Soybean (ZS) Tests 2022 Low

Soybean (ZS) is trying to firm to start the week, but remains vulnerable this week to extending the slide from the 2023 high to a fresh 2023 low. Although ZS is increasingly likely to see some short covering as it probes its 2022 low and tests downchannel support (on the 4hr chart), odds are elevated for a deeper slide by Q3 sometime to the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)…

Coffee Daily May 18, 2023

Arabica Coffee (KC) edged lower yesterday but does not appear to have much more downside in its slide from the April high given yesterday’s daily Hammer. Regardless of Tuesday’s break above the 4hr chart downtrend resistance, odds are slightly higher for a test of the weekly chart upchannel support by sometime next week than it is for a reclaiming of the psychologically key 2 whole figure level and the May high before month end…

VIX (VX) Tests 2023 Low Ahead of US Retail Sales

The VIX (VX) is testing the 2023 low formed early May, with any further downside today dramatically increasing the odds of testing the daily chart downchannel support in the week after. Nevertheless, the VX is arguably in the advanced stages of a descending wedge (on the 4hr chart), with a short covering this week back to downchannel resistance (on the daily chart) and the psychologically key 20 whole figure level moderately likely…