The S&P500 (ES) is consolidating yesterday’s 1.5% plus slide, showing fatigue in the Dead Cat Bounce off the October low as ES slides back below the psychologically key 4k whole figure level and 61.8% Fib retrace of the August to October slide. Any daily close below the 50% Fib and the uptrend support (on the daily chart) would suggest that the Dead Cat Bounce has peaked or is about to in the next few weeks…
Arabica Coffee (KC) slid more than 1% yesterday, forming a second straight daily Doji just above prior downchannel resistance (on the daily chart). KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, reclaiming the descending wedge/downtrend support (on the weekly chart)…
Soybean (ZS) is looking wobbly to start the week, appearing vulnerable to sliding in the next few days towards the 38.2% Fib retrace of the slide from the June high to the July low. Odds are elevated for a retest of the psychologically key 1400 whole figure level this week, and for a slide back to triangle support (on the weekly chart) before the Xmas lull sets in…
Arabica Coffee (KC) edged almost 1.5% higher Friday after the US Thanksgiving holiday, closing just above prior downchannel resistance (on the daily chart). KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, reclaiming the descending wedge/downtrend support (on the weekly chart)…
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Arabica Coffee (KC) slid more than 1% Wednesday on healthy profittaking (with yesterday being the US Thanksgiving holiday), closing near prior downchannel resistance (on the daily chart). Nevertheless, KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, and is trying to reclaim the descending wedge/downtrend support (on the weekly chart)…
The EURUSD is trying to gain for a 3rd straight day, nearly complete on the Bull Flag consolidation of the past week after forming a fresh November high. Odds are elevated for a test of the psychologically key 1.05 whole figure level before the weekend…
Arabica Coffee (KC) slid more than 1% yesterday on healthy profittaking, closing near prior downchannel resistance (on the daily chart). Nevertheless, KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, and is trying to reclaim the descending wedge/downtrend support (on the weekly chart)…
Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide. With SI having formed a major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com), SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end…
