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…
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…
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…
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…
The AUDUSD is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low…
Gold (GC) is hesitating as it tries reclaiming last week’s fresh 2023 high above the 2022 high and just shy of a record high. Regardless though of any deeper consolidation from last Thursday’s rejection at upchannel/ascending wedge resistance (on the weekly chart), GC does not appear likely to slide this week to below the psychologically key 2000 whole figure level…
The S&P500 (ES) is consolidating for a second straight day after Friday’s bounce to near the 2023 high, hovering just under 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). Any break this week above the April high will suggest an extension of the bounce off the October low to a fresh 2023 high…
Wheat (ZW) is consolidating to start the week, digesting the bounce the began Wednesday off a fresh 2023 low. Odds are now higher for a test of descending wedge resistance (on the weekly chart) by next Monday (following the highly anticipated WASDE Friday) than it is for a test of wedge support coinciding roughly with the psychologically key 600 whole figure level…
The VIX (VX) is consolidating yesterday’s surge to downchannel resistance (on the daily chart). With the VX now back above the psychologically key 20 whole figure level after the dip late April to below it to a fresh 2023 low, the VX is now forming a long bodied green weekly candle, halting a 6 week slide from the 2023 high….
The AUDUSD is reversing higher with today’s daily Hammer extending back towards this week’s high. The AUDUSD is once again in the early stages of trying to halt the slide from the 2023 high, with the April low slightly above the 2023 low formed in March…
