The USDCAD surged more than 150 pips Friday from the day’s low (just above the September low) to the intraday high and close. The USDCAD has bounced off an uptrend support that began in July (as seen on the weekly chart), closing last week above the psychologically key 1.35 whole figure level…
The S&P500 (ES) edged lower with a daily Gravestone Friday, closing the week just above what is likely to become initial upchannel support (on the weekly chart). With the lower September low versus the August low, ES will all but form a lower September high versus the August high, with the July high likely to have been the high for 2023…
The USDJPY edged higher Friday, closing around the September and 2023 high. With the USDJPY extending last week its massive rally since January to above its 76.4% Fib retrace of the October to January slide, a test of the October high is now likely by year end…
The S&P500 (ES) formed a daily Doji Friday after Thursday’s daily Hammer, trying to halt the slide from the September high. Any break below ascending wedge support (on the weekly chart) sometime next week dramatically increases the likelihood of a lower September low versus the August low, and that the July high was the high for 2023…
WTI Crude (CL) surged more than 2% Friday, closing the week at a fresh 2023 high above the psychologically key 85 whole figure level. CL has made a higher September high versus the August high, breaking above the major bottoming range that has held since December 2022 (as seen easier by the August monthly Doji on a monthly chart on tradingview.com)…
Silver (SI) formed a daily Doji Friday, with odds rising for a further push to the psychologically key 25 whole figure level sometime this week. The bigger picture is of SI nearing a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
WTI Crude (CL) gained for a second straight day Friday closing the week near the July high above the psychologically key 80 whole figure level. CL appears to be in the late stages of consolidating from its 2023 high (set 2 weeks ago) after sharply reversing from last week’s weekly Hammer low…
The GBPAUD surged over 150 pips Friday from the day’s low to high, closing near the 2023 high formed Tuesday. With the GBPAUD bumping up against ascending wedge resistance (on the weekly chart), it is likely to consolidate for at least this week before attempting the key 2 whole figure level…
Nasdaq100 (NQ) slid more than 0.5% lower Friday, closing the week near its low. NQ increasingly appears close to completing its massive rally from the 2022 low (in October) to the 2023 high (formed in July) with NQ testing ascending wedge support (on the weekly chart). If the August candle (as can be seen more easily on a monthly chart on tradingview.com) elongates in its red body to below the June low, the July high will likely have marked the high for 2023…
Wheat (ZW) slid a 3rd straight day Friday as part of the healthy consolidation after briefly breaking downchannel resistance (on the weekly chart) Tuesday. With last week’s weekly Gravestone closing just above the psychologically key 700 whole figure level, and a higher July high and low versus the June high and low, ZW will likely make progress in August with the major bottoming efforts off the 2023 low (formed at the end of May) and the weekly chart downchannel support…
