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In recent weeks, commodities have plunged. Thanks to yet another violent conflict in the world, commodities (and oil in particular) have exploded higher. My belief is that this move is done or close to done, and we must watch the price gap as a point of important resistance.
Not exactly an unrestrained plunge, is it? I don’t feel so bad about being so light, since here we are, at the cusp of World War III, and the /ES is down 0.29%. Take note, however, that at least the big equity futures have all stayed persistently beneath their price gap, which was created between Friday’s close and Sunday’s open. If I may say so, I hope it stays under this gap across the board!
Friday’s jaw-dropping rally rapidly unwound a lot of fear in the market, and it may well have teed up quite nicely some new shorts next week. Here we see the NASDAQ Composite seal its gap perfectly.
This is not a typo! Stop loss: 16.74, just under the gap.
Quite interesting to see how these major global equity ETFs were repelled by resistance:
