The Nasdaq100 (NQ) is tiring after edging to a fresh 2021 high yesterday, increasingly vulnerable to a sharp reversal. Significantly, NQ is bumping up against uptrend resistance (on the daily chart) and upchannel resistance (on the weekly chart)…
Wheat (ZW) firmed going into the US Labor Day holiday long weekend, bouncing off downchannel support (on the 4hr chart). Significantly, ZW has held the 38.2% Fib retrace of the July to August rally in the last 3 weeks of consolidation, and does not appear to be at the beginning of a Double Top (on the weekly chart) with the August high slightly above the May high…
Ethereum (ETHUSD) is seeing some healthy consolidation after briefly breaking above the psychologically key 4k whole figure level Friday. Significantly, although odds are moderately high for a retest of the record high in September, the steepness of the rally extension since late July suggests a high likelihood for the mild profittaking that has just begun to last another week or so…
Cocoa (CC) rebounded almost 3% yesterday, bouncing from near triangle support (on the 4hr and daily chart) and closing at the same triangle’s resistance. Significantly, CC has largely completed the 2 week plus consolidation that began after touching a fresh 2021 high, closing yesterday above the psychologically key 2600 whole figure level…
The USDCAD is continuing its week plus firming effort near the psychologically key 1.26 whole figure level. Significantly, with volatility certain to surge following Friday’s highly anticipated US Non-Farm Payrolls (NFP), odds are moderately high for a break of upchannel support (on the daily chart) by Monday, with lower odds for a close this week below the weekly chart’s prior downchannel resistance…
WTI Crude (CL) is pushing higher today, trying to bounce off ascending wedge support (on the 4hr chart). Significantly, although CL may reclaim the psychologically key 70 whole figure level today following the data/news releases of US ISM Manufacturing PMI at 10am EST, weekly crude inventory at 1030am EST or highly anticipated OPEC meeting at 11am EST, odds are roughly the same for CL to slide back below upchannel support (on the weekly chart)…
