Gold (GC) is consolidating after surging yesterday to upchannel resistance (on the weekly chart) and the April 2022 high (on the June contract). Regardless of any healthy profittaking ahead of the weekend that brings GC back to the psychologically key 2000 whole figure level, GC remains well positioned in April to retest the record high formed in July 2020…
The S&P500 (ES) is consolidating after gaining 4 straight days, hesitating as it bumps against the weekly chart downchannel resistance. Odds are now moderately high for a retest of the August high in April. Before bears get excited, they’ll need to see a daily close this week below the psychologically key 4k whole figure level…
Soybean (ZS) is consolidating to start the week following last week’s strong rebound off a fresh 2023 low. ZS is suddenly nearing its March high, but will likely spend this week catching its breath ahead of next Monday’s highly anticipated WASDE…
The VIX (VX) is trying to firm after sliding from last week’s 2023 high, but remains vulnerable to retesting the 2023 low and the psychologically key 20 whole figure level going into April. Any reclaiming of this week’s high will likely have to wait until next week, and would dramatically increase the odds of testing the key 25 level in the few days after…
The EURUSD is in the late stages of a Bull Flag consolidation (on the weekly chart) after forming a fresh March high last week. Odds are elevated for an extension of the upchannel (on the weekly chart) to a fresh 2023 high and the psychologically key 1.10 whole figure level by early April…
Silver (SI) is consolidating with its weekly Hammer after the monster rally from the 2023 low (formed 3 weekly candles ago) around the psychologically key 20 whole figure level. Nevertheless, a deeper pullback to below the 50% Fib retrace of the January to March slide before month end is unlikely…
The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level. Although ES managed to hold the 2023 low 2 weeks ago, the ES has been reluctant to extend its subsequent bounce…
Wheat (ZW) is consolidating to start the week after last week’s bounce off a fresh 2023 low. Although ZW could retest in the next week or so the weekly chart descending wedge support, odds are increasing and moderate for a test of the same wedge’s resistance before month end…
The VIX (VX) is consolidating after bouncing strongly yesterday off a much higher low versus the 2023 low (from 2 weekly candles ago). Any weekly close above the psychologically key 25 whole figure level would dramatically increase odds of a test of this week’s high next week…
The GBPUSD powered almost 100 pips in the hour following the highly anticipated FOMC and Fed rate hike. The GBPUSD is now extending the Bull Flag (on the daily chart), and testing a massive triangle resistance (on the weekly chart)…
