HiLo Morning Brief · Oct 26 — Oil, Gold & QQQ (2/2)
In commodities, we noted last week that CL could continue toward 100 to complete a five-wave advance. Over the weekend, CL reached around 105 and set a new closing high. On the daily chart, the move can currently be viewed as a five-wave advance, while a daily Top alert has also appeared. This week, watch for a daily top to form; until confirmed, price action still needs to be monitored.
XAU has moved toward 4,000 this week. The key level to watch is whether the previous low near 3,940 will be broken. Support below remains notable, and buying interest may emerge as price approaches that area, though any stabilization still needs confirmation from subsequent price action.
For QQQ, continue to watch support near 700. As noted last week, this is an important level to monitor this week. A decisive break below it could lead to a more prolonged correction in U.S. equities.
#HiLoMorningBrief #Oil #Gold #XAU #QQQ
In commodities, we noted last week that CL could continue toward 100 to complete a five-wave advance. Over the weekend, CL reached around 105 and set a new closing high. On the daily chart, the move can currently be viewed as a five-wave advance, while a daily Top alert has also appeared. This week, watch for a daily top to form; until confirmed, price action still needs to be monitored.
XAU has moved toward 4,000 this week. The key level to watch is whether the previous low near 3,940 will be broken. Support below remains notable, and buying interest may emerge as price approaches that area, though any stabilization still needs confirmation from subsequent price action.
For QQQ, continue to watch support near 700. As noted last week, this is an important level to monitor this week. A decisive break below it could lead to a more prolonged correction in U.S. equities.
#HiLoMorningBrief #Oil #Gold #XAU #QQQ
