Raw sugar (SB) reversed more than 1.5% yesterday after breaking to a fresh 2023 high Tuesday. Regardless, with SB still comfortably above the psychologically key 25 whole figure level, SB’s bull market from April 2020 to April 2023 is likely to continue extending by mid month…
New York Cocoa (CC) edged higher Friday, closing just above upchannel support (on the daily chart). Nevertheless, with last week’s weekly Doji rejected at upchannel resistance (on the weekly chart) near the 2023 high, odds are elevated for more orderly consolidation this week with initial support around the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com)…
New York Cocoa (CC) edged higher with its daily Doji yesterday, and is now just shy of last week’s 2023 high above the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com). CC is trying to extend towards upchannel resistance (on the weekly chart), continuing the massive bull market rally that began November 2022…
WTI Crude (CL) is edging higher going into today’s 1030am EST highly anticipated weekly inventory and Thursday’s US unemployment claims. With CL bouncing yesterday off the psychologically key 70 whole figure level, odds are decent for a weekly close above downchannel resistance (on the weekly chart)…
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Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….
The S&P500 (ES) is edging higher just shy of Monday’s fresh 2023 high and triangle resistance (on the weekly chart). Any selloff following today’s highly anticipated US Non-Farm Payrolls (NFP) at 830am EST will dramatically increase odds of a break going into next week below upchannel support (on the 4hr chart)…
The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…
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…
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)…
