The S&P500 (ES) slid more than 1.5% yesterday, falling in the past week from a fresh 2021 and record high, and remaining vulnerable in the next day or so to a Bear Flag extension. Significantly, ES has been rejected by upchannel resistance (on the weekly chart), with odds high for a retest of the June low before month end…
Wheat (ZW) has gapped up to start the week, but is likely to begin consolidating last week’s strong gains as early as today as it bumps up against upchannel resistance (on the 4hr chart). Significantly, ZW is beginning to form a daily Gravestone, tiring at the 61.8% Fib retrace of the May to July slide…
Ethereum (ETHUSD) is in the early stages of trying to halt a roughly 2 week slide (within the broader reversal since the May record high), and is once again on the verge of reclaiming the psychologically key 2k whole figure level. Significantly, until ETHUSD reclaims the 50% Fib retrace of the March 2020 to May 2021 rally, odds remain high for a retest of the May and June lows in July…
Arabica Coffee (KC) edged higher yesterday as part of the bounce off the psychologically key 1.5 whole figure level. Significantly, KC’s healthy consolidation since the May peak now appears to be a Bull Flag sideways range with a high probability of an extension higher by month end…
The USDCAD is breaking above triangle resistance (on the 4hr chart), and suddenly just shy of retesting the July high. Significantly, the USDCAD has completed the weekly chart Bull Flag consolidation (of the 3 weeks plus), and is retesting the downchannel resistance (on the weekly chart)…
Gold (GC) is edging higher going into today’s European morning, looking poised to complete an ascending triangle (on the 4hr chart). Significantly, GC has been consolidating for a week, the reclamation of the psychologically key 1800 whole figure level, as part of a bounce off triangle support (on the weekly chart)…
The S&P500 (ES) is at a fresh 2021 and record high, but hinting at fatigue as seen by last week’s weekly Hammer. Significantly, although ES appears to offer ample upside before it tests upchannel resistance (on the weekly chart), ES is bumping up against what is arguably another upchannel resistance (on the daily chart)…
Soybean (ZS) is trying to edge higher to start the week, but remains vulnerable to a deeper consolidation as it hovers for a 4th straight day near uptrend support (on the weekly chart). Significantly, although ZS’ rebound 2 weeks back brought ZS well above uptrend support (on the weeky chart), ZS is once again on the brink of giving up this key battleground…
Ethereum (ETHUSD) has given up much of the prior week’s rebound, and is once again nearing the psychologically key 2k whole figure level. Significantly, ETHUSD has slid back below the 50% Fib retrace of the March 2020 to May 2021 rally, with a high likelihood of retesting the May and June lows in July…
Arabica Coffee (KC) gained more than 1.5% yesterday, rebounding off the psychologically key 1.5 whole figure level. Significantly, KC has formed a 2nd straight green daily candle, and is making progress in holding support defined by the May and June lows…
