap it will likely fill it at 2345.25
If it doesn't bounce off the gap fill, expecting a retest of 2320 area and then vM target price at 2309. Larger vW's to 2419.5 and 2441.75 have been triggered by this weeks gap up.
The Russel broke all time highs made the beginning of March. vW to 1599 still triggered. 10 and 50 ma's also look constructive.
The Nasdaq also made new all time highs. It has however hit all inverted head and shoulders, and double bottoms it has formed. Unless it goes parabolic, it will need to pull back, and or consolidate sideways for a setup higher.
Much longer time frame does have a sort of cup & handle formation towards 8300
The Dow has so far bounced off vM target price of 20336, which was formed with the new all time highs made the beginning of March. Expecting new highs and vW target price of 21255. Also has a double bottom to 21952, which was created during the 2008-2009 crash.
The XLF is bouncing between necklines for 21.42 and 25.04, which matches up with the 10 and 50 ma's respectively.
The Dollar is currently testing its 200 ma and sitting just above vM 98.43 and the 250ma. If doesn't hold that area, expecting 96.962
Oil is sitting at its 200 and 250 ma's, along with a neckline to 35.01
Oil really needs to hold this level to avoid\d further selling towards $35. Also, any strength in the Dollar will probably not be conducive for oil prices.
Bonds are fighting between 152'15 and 170'04
Gold is still rallying off vM target price of 1129.8
Has formed and triggered vW to 1435.3
vW to 1549.4 will become triggered if price moves much higher.
Copper is trying to bounce back. vM to 2.446 still triggered though, and if it hits, it will trigger vM to 2.1828 which is below 8/24/15 crash levels. Needs to break above 2.823, which is a bit over 7% from here.
