S&P 500, Energy, Gold, and Bitcoin Futures Overview from Mooranalytics.com for the week beginning 1/30/23

 S&P 500, Energy, Gold, and Bitcoin Futures Overview from Mooranalytics.com for 1/30/23

S&P 500 

On a higher timeframe basis:  On 1/18/22 the break below the 4629.25 line warned of decent pressure and negated the medium-term bullish trend we were in since 3/23/20.  On 8/22/22 we left a medium-term bearish reversal above, which has brought in 676.75 of pressure from the 4178.75  open.  These are ON HOLD.  On a lower timeframe basis:  I warned of possible exhaustion at 3531.25-04.75 which had the potential to trigger a bullish correction with a minimum target of 3793.00—we held this with a 3502.00 low and have bounced 678.00, taking the target out; but the higher timeframe minimum target is 4190.50—we came just shy of this with a 4180.00 high.  I warned if the 4180.00 high held, it would likely start a bearish correction to exceed 224.00 from the high—we have seen 391.50.  This is ON HOLD.   The trade above 3851.94 (-.37 per/hour) warned of renewed strength—we have seen 257.25.  The trade above 3874.02(-42 per/hour) has brought in 235.25 of strength.  These are OFF HOLD.  On a lower timeframe basis:  We held 3964.15-54.00 exhaustion with a 3963.25 low and rallied 146.00.   We came shy of exhaustion I had listed on the upside at 4117.75 with a 4109.25 high and rolled over, although I did not have a sell suggestion against this.  Decent trade below 3952.39 (+.28 per/hour starting at 9:30am) will warn of decent pressure for 162.00 (+), but it would be preferable to see a bounce off of this line before breaking below it added credibility.  If we break below here decently and back above decently, look for decent strength.

 

Gold 

On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength.  We have seen $905.5.  The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum.  We have attained $744.2.  These are OFF HOLD.  We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $46.7.  We rolled over from $2,079.6 for $456.6. These are ON HOLD.  On a lower timeframe basis:  The break above $1,641.2 (+1 tic per/hour) has brought in $302.6 of strength.  The solid trade above $1,679.5 (-1 tic per/hour) put this above a major formation --we are projected upward to $80 minimum.  We have attained $264.3 so far.  The break above $1,769.4 has brought in $174.4 of strength.  The break above $1,860.0 warned of renewed strength—we have seen $83.8.  These are ON HOLD.  The failure below $1,959.6 (+.5 of a tic per/hour) warned of pressure—we attained $26.6 in the (J) equivalent to that of (G).   

 

Bitcoin

On a higher timeframe basis: The rollover on 11/10/21 put this into a bearish trend.  I warned the selloff should exceed $13,000 from the high of $69,355—we have seen $54,430 of this.  We held exhaustion on a bullish correction of the move down at $59,545 and rolled over $44,620.  We have come off $36,080 from the $51,005 close. On a lower timeframe basis:  The trade below $34,830 put this below a significant bearish formation that projected this downward $13,000 minimum, $35,000 (+) maximum.  We have attained $19,905.  We held exhaustion at $25,265-495 with a $25,270 high and rolled over $10,345.  These are ON HOLD.  The break back above $16,275-60 has brought in $7,805 of strength.  The trade above $17,245 (+3 per/hour) warns of continued higher trade—we have seen $6,835. The trade above $17,935 has brought in $6,145 of strength.  Trade above $25,270-350 will be an additional sign of strength.  Decent trade below $23,435 (+16 per/hour) will put this below a steep formation that will warn of pressure; but if we break below decently and back above decently, look for decent short covering.  Trade below $21,795-400 will warn of pressure. 

 

Crude Oil (WTI) 

 On a macro basis:  On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.  The break above $57.45-8.02 projected this upward $56 minimum, $89 (+) maximum. We attained $72.48.  These are OFF HOLD.  On a shorter-term basis:  Trade below $119.15 brought in $49.07 of pressure. The trade below $111.00 brought in $40.92 of pressure. The trade below $97.18 projected this down $8.30 (+) maximum. These are OFF HOLD.   We held exhaustion below with a $70.31 low and bounced $12.35.  The trade above $79.07 projects this upward $7.20 minimum, $24.60 (+) maximum; but if we break back below decently, look for decent pressure—this will come in at $76.95 today.  These are ON HOLD.  The trade below $80.58 (+2.5 tics per/hour) warned of pressure--we finally rolled over Friday.  Decent trade above $80.51-61 (+1.2 tics per/hour) will warn of decent strength.  Decent trade above $81.97-2.06 (-.3 of a tic per/hour) will project this upward $3.30 minimum, $8.00 (+) maximum.

 

Natural Gas (G)

On a higher timeframe basis:  The failure back below 8440 brought in $5.760 of pressure (in previous contracts).  The trade below 8208 warned of decent pressure.  We attained $5.528 so far.  I warned decent trade below 7188 would be a renewed sign of weakness—we came off  $4.508 tics.  On 12/19 we left a moderate bearish formation above.  I would NOTE: The trade below 5136-4993 projects this downward $2.270 minimum, $4.770 (+) maximum, which could be seen within 3 months’ time—we have traded $2.313 lower.  On a shorter-term basis:  The trade below 3016 (-2.5 tics per/hour) has brought in 336 tics of the pressure warned about.   A maintained gap higher will leave a minor bullish reversal below.  Decent trade back above where this comes in at 2818 (-2.5 tics per/hour starting at 8:00am) should bring in decent strength.  Decent trade above 2902 (-.7 of a tic per/hour starting at 8:00am) should bring in additional strength.  I would note that we are holding possible exhaustion below at 2592-83 with a 2612 low, and have bounced 133 tics.

 

 

Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits, or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale or purchase of any securities or commodities. Any copy, reprint, broadcast, or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor