The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level. Although ES managed to hold the 2023 low 2 weeks ago, the ES has been reluctant to extend its subsequent bounce…
The GBPUSD powered almost 100 pips in the hour following the highly anticipated FOMC and Fed rate hike. The GBPUSD is now extending the Bull Flag (on the daily chart), and testing a massive triangle resistance (on the weekly chart)…
Gold (GC) slid more than 2% yesterday, completing what appears to be a Bearish Island Reversal (on the daily chart) after forming a fresh 2023 high Monday at upchannel resistance (on the daily and weekly chart). Within GC’s current consolidation back below triangle resistance (on the weekly chart), GC is beginning to firm near the 38.2% Fib retrace of the March rally…
The GBPUSD is trying to firm after getting rejected at downchannel resistance (on the daily chart) and sliding roughly 100 pips. Regardless of any further profittaking in the next day or so, odds are elevated for a resumption of the rally off last week’s fresh 2023 low to the 2023 high by April sometime…
The S&P500 (ES) is trying to form a weekly Doji after rebounding off near the 2023 low and the 61.8% Fib retrace of the October to February bounce. Although odds are now moderate for this week’s short covering to spring ES back to the psychologically key 4k whole figure level, ES is less likely to retest the weekly chart downchannel resistance before month end than it is to slide below the November low in the same period…
Wheat (ZW) is consolidating Friday’s bounce off a fresh 2023 low and descending wedge support (on the weekly chart) to start the week. Any break above the 4hr chart downchannel resistance in the next day or so would coincide with decisive gains above descending wedge resistance (on the daily chart), and dramatically increase odds of a test of the psychologically key 700 whole figure level in the day or so after…
The EURUSD is edging higher after the post-FOMC surge, but will likely see healthy profittaking by the weekend back to below the psychologically key 1.10 whole figure level. The EURUSD’s massive rally since making its major bottom in September 2022 is due for a notable pullback going into next week with the weekly chart ascending wedge near complete…
The GBPAUD is adding to yesterday’s massive 200 pip plus gains off just above the psychologically key 1.75 whole figure level. The GBPAUD is now nearing the 61.8% Fib Fib retrace of the February to September slide, with odds moderate for a test of the December high before month end…
Soybean (ZS) gained for a 3rd straight day Friday following the WASDE Thursday. When ZS reopens in the shortened session (with today being Dr Martin Luther King Jr Day), ZS will likely make an attempt at testing the January high…
The GBPUSD is consolidating for a 3rd straight day near downchannel resistance (on the 4hr chart). The GBPUSD appears to be readying to complete (in the next week) the Bull Flag consolidation since the mid December high…
