The USDCHF is consolidating yesterday’s break above the psychologically key 0.90 whole figure level, and appears poised to test by next week sometime, descending wedge resistance (on the weekly chart). The USDCHF has made progress in its bottoming effort off the 2023 low and the weekly chart descending wedge support…
Arabica Coffee (KC) edged lower yesterday but does not appear to have much more downside in its slide from the April high given yesterday’s daily Hammer. Regardless of Tuesday’s break above the 4hr chart downtrend resistance, odds are slightly higher for a test of the weekly chart upchannel support by sometime next week than it is for a reclaiming of the psychologically key 2 whole figure level and the May high before month end…
Natural Gas (NG) is consolidating just above the psychologically key 2.5 whole figure level, digesting the bounce off the May low and downchannel support (on the weekly and daily chart). NG is once again attempting a major bottoming effort, with any daily close this week above the daily chart downchannel resistance likely coinciding with a higher May high versus the April high…
Arabica Coffee (KC) saw a near 1.5% pullback yesterday, consolidating the break Monday above the 4hr chart downchannel resistance. Nevertheless, KC appears to have halted the slide since the April high and remains poised for a test of the May high before month end…
The VIX (VX) is testing the 2023 low formed early May, with any further downside today dramatically increasing the odds of testing the daily chart downchannel support in the week after. Nevertheless, the VX is arguably in the advanced stages of a descending wedge (on the 4hr chart), with a short covering this week back to downchannel resistance (on the daily chart) and the psychologically key 20 whole figure level moderately likely…
Arabica Coffee (KC) bounced more than 3.5% yesterday, closing comfortably above the 4hr chart downchannel resistance. KC appears to have halted the slide since the April high and is suddenly near the May high….
Wheat (ZW) is trying to firm to start the week, but appears likely to consolidate another day or so after Friday’s rejection post-WASDE at triangle resistance (on the 4hr chart). Before bulls get excited, they’ll want to see ZW break above downchannel resistance (on the daily chart), which if successful would dramatically increase odds of breaking descending wedge resistance (on the weekly chart) in the week after…
Arabica Coffee (KC) edged lower Friday, getting rejected at the 4hr chart downchannel resistance. KC is increasingly vulnerable to extending the slide since the April high. In the unlikely event that KC breaks above the May high today, odds would dramatically increase for a reclaiming of the psychologically key 2 whole figure level sometime in May…
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The S&P500 (ES) continues consolidating as seen by the near complete weekly Doji. With ES hesitating just under the 2023 high and the 50% 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), it does not appear ready to join the Nasdaq100 (NQ) in breaking to a fresh 2023 high…
