Natural Gas (NG) is consolidating yesterday’s strong gains as it approaches the 2021 high ahead of Thursday’s highly anticipated weekly storage data release. Significantly, NG is arguably in a Bull Flag where the past week plus of triangle (on the daily chart) represents the flag’s consolidation…
The S&P500 (ES) reversed Friday’s losses yesterday, and is once again just a few day’s volatility of the June and record high. Significantly, although ES has clawed back to prior ascending wedge resistance (on the weekly chart), the ES remains vulnerable in the day or so following today’s highly anticipated Powell comments at 2pm EST to a retest of Monday’s low…
Soybean (ZS) is trying to stabilize for a 2nd straight day to start the week, testing downchannel resistance (on the 4hr chart) and downtrend/descending wedge resistance (on the daily chart). Significantly, ZS remains vulnerable to a Bear Flag extension by late this week after having broken below the May low and uptrend support (on the weekly chart) last week…
Ethereum (ETHUSD) is looking wobbly as it breaks upchannel support (on the daily and weekly chart), dramatically increasing the likelihood of a retest of the psychologically key 2k whole figure level in the next week or so. Significantly, the bounces in the past month have capped at near the 38.2% Fib retrace of the March 2020 to May 2021 rally, forming a right shoulderÂlike pattern to a Head and Shoulders (seen more easily on the daily chart)…
Raw Sugar (SB) slid a massive near 3% yesterday, closing at downchannel support (on the 4hr chart). Significantly, SB gave up yesterday the psychologically key .17 whole figure level, and has clearly been rejected by upchannel resistance (on the weekly chart)…
The USDJPY launched more than 50 pips yesterday post-FOMC from the psychologically key 110 whole figure level. Significantly, the USDJPY is gaining momentum in its weekly chart upchannel extension, bouncing off upchannel support with high odds of testing the 2021 high by sometime next week…
Silver (SI) is forming a daily Doji and a weekly Hammer/Doji ahead of today’s highly anticipated FOMC/Fed rate announcement at 2pm EST. Significantly, SI has been consolidating for 5 plus weeks just below triangle/wedge resistance (on the weekly chart) connecting the 2020 high to the February and May highs…
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