Cocoa (CC) surged more than 2% yesterday, closing above downchannel resistance (on the 4hr chart). Significantly, CC is on the brink of resolving the triangle (on the daily chart) to the upside, and is in the advanced stages of a Bull Flag consolidation (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart)…
The USDCHF is seeing a bit of healthy profittaking in today’s Asia morning after 3 straight green daily candles. Significantly, although the USDCHF is bumping up against upchannel resistance (on the daily chart), it has completed last week’s consolidation and has arguably begun once again, extending a major upchannel (on the weekly chart)…
Natural Gas (NG) is looking wobbly in today’s Asia morning after yesterday’s sharp intraday reversal from its fresh 2021 high. Significantly, although NG is moderately likely to reclaim the psychologically key 6 whole figure level in the day following Thursday’s highly anticipated weekly storage data, bulls should not rule out a sharper consolidation back towards last week’s low by early next week…
The Nasdaq100 (NQ) is trying to firm after yesterday’s near 1% slide, but remains vulnerable to a deeper selloff as early as today. Significantly, NQ is showing fatigue in its bounce off last Monday’s September low, with odds high for a retest of the psychologically key 15k whole figure level in the hour following US Fed Chairman Powell’s comments at 10am EST…
Wheat (ZW) is edging higher to start the week, consolidating the bounce that began mid last week from triangle support (on the daily chart). Significantly, ZW is testing once again the 38.2% Fib retrace of the July to August rally, and appears comfortably above the psychologically key 700 whole figure level…
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) 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…
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) 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…
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…
