The VIX (VX) gave up yesterday more than half of Friday’s eyewatering 30% plus gains. Significantly, although Friday’s peak formed a new contract month 2021 high, on the continuous chart (available on tradingview.com) the VX’s Friday peak roughly equalled the September and May highs…
Corn (ZC) is consolidating Friday’s sharp reversal higher (after an initial gap down), and appears poised to continue pushing higher this week. Significantly, ZC is retesting the 61.8% Fib retrace of the May to September slide, and is suddenly just a day’s volatility from the November high…
Ethereum (ETHUSD) is deepening in its correction, and appears poised to slide further this week. Significantly, ETHUSD is at high risk of exceeding the September pullback in magnitude, following in Bitcoin (BTCUSD)’s footsteps…
Arabica Coffee (KC) surged another 2% plus Tuesday, closing at a fresh 2021 high. Significantly, regardless of an increasingly likely test of upchannel resistance (on the weekly chart) by early next year, odds are fairly high for healthy profittaking when KC reopens following the US Thanksgiving holiday break, as KC bumps up against ascending wedge resistance (on the 4hr chart) and uptrend resistance (on the daily chart)…
The GBPAUD is consolidating for a 6th straight day going into today’s European morning, hovering just below ascending triangle resistance (on the 4hr chart). Significantly, GBPAUD has been testing triangle resistance (on the daily and weekly chart), with odds high for a test of the 50% Fib retrace of the August to November slide by month end…
WTI Crude (CL) is consolidating just above a 2 week 4hr chart downtrend resistance, trying to halt a month long slide from the 2021 high. Significantly, odds are about equal in the day or so following today’s highly anticipated weekly inventory data at 1030am EST and the US’ FOMC Meeting Minutes at 2pm EST, for a retest of the 38.2% Fib retrace of the rally extension from late August to late October, or for a retest of the psychologically key 80 whole figure level…
The VIX (VX) is gaining momentum in its bounce off the November and 2021 low. Significantly, the VX is rebounding from downchannel support (on the weekly chart), with the current weekly candle breaking above a downtrend resistance line (on the weekly chart) that began in September…
Soybean (ZS) is consolidating for a 3rd straight day to start the week, hovering just above downtrend resistance (on the daily chart). Significantly, ZS has halted the deep correction from the May/June peak with its push last week above descending wedge resistance (on the weekly chart). Bullishly, ZS has formed a higher November high versus the October high, reclaiming the 50% Fib retrace of the May 2019 to May 2021 rally…
Ethereum (ETHUSD)’s is near complete on its first long bodied red weekly candle since September, and appears vulnerable to a deeper consolidation the balance of November despite a tentative bounce off the psychologically key 4k whole figure level. Significantly, ETHUSD was rejected this past week at what somewhat resembles upchannel resistance (on the weekly chart), although the long lower shadow of the near complete current weekly candle suggests we are more likely to see a further slide similar to what occurred in September as opposed to in May…
Cocoa (CC) rallied another near 1% yesterday, forming a 4th straight green daily candle and is suddenly back to near the November high. Significantly, although CC may consolidate today yesterday’s recapture of the 38.2% Fib retrace of the September to November slide, CC is arguably extending a major upchannel (on the weekly chart)…
