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UNDERSTANDING THE CYCLE CHARTS

Instruction for reading the cycle charts and indicators. Click Here

Ideally, you want to look for a turn in the cycles and at least two of more reversal signals happening at the same time.

Comments, Insights & News

• Cardano Becomes a Multi-Asset Blockchain With Today’s Hard Fork Click Here
• Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days Click Here
• Oil extends losses on worry over possible supply increase from OPEC - Click Here
• Here’s how the Purpose Bitcoin ETF differs from Grayscale’s GBTC Trust - Click Here
• Oil Drops on Pre-OPEC Jitters of Higher Output - Click Here
• AMC, Retailers, Healthcare IPOs: 3 Things to Watch - Click Here

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For trading 3/2/2021

https://money.cnn.com/data/fear-and-greed/

INO Evening Markets Report (INO.COM)

DOW

The Dow closed sharply higher on Monday as manufacturing activity rallied to 2-year high signaling that the economy began picking up steam at the start of the year. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow resumes the rally off February's low into uncharted territory, upside targets hard to project. Closes below the 50-day moving average crossing at 30,891.90 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 32,009.64. Second resistance is unknown. First support is the 50-day moving average crossing at 30,891.90. Second support is January's low crossing at 29,856.30.

GOLD

April gold closed lower for the fifth-day in a row on Monday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. Closes above the 20-day moving average crossing at $1803.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1803.10. Second resistance is the 50-day moving average crossing at $1846.80. First support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.

SILVER

May silver posted an inside day with a higher close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 26.600 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off January's low, February's high crossing at 30.350 is the next upside target. First resistance is February's high crossing at 30.350. Second resistance is monthly resistance on the continuation chart crossing at 30.727. First support is the 50-day moving average crossing at 26.600. Second support is January's low crossing at 24.095.

CRUDE

April crude oil closed lower on Monday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $59.09 would signal that a short-term top has been posted. If April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. First resistance is last-Thursday's high crossing at $63.81. Second resistance is the October-2018 high crossing at $67.23. First support is the 20-day moving average crossing at $59.09. Second support is the February 12th low crossing at $57.31.

NAT GAS

April Henry natural gas closed slightly higher on Monday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.716 would confirm a trend change while opening the door for additional weakness near-term. Closes above the 10-day moving average crossing at 2.889 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.889. Second resistance is February's high crossing at 3.060. First support is the 50-day moving average crossing at 2.716. Second support is the 62% retracement level of the December-February rally crossing at 2.596.

US DOLLAR

The March Dollar closed higher for the third day in a row on Monday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Thursday's low, February's high crossing at 91.61 is the next upside target. If March renews the decline off February's high, January's low crossing 89.16 is the next downside target. First resistance is the today's high crossing at 91.15. Second resistance is February's high crossing at 91.60. First support is last-Thursday's low crossing 89.67. Second support is January's low crossing at 89.16.

Things To Watch

• Bo Polny says DJIA will drop to 15,000.
• Charles Nenner is calling for a DJIA of $5000 in the latter part of 2021 or spring of 2022.
• Mars will be in Aries from June 27th 2020 to Jan 6th 2021. Strong chance of open conflict
• Clif High is calling for $600 Silver.

Last Week's Matrix

Learn More: Previous Weekly Matrix with explanation.

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