Natural Gas (NG) is trying to firm after sliding from the May high back to just above the May and 2023 low and downchannel support (on the weekly chart). Although NG remains vulnerable to closing May at a fresh monthly low, NG did form a higher May high versus the April high…
Arabica Coffee (KC) slid nearly 2.5% yesterday to a fresh May low, closing below upchannel support (on the weekly chart). Although KC may firm today with it trying to bounce off the 4hr chart downchannel support and its original point of breakout in April above a prior triangle/downtrend resistance (on the weekly chart), odds are moderate now for the slide from the April high to extend in the next week to the March low…
The S&P500 (ES) is consolidating after edging higher yesterday to a fresh 2023 high above triangle resistance (on the weekly chart). ES increasingly appears ready to join the Nasdaq100 (NQ) in gravitating to the 61.8% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com)…
Arabica Coffee (KC) edged lower Friday to the May low, closing below triangle support (on the daily chart). KC appears increasingly vulnerable to breaking upchannel support (on the weekly chart) and resuming the slide from the April high by month end…
Corn (ZC) gained for a 5th straight day Friday going into the US Memorial Day long weekend holiday, closing just shy of Friday’s fresh May high. The sharp reversal from the 2023 low formed 2 weeks ago at just below the 2022 low (formed in July) and the 50% Fib retrace of April 2020 to April 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com), suggests more upside in June…
Arabica Coffee (KC) edged lower Friday to the May low, closing below triangle support (on the daily chart). KC is now vulnerable to breaking upchannel support (on the weekly chart) and resuming the slide from the April high by month end….
TOP50’sTOP10 (LTCUSD, XRPUSD, EOSUSD, XTZUSD, UNIUSD, MATICUSD, ETHUSD, ALGOUSD, ATOMUSD, DOTUSD)
The VIX (VX) is consolidating for a second straight day Wednesday’s surge, appearing poised to continue next week efforts at a major bottom with the green weekly Tombstone trying to bounce off the 2023 low. Any break today above downchannel resistance (on the 4hr chart) and descending wedge resistance (on the daily chart) will dramatically increase odds next week of a break of the weekly chart descending wedge resistance….
Arabica Coffee (KC) slid almost 3% yesterday to near the May low, closing below triangle support (on the daily chart). KC is now vulnerable to breaking upchannel support (on the weekly chart) and resuming the slide from the April high by month end…
The USDCHF is consolidating after surging from Monday’s low, hesitating at triangle resistance (on the daily chart) and digesting this week’s break above descending wedge resistance (on the weekly chart). With the USDCHF comfortably above the psychologically key 0.90 whole figure level, odds are decent for renewed momentum next week in the bounce off the 2023 low and the weekly chart descending wedge support…
