Three-day weekends often end up being important turning points.
As always, three-day weekends are tricky and we have to go with the patterns. Action on Sunday night and Monday morning may not mean much. Cycles for stocks look strongly lower on Tuesday even if we get a bounce on Monday. We are getting close to a strong two-week rally.
1) Bitcoin should recover with NQ into early March even if it is down on Tuesday.
2) Gold and silver’s strong rally at the end of the day on Friday in 5 waves is the start of confirmation of a temporary low and a rally into March 1-2nd. We expect that this is just a B wave and retracement of the recent declines and that further declines will follow after a 2-3 week rally. .
3) Crude oil and products are also due for a bottom here and would at least give us a 2-week rally.
4) T-notes have put in a minimum pullback and have to hold above 111.08 to negate a weekly chart sell signal but TLT, the ETF for lower rates may find support at 100.62.
5) Natural gas is closer to a major weekly chart low.
6) Copper is due for recovery into Wednesday.
7) The dollar is due for a two-week correction but we have to stay open to coming from better levels up to 104.85 or 105.00.
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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.