ChartWatch Markets: Nasdaq, gold, silver, and platinum bull market trends are unrelenting

In today's edition of ChartWatch Markets, we'll be covering the technicals for:

1. Nasdaq Composite

2. Gold Futures (Front month, back-adjusted) COMEX

3. Silver Futures (Front month, back-adjusted) COMEX

4. Platinum Futures (Front month, back-adjusted) COMEX

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Nasdaq Composite Index

Nasdaq Composite Index chart (click here for full size image)

A smidge of excess supply creeping in here. Not ideal, sure… but put in context with respect to the rest of the technicals – which remain exemplary – it's insignificant.

There’s really only one thing a trend follower can do with a chart like that above: Remain watchful for increasing signals of growing supply-side control – and continue to follow the trend.

Which is unequivocally – UP ⬆️!

So, there's no change to my personal portfolio risk management settings here – which to be fair, has been the case since May: FRP. (Full Risk Position = My personal allowable capital allocation limit for my investments in US stocks is 100%).

On that “since May” comment, I just went back and checked my analysis for the two critical candles of that month, on 12 May (analysis 13 May here) and 27 May (analysis 28 May here) (Remember: We are 1 day in arrears!).

It’s worth reviewing my analysis and the checklists/thought process I went through to call the resumption of the Comp’s bull market – concluding with 28 May’s declaration of “Total demand-side control”. And here we are, nearly 4,000 points higher...✅

If you’ve only just started reading ChartWatch, you’ll be pleased to know that my analysis back then is identical to what it is now = CONSISTENCY 💯.

CONSISTENCY is repeatable. It allows for meticulous scrutiny and targeted process refinement. 💪

The opposite of CONSISTENCY is RANDOMNESS.

RANDOMNESS means all attempts at figuring out where you’re going wrong are FUTILE! Therefore, RANDOMNESS ensures that improvement is FUTILE! ⚠️

You can count on my analysis to NEVER succumb to RANDOMNESS. Because RANDOMNESS is the worst enemy of the disciplined and diligent trend follower!

• Key levels: 22058 is the closest point of demand, the price should not close below here if the demand-side is in control of the Comp's price; a close below the short term uptrend ribbon (presently 22110-22380) will nullify the short term uptrend = ⚠️

Gold Futures (Front month, back-adjusted) COMEX

Remains a picture of unanimous demand-side control (click here for full size image)

The last time we covered gold was in ChartWatch Markets on 30-Sep.

In that update, we noted “there’s absolutely nothing to do but continue to back gold’s perfect uptrend”.

I feel like I’m restating the obvious here, but with gold's:

• Trends:

  • ST trend = Up, well-established, steepening, acting as zone of dynamic demand = traders buy the dip = demand-side control ✅

  • LT trend = Up, well-established, steepening, acting as zone of dynamic demand = funds’ accumulating = demand-side control ✅

• Price action: Rising peaks & rising troughs = buy the dip = demand-side control ✅

• Candles: Predominance of demand-side candles (i.e. white bodied and or downward pointing shadows) = buy the dip, pervasive programmed buy orders = demand-side control ✅

…it remains a picture of unanimous demand-side control!

Last update, I also remarked just how futile it would be to try to predict when the gold bull market will end. It will end when it ends = Stop worrying about it! 🛑

Sure it looks high / overbought / extended whatever you want to call it... but those are words... they're narratives. Dangerous narratives! Always bring your thinking back to what's happening in the demand-supply environment... and that "remains a picture of unanimous demand-side control".

We'll see in our trends, price action and candles when that's changing – and we will manage our risk accordingly. Until then, it's a case of ditto last update: ✅✅✅ = I prefer to stay the course here (i.e., FRP).

Key levels: 3842.8 is the closest point of demand, the price should not close below here if the demand-side is in control of gold's price; however, it would take a close below the next key point of demand at 3749.7 / short term uptrend ribbon (presently 3705-3780) to nullify the short term uptrend = ⚠️

Silver Futures (Front month, back-adjusted) COMEX

Remains a picture of unanimous demand-side control (click here for full size image)

The last time we covered silver was in ChartWatch Markets on 30-Sep.

In that update, we noted it was a “picture of unanimous demand-side control 💯”.

I feel like I’m restating the obvious here (yes this is a copy and paste – this is deliberate!), but with silver's:

• Trends:

  • ST trend = Up, well-established, steepening, acting as zone of dynamic demand = traders buy the dip = demand-side control ✅

  • LT trend = Up, well-established, steepening, acting as zone of dynamic demand = funds’ accumulating = demand-side control ✅

• Price action: Rising peaks & rising troughs = buy the dip = demand-side control ✅

• Candles: Predominance of demand-side candles (i.e. white bodied and or downward pointing shadows) = buy the dip, pervasive programmed buy orders = demand-side control ✅

…it remains a picture of unanimous demand-side control!

Ditto last last update: ✅✅✅ = I prefer to stay the course here (i.e., FRP).

Key levels: 45.71 is the closest point of demand, the price should not close below here if the demand-side is in control of silver's price; however, it would take a close below the next key point of demand at 43.88 / short term uptrend ribbon (presently 43.45-44.80) to nullify the short term uptrend = ⚠️

Platinum Futures (Front month, back-adjusted) COMEX

No changes (click here for full size image)

The last time we covered platinum was in ChartWatch Markets on 30-Sep.

Just a quickie here – don’t make me copy and paste a second time! 😉

No changes, trends, price action and candles all point to strong demand-side control.

Ditto last last update: ✅✅✅ = I prefer to stay the course here (i.e., FRP).

Key levels: Major overhead zone of supply 1975-2173. 1552 is the closest point of demand, the price should not close below here if the demand-side is in control of platinum's price; however, it would take a close below the next key point of demand at 1536 / short term uptrend ribbon (presently 1492-1531) to nullify the short term uptrend = ⚠️