Silver (SI) surged more than 2.5% yesterday, bouncing off upchannel support (on the 4hr chart) and breaking above downchannel resistance (on the daily chart). Significantly, SI has decisively ploughed through descending wedge resistance (on the weekly chart), forming a fresh October high…
The S&P500 (ES) is hesitating in today’s Asia morning after 4 days of gains. Significantly, although ES is trying to extend the upchannel (on the weekly chart) after bouncing off its support 2 weeks ago, any break today below the ascending wedge support (on the 4hr chart) will dramatically increase the odds of ES forming a lower October high versus the September high…
Wheat (ZW) is consolidating to start the week, digesting the bounce off last week’s weekly Doji low. Significantly, ZW is likely to edge towards triangle resistance (on the daily and weekly chart) this week, buoyed by the break above downtrend resistance (on the 4hr chart)…
Ethereum (ETHUSD) surged in the past week, and is suddenly within a week’s volatility of testing the September and 2021 high. Significantly, the much higher September low versus the July low dramatically increases the odds of a decisive break above triangle resistance (on the weekly chart) this week…
Arabica Coffee (KC) formed a daily Doji yesterday, closing at prior upchannel resistance (on the daily chart). Significantly, although KC is vulnerable to more consolidation today, KC remains within a few day’s volatility of retesting the 2021 high, with odds high for extending the weekly chart Bull Flag in the next week…
The GBPJPY is trying to form its 6th straight green daily candle, but could begin consolidating today as it bumps up against ascending wedge resistance (on the daily chart). Significantly, the GBPJPY has decisively broken a downtrend resistance line (on the weekly chart) connecting the May and September highs, and is suddenly back to near the 2021 high formed in May…
Natural Gas (NG) is looking wobbly in today’s Asia morning despite yesterday’s intraday reversal from its fresh October low. Significantly, although NG is bumping up against descending wedge resistance (on the 4hr chart) and has decent odds of seeing short covering ahead of Thursday’s highly anticipated weekly storage data, NG is likely by early next week, to close on a daily basis below uptrend support (on the daily chart)…
The Nasdaq100 (NQ) is trying to firm going into today’s European morning, but remains on pace to forming its 3rd straight red daily candle. Significantly, NQ is in the advanced stages of a Bear Flag consolidation, where odds are elevated for a retest of last week’s low sometime this week…
Wheat (ZW) is trying to firm to start the week, continuing last week’s consolidation from the October high. Significantly, with the highly anticipated WASDE released Tuesday, traders are best prepared for a surge in the hour after the WASDE to a fresh October high or a slide back to the September low…
Ethereum (ETHUSD) tacked on more gains last week, and is likely to consolidate this week before it can resume rallying back towards the September and 2021 high. Significantly, with ETHUSD back above the psychologically key 3500 whole figure level, odds are suddenly elevated for a higher October low versus the September low, and for a retest of triangle resistance (on the weekly chart) in October…
