The VIX (VX) slid almost 4% yesterday after bumping against downchannel/ descending wedge resistance (on the weekly chart), but remains poised for another test this week of this key bull/bear battleground. Any reclaiming of last week’s high will dramatically increase odds of testing the psychologically key 25 whole figure level and January high in the week after…
Arabica Coffee (KC) edged lower yesterday with its daily Doji, remaining vulnerable today to breaking ascending wedge support (on the daily chart). KC appears to want to spend this week consolidating just below downchannel resistance (on the weekly chart), but is unlikely to fall much below the July low…
Corn (ZC) is trying to firm to start the week but remains vulnerable to more downside this week after breaking last Thursday below triangle support (on the weekly chart). Odds are roughly equal for ZC to bounce off downtrend support (on the 4hr chart) before month end as it is for a slide to a fresh 2023 low in the same period…
Arabica Coffee (KC) slid more than 1% Friday on more healthy profittaking, and appears vulnerable to breaking ascending wedge support (on the daily chart) by mid week. With last week’s weekly Doji just below downchannel resistance (on the weekly chart), further consolidation this week near the July low is likely…
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The S&P500 (ES) is trying to firm going into the weekend, but remains wobbly for next week as it has arguably slid back into the downchannel (on the weekly chart). Odds are low for a fresh February high before month end, with ES more likely to slide to a new February low in the same period…
Arabica Coffee (KC) slid almost 2% yesterday on healthy profittaking after bumping up against ascending wedge resistance (on the 4hr chart) and what may become downchannel resistance (on the weekly chart). With KC sliding back into the ascending wedge (on the daily chart), odds are decent for a test of wedge support early next week, with a postponing of any test of the psychologically key 2 whole figure level to around mid March…
The GBPAUD is consolidating after the massive 350 pip or so gain from the Tuesday low to yesterday’s high, with decent odds now of testing the psychologically key 1.80 whole figure level and the 50% Fib retrace of the February to September slide by early March. Although the GBPAUD has halted the slide since the December high, it remains within a major downchannel since March 2020 (as can be seen easier on a monthly chart on tradingview.com)…
Arabica Coffee (KC) tacked on another near 2% yesterday, extending what appears to be an upchannel (on the 4hr chart). Although KC appears overextended with its close above ascending wedge resistance (on the daily chart), odds are decent for a bit more upside before the weekend as it gravitates towards the psychologically key 2 whole figure level…
Silver (SI) is making progress in forming a much higher February low versus the Bull Flag Consolidation low (on the weekly chart) in September and seen more easily on a monthly chart on tradingview.com. Odds are low for SI to slide further to the psychologically key 20 whole figure level by March sometime, particularly with SI trying to halt its pullback from the January high around the 38.2% Fib retrace of the March to September slide…
