Arabica Coffee (KC) rebounded more than 1% yesterday, and is once again making progress in halting the slide since the April high. Any break above the 4hr chart downchannel resistance today would make reclaiming the psychologically key 2 whole figure level more likely than testing the weekly chart upchannel support in May…
S&P500 (ES) Continues Consolidating Just Below 2023 High
The S&P500 (ES) is consolidating for a second straight day after Friday’s bounce to near the 2023 high, hovering just under the 50% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com). Any break this week above the April high will suggest an extension of the bounce off the October low to a fresh 2023 high…
Coffee Daily May 9, 2023
Arabica Coffee (KC) slid more than 2% yesterday, and is once again vulnerable to extending the slide since the April high. With KC failing yesterday to hold above the 4hr chart downchannel resistance, KC suddenly appears more likely to test the weekly chart upchannel support this week than to reclaim the psychologically key 2 whole figure level in the same period…
Wheat (ZW) Weekly MACD Tries Positively Crossing Ahead of WASDE
Wheat (ZW) is consolidating to start the week, digesting the bounce the began Wednesday off a fresh 2023 low. Odds are now higher for a test of descending wedge resistance (on the weekly chart) by next Monday (following the highly anticipated WASDE Friday) than it is for a test of wedge support coinciding roughly with the psychologically key 600 whole figure level…
Coffee Daily May 8, 2023
Arabica Coffee (KC) rebounded more than 2.5% Friday, making progress in halting the slide since the April high. As KC finds support near its February high and rebounds to the 4hr chart downchannel resistance, KC appears less likely to test the weekly chart upchannel support in May than it would be to reclaim the psychologically key 2 whole figure level in the same period…
Bitcoin (BTCUSD) Tiring Just Under Key 30k Level
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VIX (VX) Reclaims Key 20 Level Ahead of NFP
The VIX (VX) is consolidating yesterday’s surge to downchannel resistance (on the daily chart). With the VX now back above the psychologically key 20 whole figure level after the dip late April to below it to a fresh 2023 low, the VX is now forming a long bodied green weekly candle, halting a 6 week slide from the 2023 high….
Coffee Daily May 5, 2023
Arabica Coffee (KC) slid almost 1.5% yesterday, with the red weekly Doji suggesting moderate risk of testing by next week sometime, the weekly chart upchannel support. Conversely if KC finds support near its February high and rebounds before the weekend above the 4hr chart downhannel resistance, odds will dramatically increase of reclaiming the psychologically key 2 whole figure level in the week after…
AUDUSD Weekly MACD Trying to Positively Cross
The AUDUSD is reversing higher with today’s daily Hammer extending back towards this week’s high. The AUDUSD is once again in the early stages of trying to halt the slide from the 2023 high, with the April low slightly above the 2023 low formed in March…
Coffee Daily May 4, 2023
Arabica Coffee (KC) edged lower yesterday, with the still green weekly Doji showing early signs of halting the consolidation from the April high. Although KC may see a bit more profittaking in the next day or so, KC is trying to find support near its February high….