Gold (GC) is catching its breath after yesterday’s 1.5% plus surge, with GC now in the advanced stages of a consolidation since hitting a fresh 2023 high in April. With GC now comfortably back above the psychologically key 2k whole figure level, odds are elevated for a retest this week of upchannel/ascending wedge resistance (on the weekly chart)…
Nasdaq100 (NQ) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April. Odds are elevated for a retest this week, of the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com)…
Wheat (ZW) has just made a fresh 2023 low Friday, but could be about to see some short covering as it tries to bounce off the weekly chart descending wedge support. With ZW near complete on the weekly chart descending wedge, odds are higher for a test of wedge resistance this week than it is for a test of the psychologically key 600 whole figure level…
Nasdaq100 (NQ) is consolidating after surging more than 2.5% yesterday, and is trying to complete its 4th straight weekly Hammer or Doji. NQ is arguably back in the advanced stages of a Bull Flag near the 2023 high (formed in April), where it appears to be gearing up to retest in May, the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com)…
The USDCAD is consolidating after the strong gains of the past 2 weeks, but appears to have upside momentum to gravitate to triangle resistance (on the weekly chart) by early May sometime. With the USDCAD comfortably back above the psychologically key 1.35 whole figure level, the USDCAD is arguably in the advanced stages of the weekly chart triangle which is arguably a Bull Flag consolidation (as can be seen easier on a monthly chart on tradingview.com)…
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Nasdaq100 (NQ) is struggling to extend a Bull Flag near the 2023 high (formed in April). With NQ just above the 38.2% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com), NQ is appearing increasingly unlikely to muster enough upward momentum in its rally off the October low to make a final push by May sometime to upchannel resistance (on the weekly chart)…
Corn (ZC) appears vulnerable to more healthy profit taking to start the week after failing last week to close above symmetrical triangle resistance (on the weekly chart) following Tuesday’s surge above it. A break below upchannel support (on the daily chart) seems likely in the next day or so, with moderate odds for a retest of the April low before month end…
The S&P500 (ES) is consolidating after forming a fresh April high (Tuesday), beginning to struggle as it slips back beneath 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). Nevertheless, any regaining of the 2023 high formed February before month end will dramatically increase odds of testing the August high by May sometime…
Arabica Coffee (KC) slid more than 3% yesterday, breaking the psychologically key 2 whole figure level and upchannel support (on the daily chart). Although further healthy profittaking is likely today after getting rejected yesterday at uptrend resistance (on the 4hr chart) at a fresh 2023 intraday high, any further selling next week would likely be mild…
