The VIX (VX) is trying to halt the slide from October by rebounding off last week’s fresh 2023 low. Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart)…
Arabica Coffee (KC) edged up yesterday, gaining for a 12th straight day. Although becoming overbought on the 4hr chart, with KC comfortably above the weekly chart descending wedge resistance, KC is moderately likey to test before the weekend the December high and the psychologically key 1.75 whole figure level…
Soybean (ZS) is edging higher to start the week, and appears poised to retest the January high this week. With ZS comfortably closing last week above the psychologically key 1500 whole figure level, odds are rising and elevated for a test of the June 2022 high sometime by or on the day of the next highly anticipated WASDE February 8…
Arabica Coffee (KC) surged more than 1.5% yesterday, gaining for a 11th straight day. With the decisive weekly close above the weekly chart descending wedge resistance, KC is moderately likely to test early week, the December high and the psychologically key 1.75 whole figure level…
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The S&P500 (ES) is consolidating after the strong reversal off the Wednesday Hammer low, hesitating as it bumps against downchannel resistance (on the weekly chart). Although odds are elevated for a weekly close above this key bear-bull battle ground, a break above the weekly chart downchannel resistance could very well be brief with the highly anticipated FOMC and Fed rate announcement Wednesday potentially setting up for a slide back into the same downchannel…
Arabica Coffee (KC) surged almost 3% yesterday, gaining for a 10th straight day. With the decisive break this week of the weekly chart descending wedge resistance, KC is likely to test by next week sometime, the December high and the psychologically key 1.75 whole figure level…
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Arabica Coffee (KC) surged more than 1.5% yesterday, gaining for a 9th straight day. A weekly close above the weekly chart descending wedge resistance is likely, and would dramatically increase odds of a test of the December high and the psychologically key 1.75 whole figure level in the week after…
WTI Crude (CL) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period…
