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 22, 2023
Arabica Coffee (KC) surged almost 3% Friday, halting the slide from the April high. A test of the weekly chart upchannel support sometime this week is now less likely than a reclaiming of the psychologically key 2 whole figure level and the May high before month end…
Litecoin (LTCUSD) Weekly MACD Trying to Positively Cross
TOP50’sTOP10 (LTCUSD, XRPUSD, UNIUSD, ALGOUSD, EOSUSD, XTZUSD, ATOMUSD, BNBUSD, MATICUSD, ETHUSD)
S&P500 (ES) Consolidates After Surging to New 2023 High
The S&P500 (ES) is consolidating after surging for 2 straight days to a fresh 2023 high and triangle resistance (on the weekly chart). Odds are now elevated for the ES to join the NQ in gravitating to the 61.8% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com) by month end…
Coffee Daily May 19, 2023
Arabica Coffee (KC) edged higher yesterday, closing at the 4hr chart downtrend resistance. KC does not appear to have much more downside in its slide from the April high given yesterday’s second straight daily Hammer…
USDCHF Consolidates Just Under Weekly Chart Descending Wedge Resistance
The USDCHF is consolidating yesterday’s break above the psychologically key 0.90 whole figure level, and appears poised to test by next week sometime, descending wedge resistance (on the weekly chart). The USDCHF has made progress in its bottoming effort off the 2023 low and the weekly chart descending wedge support…
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…
Natural Gas (NG) Consolidating Just Above Key 2.5 Level
Natural Gas (NG) is consolidating just above the psychologically key 2.5 whole figure level, digesting the bounce off the May low and downchannel support (on the weekly and daily chart). NG is once again attempting a major bottoming effort, with any daily close this week above the daily chart downchannel resistance likely coinciding with a higher May high versus the April high…
Coffee Daily May 17, 2023
Arabica Coffee (KC) saw a near 1.5% pullback yesterday, consolidating the break Monday above the 4hr chart downchannel resistance. Nevertheless, KC appears to have halted the slide since the April high and remains poised for a test of 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…