Ethereum (ETHUSD) has slid sharply since the September peak and appears at high risk of extending the downturn going into month end. Significantly, ETHUSD is retesting the 50% Fib retrace of the July to September rally, and has fallen back below the psychologically key 3k whole figure level…
Arabica Coffee (KC) Testing Jul-Sep Triangle/Downtrend Resistance
Arabica Coffee (KC) rallied more than 3% yesterday, breaking above triangle resistance (on the 4hr chart). Significantly, with yesterday’s surge, KC is suddenly at the daily chart triangle resistance, and testing the downtrend resistance (on the weekly chart) connecting the July and September highs…
USDCHF Retesting 61.8% Fib Retrace of Apr-Jun Slide
The USDCHF is trying to halt the consolidation since the beginning of the week, with a decisive rebound coming as early as today following the SNB’s Monetary Policy Assessment and rate announcement at 330am EST. Significantly, the USDCHF found support yesterday near the July and August highs and the 61.8% Fib retrace of the April to June slide, with any reclaiming before the weekend of last week’s high to trigger an extension of the upchannel (on the weekly chart) for next week…
Natural Gas (NG) Weekly Chart Bearish Island Reversal Trying to Form
Natural Gas (NG) is trying to stabilize after yesterday’s 3% plus tumble and a 4 day slide from last week’s fresh 2021 high. Significantly, NG appears to be trying to form a Bearish Island Reversal on the weekly chart, where an extension of the current weekly candle body lower to near last week’s weekly candle body low increases dramatically the likelihood for another red weekly candle next week…
S&P500 (ES) Forming 1st Red Monthly Candle in 8 Months
The S&P500 (ES) is bouncing going into today’s European morning after yesterday’s 1.5% plus slide. Significantly, although odds are moderate for ES to reverse all of yesterday’s losses by Wednesday following the FOMC and Fed rate announcement, there is a high probability that a major top has just formed…
Wheat (ZW) Retesting 50% Fib Retrace of Jul-Aug Rally
Wheat (ZW) is a bit wobbly to start the week, consolidating the mid last week bounce around a downtrend resistance (on the daily chart) connecting the August and early September highs. Significantly, ZW is retesting the 50% Fib retrace of the July to August rally, and appears to want to consolidate further around the psychologically key 700 whole figure level…
Ethereum (ETHUSD) Retesting 61.8% Fib Retrace of May-Jul Fall
Ethereum (ETHUSD) spent the past week consolidating again near the 61.8% Fib retrace of the May-Jul Fall. Significantly, the ETHUSD remains vulnerable to falling further this week as part of a healthy correction from the September high, particularly with ETHUSD testing upchannel support (on the daily chart)…
Cocoa (CC) Consolidates Just Above Key 2600 Level
Cocoa (CC) consolidated for a 3rd straight day yesterday with its daily Doji, continuing to gear up for a retest of last week’s 2021 high. Significantly, CC has been trying to extend its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end…
USDCHF Retesting 50% Fib Retrace of April-June Slide
The USDCHF is consolidating after yesterday’s rebound from uptrend/triangle support (on the daily chart). Significantly, the USDCHF is retesting the 50% Fib retrace of the April to June slide, and is trying to extend the weekly chart upchannel…
Gold (GC) Reclaims Key 1800 Level
Gold (GC) is digesting yesterday’s reclaiming of the psychologically key 1800 whole figure level, as part of a massive consolidation since the August 2020 record high. Significantly, for bulls to see renewed, sustainable momentum to the upside, they’ll want to see GC break above the July and August highs as a start, which would dramatically increase the odds of a swing in the few weeks after to the weekly chart downtrend resistance line connecting the November 2020 high and January 2021 highs…