WTI Crude (CL) is looking vulnerable going into today’s 2pm EST FOMC Minutes release, along with Thursday’s highly anticipated weekly inventory data (delayed 1 day due to the US Independence Day long weekend holiday). Significantly, CL is trying to form its first red weekly candle in 7 weeks, and is being rejected by ascending wedge resistance (on the weekly chart)…
The Nasdaq100 (NQ) is hesitating after Friday’s strong gains, with the market waiting for US-based traders to return from the Independence Day long weekend, and digest Friday’s highly anticipated US Non-Farm Payrolls (NFP). Significantly, although NQ is just shy of a fresh record high, it is bumping up against what could become upchannel resistance (on the weekly chart)…
Corn (ZC) is poised for more consolidation in this US Independence Day holiday shortened week. Significantly, ZC is arguably in the middle innings of a massive triangle (on the weekly chart), where the distance between the triangle support and resistance suggests at least a few more months before the triangle resolves either way…
Ethereum (ETHUSD) continues making progress in trying to halt the slide from the May peak, with the bounce from the May low having reversed much of the prior week’s losses. Significantly, any green weekly candle this week above the 50% Fib retrace of the March 2020 to May 2021 rally will dramatically increase the likelihood of a test of the June high in the week or so after…
Cotton (CT) is near complete in its 4th straight week of consolidation just below ascending triangle resistance (on the weekly chart). Significantly, although CT appears poised to continue a bull market after breaking in June above a 3 plus month symmetrical triangle resistance (on the weekly chart), the gains since April 2020 have been massive, and may require a deeper consolidation before any further bull market extension…
The USDCHF gained roughly 50 pips yesterday, resolving an ascending triangle and Bull Flag consolidation (on the daily chart). Significantly, any profittaking following the US Non-Farm Payrolls (NFP) Friday is unlikely to derail the upchannel extension (on the weekly chart), with bulls increasingly eyeing a retest of the March and 2021 high by July sometime…
Natural Gas (NG) is trying to form its 7th straight green daily candle after forming a fresh 2021 high yesterday. Significantly, NG is vulnerable to a healthy correction as it bumps up against the upchannel resistance (on the weekly chart) connecting the December to June highs, and hinted at the loooming pullback with yesterday’s strong intraday reversal…
The S&P500 (ES) is seeing a bit of healthy profittaking after yesterday’s fresh record high, and sits vulnerable to a deeper selloff following the end of 2021’s first half Wednesday, and after Friday’s highly anticipated US Non-Farm Payrolls (NFP). Significantly, the usual volatility seen after the completion of a quarter/half year and NFP may be deferred to after most traders return from the US Independance Day long weekend holiday next Tuesday…
Soybean (ZS) is trying to stabilize to start the week, bouncing off a near complete wedge/triangle’s support (on the 4hr chart) and trying to break decisively above descending wedge resistance (on the daily chart). Significantly, regardless of the high probability for a multi-day bounce, ZS will remain vulnerable to a Bear Flag extension in July while ZS sits below uptrend support (on the weekly chart)…
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