The E-Mini S P 500 futures daily chartThe E-mini S P 500
Futures are showing early signs of breaking out of the bearish trend that dominated 2022. The lower highs and lows of the 2022 swing have been replaced by the higher lows and joys of the 2023 swing. The price is well above the Ichimoku cloud and its 50-day and 200-day moving averages. The 50-day moving average just crossed over the 200-day moving average last week, which is usually considered a bullish sign. The Fibonacci extension of the prior bullish trend (from the low in October to the high in December) for the most recent bullish move (from the low on December 22) is 61. The 8% extension at 4183, is held as resistance. This coincided with the Relative Strength Index (RSI) failing to reach an overbought condition at 70. If the current trend continues, there might be support at 4030 on the 50-day moving average.
Natural Gas Futures Weekly Chart Natural gas
Futures have found a base in the past seven sessions, halting a five-month price drop. It took 3 months for NG to lose half of its value and another 10 weeks to lose 50% again. Natural Gas has not seen the bullish side of the 50-day moving average since December 16-at the height of the island reversal. The RSI gives a bullish sign with a crossover above the oversold 30. If this is the beginning of a bullish trend, expect resistance at the 50-day moving average as well as at 4 . 34 (the 23% Fibonacci retracement level from the August high to the recent low earlier this month).
Futures have found a base in the past seven sessions, halting a five-month price drop. It took 3 months for NG to lose half of its value and another 10 weeks to lose 50% again. Natural Gas has not seen the bullish side of the 50-day moving average since December 16-at the height of the island reversal. The RSI gives a bullish sign with a crossover above the oversold 30. If this is the beginning of a bullish trend, expect resistance at the 50-day moving average as well as at 4 . 34 (the 23% Fibonacci retracement level from the August high to the recent low earlier this month).
The weekly chart for Japanese Yen futuresJapanese Yen
futures is in pullback mode after rising from the October low. The price is facing a support zone at 0 . 007600 - 0 . 0076340 area indicated by the 23% Fibonacci recovery level, the top of the Ichimoku cloud, and the 50-day moving average. A bearish RSI divergence preceded this pullback, but with a current value of 46. 95 and a sideways trend, the RSI does not give much indication here. If the pullback continues, look for support at 0 . 0074575 as a 38% Fibonacci retracement.
futures is in pullback mode after rising from the October low. The price is facing a support zone at 0 . 007600 - 0 . 0076340 area indicated by the 23% Fibonacci recovery level, the top of the Ichimoku cloud, and the 50-day moving average. A bearish RSI divergence preceded this pullback, but with a current value of 46. 95 and a sideways trend, the RSI does not give much indication here. If the pullback continues, look for support at 0 . 0074575 as a 38% Fibonacci retracement.
Weekly Wheat Futures Chart Wheat
Futures have been in a bearish trend since May 2022, copy trading from a high of 1331 to a low of 712. 50 in December. After finding resistance at the 50-day moving average for over a week, the price decisively broke through last week (bullish sign). This coincides with the crossing of the Ichimoku cloud - a move to the top of the cloud would support a bullish outlook for wheat. The RSI recently showed a bullish divergence, setting higher lows, while wheat formed lower lows. This could explain the trend reversal in late January. If the reversal to a bullish trend continues, resistance can be found at the 200-day moving average as well as at 857 (the 23% Fibonacci recovery level from the May 2022 highs)
Futures have been in a bearish trend since May 2022, copy trading from a high of 1331 to a low of 712. 50 in December. After finding resistance at the 50-day moving average for over a week, the price decisively broke through last week (bullish sign). This coincides with the crossing of the Ichimoku cloud - a move to the top of the cloud would support a bullish outlook for wheat. The RSI recently showed a bullish divergence, setting higher lows, while wheat formed lower lows. This could explain the trend reversal in late January. If the reversal to a bullish trend continues, resistance can be found at the 200-day moving average as well as at 857 (the 23% Fibonacci recovery level from the May 2022 highs)
Companies reporting earnings for the week of Feb. 23 through Feb. 27
Coca-Cola reports Tuesday morning as the only Dow Jones index representative for the week. Barrick Gold Corp's earnings could rise due to a 12% increase in gold prices from the lows of October. As Marriott, Hyatt, and Airbnb report, hotel stocks are changing. Cisco Systems is the largest of the companies listed here. Because it is a member of the SP 500 and the NASDAQ 100, the futures on those indices may be volatile after markets close Wednesday when it reports earnings.BMO = before market open
Coca-Cola reports Tuesday morning as the only Dow Jones index representative for the week. Barrick Gold Corp's earnings could rise due to a 12% increase in gold prices from the lows of October. As Marriott, Hyatt, and Airbnb report, hotel stocks are changing. Cisco Systems is the largest of the companies listed here. Because it is a member of the SP 500 and the NASDAQ 100, the futures on those indices may be volatile after markets close Wednesday when it reports earnings.BMO = before market open
AMC = after market close* means that this company is a member of the SP 500
