Ethereum (ETHUSD) spent the past week consolidating again near the 61.8% Fib retrace of the May-Jul Fall. Significantly, the ETHUSD remains vulnerable to falling further this week as part of a healthy correction from the September high, particularly with ETHUSD testing upchannel support (on the daily chart)…
Cocoa (CC) consolidated for a 3rd straight day yesterday with its daily Doji, continuing to gear up for a retest of last week’s 2021 high. Significantly, CC has been trying to extend its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end…
The USDCHF is consolidating after yesterday’s rebound from uptrend/triangle support (on the daily chart). Significantly, the USDCHF is retesting the 50% Fib retrace of the April to June slide, and is trying to extend the weekly chart upchannel…
Gold (GC) is digesting yesterday’s reclaiming of the psychologically key 1800 whole figure level, as part of a massive consolidation since the August 2020 record high. Significantly, for bulls to see renewed, sustainable momentum to the upside, they’ll want to see GC break above the July and August highs as a start, which would dramatically increase the odds of a swing in the few weeks after to the weekly chart downtrend resistance line connecting the November 2020 high and January 2021 highs…
The S&P500 (ES) formed the first green daily candle yesterday in 5 days, but remains vulnerable going into today’s European morning. Significantly, ES has been rejected by upchannel resistance (on the weekly chart) and appears likely to retest the daily chart upchannel support in the next few days…
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Ethereum (ETHUSD) saw a fairly sharp but healthy correction this past week, and is now testing upchannel support (on the daily chart) and the 50% Fib retrace of the May-Jul Fall. Significantly, although odds are decent for the ETHUSD to slide further this week to the psychologically key 3k whole figure level, the likelihood is fairly low for now that ETHUSD is at the beginning of a deeper slide similar to what was seen in May-June…
Cocoa (CC) consolidated a 2nd straight day yesterday after forming a fresh 2021 high Tuesday. Significantly, CC has been extending its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end…
The USDCAD is edging higher going into today’s European morning, trying to form a 4th straight green daily candle. Significantly, the USDCAD is back above the psychologically key 1.27 whole figure level, with a catalyst for retesting the August high coming as early as today following the Bank of Canada’s Governor Macklem comments at noon EST…
WTI Crude (CL) is looking fatigued after giving up the psychologically key 70 whole figure level late last week. Significantly, although CL reclaimed upchannel support (on the weekly chart) briefly last week, it is arguably back below it now, and increasingly at risk to form a lower September high versus the August high…
