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…
Arabica Coffee (KC) bounced more than 3.5% yesterday, closing comfortably above the 4hr chart downchannel resistance. KC appears to have halted the slide since the April high and is suddenly near the May high….
Wheat (ZW) is trying to firm to start the week, but appears likely to consolidate another day or so after Friday’s rejection post-WASDE at triangle resistance (on the 4hr chart). Before bulls get excited, they’ll want to see ZW break above downchannel resistance (on the daily chart), which if successful would dramatically increase odds of breaking descending wedge resistance (on the weekly chart) in the week after…
Arabica Coffee (KC) edged lower Friday, getting rejected at the 4hr chart downchannel resistance. KC is increasingly vulnerable to extending the slide since the April high. In the unlikely event that KC breaks above the May high today, odds would dramatically increase for a reclaiming of the psychologically key 2 whole figure level sometime in May…
TOP50’sTOP10 (ATOMUSD, BNBUSD, BTCUSD, ETHUSD, UNIUSD, XTZUSD, EOSUSD, ALGOUSD, AVAXUSD, DOTUSD)
The S&P500 (ES) continues consolidating as seen by the near complete weekly Doji. With ES hesitating just under the 2023 high and the 50% 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), it does not appear ready to join the Nasdaq100 (NQ) in breaking to a fresh 2023 high…
Arabica Coffee (KC) slid more than 1.5% yesterday, getting rejected at the 4hr chart downchannel resistance. KC is increasingly vulnerable to extending the slide since the April high. In the unlikely event that KC breaks above the May high today, odds would dramatically increase for a reclaiming of the psychologically key 2 whole figure level sometime in May…
The AUDUSD is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low…
Arabica Coffee (KC) edged lower yesterday, closing just below the 4hr chart downchannel resistance. RC is once again somewhat vulnerable to extending the slide since the April high…
Gold (GC) is hesitating as it tries reclaiming last week’s fresh 2023 high above the 2022 high and just shy of a record high. Regardless though of any deeper consolidation from last Thursday’s rejection at upchannel/ascending wedge resistance (on the weekly chart), GC does not appear likely to slide this week to below the psychologically key 2000 whole figure level…
