The overall market remains in a high-level range and continues to move sideways. There is still no real upside breakout. Both long and short trades offer good profit chances.
Markets are born in fear (last March and April), grow in doubt, and end in excitement. We do not try to predict when the market will break out of the recent range, or in which direction. We always stick to our principle: trade with a plan, not predictions; wait patiently and follow the trading plan.
Index Futures
ES
• Support on pullback: 6891, 6812
• Major upside targets and strong resistance: 6997, 7038
YM
• Support: 48730, 48180
• Strong resistance: 49550
NQ
• Key level: 25430
• Support: 25210
• Major upside targets and strong resistance: 25940, 26150
RTY
• Support unchanged: 2531, 2501
• Rebound target and strong resistance unchanged: 2605
On the daily chart, index futures are still best traded long near support, as the main uptrend remains intact.
Commodities
Gold – GC (G26)
Gold made new highs and volatility increased. We traded gold long many times and also took several short trades, all with good results.
The main trend remains strongly up. Our medium- to long-term long position in GLD was one of the best-performing ETFs last year.
Strategy remains buy on support, but be careful of high-level swings and pullbacks.
• Strong support: 4367, 4295
• Strong resistance: 4535
Crude Oil – CL (G26)
Oil stabilized and rebounded near 56.35.
Strategy remains buy on support.
• Support: 55.95
• Rebound target and resistance: 60.1
Natural Gas – NG (G26)
Price hit resistance near 5.5 and pulled back sharply.
Both rebounds and sell-offs in natural gas tend to be extreme, often moving 5%–10% in one day.
• Strong support: 3.19
• Rebound target and resistance: 4.43
Bonds & FX
Treasury Bonds – ZB (H26)
Still consolidating and building strength. We continue to look for rebounds. Bond moves can be extreme in both directions. Strategy remains buy on support.
• Support: 114’07
• Rebound target and resistance: 118’23
US Dollar Futures
The dollar was rejected again near 100 and pulled back.
• Support: 96
• Resistance: 100, 102.5
For non-USD currencies, long positions should pay attention to profit-taking.
Crypto
BTC Futures
BTC stabilized near the first key support around 87,000, which we repeatedly pointed out as a long opportunity. It rebounded to around 95,000.
For long positions, take partial profits and protect gains.
• Support unchanged: 87,000–86,000 and 78,000–77,000 (both are buy zones again)
• Major targets and strong resistance: 97,000, 108,000, 125,000
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