Arabica Coffee (KC) edged lower yesterday, forming a second straight daily Doji near the psychologically key 2.10 whole figure level. Significantly, despite the consolidation since Tuesday, KC remains around last week’s high and still has momentum in its bounce off upchannel support (on the weekly chart)…
The USDJPY is in the advanced stages of a 2 week plus Bull Flag consolidation (on the daily and weekly chart), firming just below the 2021 high formed in mid October. Significantly, the USDJPY is bumping into the highest levels since 2018, with the widely anticipated US Non-Farm Payrolls (NFP) on Friday potentially being a catalyst for a Bull Flag extension towards the 2017 high…
WTI Crude (CL) is down more than 1.5% today and vulnerable to testing the psychologically key 80 whole figure level these next few days. Significantly, with CL’s weekly Hammer last week rejected at a new 2021 high and ascending wedge resistance (on the weekly chart), this week’s tentative weekly Doji at wedge support could quickly turn into a longer red bodied candle on a daily close below the daily chart upchannel support…
The VIX (VX) is trying to firm after slipping last week to a fresh 2021 low. Significantly, odds are elevated for a strong bounce this week as the VX tests downchannel support (on the weekly chart)…
Wheat (ZW) is showing a bit of fatigue to start the week, consolidating with a bit more upside before bumping into uptrend resistance (on the 4hr chart). Significantly, regardless of any healthy profittaking in the next day or so, ZW closed October at the month high, and appears to be gravitating towards the 2021 high…
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Cotton (CT) is seeing some healthy profittaking today after yesterday’s near 3% surge. Significantly, CT appears to be on the verge of completing a 2 week plus Bull Flag consolidation (as seen on the daily and weekly chart), with CT arguably breaking above triangle resistance (on the daily chart)…
The GBPUSD is trying to firm as part of a week long consolidation after forming a fresh October high. Significantly, the GBPUSD continues testing downchannel resistance (on the weekly chart) and the 38.2% Fib retrace of the June to September slide.
Gold (GC) saw some healthy profittaking yesterday but appears to be in the early stages of firming as it nears upchannel support (on the daily chart). Significantly, GC is testing triangle resistance (on the weekly chart), and appears to be gearing up for a bullish move within a massive consolidation since the August 2020 record high…
The Nasdaq100 (NQ) surged 1% yesterday, and is now just shy of the record high formed in September. Significantly, NQ’s bounce since its early October low has reversed most of September’s slide, with odds high for NQ to follow the S&P500 (ES) in hitting a new record by month end…
