The USDCHF is gaining for a 3rd straight day, fueled by yesterday’s FOMC Minutes and quickly approaching the highs of June, July and August. Significantly, the USDCHF appears poised to resume its upchannel extension (on the weekly chart), with the current weekly candle breaking above a downtrend resistance line connecting the April high to the July high…
Gold (GC) is trying to edge higher and extend its week plus bounce off just below the psychologically key 1700 whole figure level. Significantly, last week’s weekly Hammer successfully rebounded off the 2021 March low, offering a glimmer of hope to bulls who view the slide since the August 2020 peak as an extended consolidation (within a massive Bull Flag)…
The Nasdaq100 (NQ) sharply reversed an intraday dip yesterday, forming a daily Hammer just above the psychologically key 15k whole figure level. Significantly, although NQ could nudge higher this week towards upchannel resistance (on the weekly chart), NQ is incredibly overbought on a monthly chart, where yesterday’s brief break below the ascending wedge support (on the daily chart) dramatically increases the odds of a retest of yesterday’s low in the next few days, and a test of the July low in the next week…
Wheat (ZW) is gaining for a 5th straight day, retesting the 2021 high formed in July. Significantly, although the upside in the next few days appears to be limited to uptrend resistance (on the 4hr chart) and ascending wedge resistance (on the daily chart), there is a moderately high probability that ZW will gravitate to the psychologically key 800 whole figure level by the weekend…
Ethereum (ETHUSD) has rallied powerfully these past 3 weeks, but could soon see a bit of healthy consolidation around the 61.% Fib retrace of the May to July slide. Significantly, although ETHUSD appears moderately likely to retest its record high sometime in the next few months, the odds of profittaking back to 3k this week is high…
Arabica Coffee (KC) gained almost 1.5% yesterday, posting its 4th straight green daily candle and making progress in the week plus effort to halt the slide from the July peak (and highest level since October 2014). Significantly, KC has rebounded off the 38.2% Fib retrace of the November to July rally extension, and has a moderate likelihood of retesting the 2021 high before month end…
The USDJPY is consolidating for a 2nd straight day, digesting the climb this week back above the psychologically key 110 whole figure level. Significantly, the USDJPY appears to have halted the month and a half of healthy profittaking from the fresh 2021 high in early July…
WTI Crude (CL) bounced more than 2.5% yesterday, recovering all of Monday’s sharp losses. Significantly, although CL is trying to reclaim the the weekly chart upchannel support after briefly breaking below it Monday, CL remains precarious going into today’s 830am EST release of the US CPI, and the highly anticipated weekly inventory data release at 1030am EST…
The S&P500 (ES) is tiring after forming a fresh record high Friday, hovering just below upchannel resistance (on the weekly chart). Significantly, although ES has failed to buckle in the last year amidst increasing warnings of a deep correction or crash, the ES increases in its vulnerability the more overbought it becomes…
Wheat (ZW) is continuing a week long consolidation to start the week, trying to bounce off the 4hr upchannel support. Significantly, although ZW is unlikely to make any major moves ahead of Thursday’s highly anticipated WASDE, ZW appears increasingly likely to retest the 2021 high in August…
