Cotton (CT) Suffers Biggest Weekly Loss Since 2011

Cotton (CT) is trying to form its 5th straight red daily candle as part of the biggest weekly drop since at least June 2011. Although odds are decent that the break below the psychologically key 1 whole figure level is an overshoot and false break, CT appears to still be weighed by a gravitational pull towards the 61.8% Fib retrace of the April 2020 to May 2022 bull market (as can be seen on tradingview.com)…

Natural Gas (NG) Breaks Weekly Chart Ascending Wedge Support

Natural Gas (NG) slid a massive 16% plus yesterday, breaking below upchannel support (on the daily chart) and ascending wedge support (on the weekly chart). Odds are high for a test of the psychologically key 7 whole figure level following Thursday’s highly anticipated weekly storage data, but any further downside ahead of the weekend will likely be limited to downchannel support (on the 4hr chart)…

Nasdaq100 (NQ) Testing Weekly Chart Downchannel Support

Although the Nasdaq100 (NQ) formed a fresh 2022 low yesterday, with the NQ at downchannel support (on the weekly chart), the NQ is only moderately likely to slide further this week to downchannel support (on the daily chart). Any break above downchannel resistance (on the 4hr chart) will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by early next week….