The GBPUSD has spent this week catching its breath just above descending wedge resistance (on the weekly chart). Volatility is about to surge following today’s 7am EST BoE monetary policy report/summary and rate announcement, the 730am EST comments from BoE governor Bailey, and Friday’s highly anticipated US Non-Farm Payrolls (NFP)…
The S&P500 (ES) is hesitating in its month plus Dead Cat bounce to just above the 38.2% Fib retrace of the January to June slide. Yesterday’s break above downchannel resistance (on the weekly chart from April to July) has been weak, with decent odds for a slide back this week to the psychologically key 4k whole figure level…
Soybean (ZS) is tiring after last week’s massive rebound, with ZS just shy of the psychologically key 1500 level. ZS appears vulnerable to breaking upchannel support (on the 4hr chart) in the next few days, and will likely want to spend the next week or so catching its breath near the 50% Fib retrace of the June to July slide…
The GBPUSD is making progress in forming a major bottom after bouncing off the psychologically key 1.20 whole figure level yesterday and surging above descending wedge resistance (on the weekly chart). Although odds are decent for a break to a fresh July high following the 830am EST release of the US advance GDP data and Friday’s US core PCE price index data, bulls should be prepared for a lower probability of a brief pullback before the weekend potentially to upchannel support (on the 4hr chart)…
Wheat (ZW) is gapping up almost 3% to start the week, trying to halt the slide since the 2022 peak in May. Although ZW remains vulnerable to sliding to downchannel support (on the daily chart) in the next week, odds are higher for ZW to bounce from current levels which coincide with the 61.8% Fib retrace of the December 2016 to February 2022 bull market (as can be seen on tradingview.com)…
The GBPUSD is once again in the early stages of trying to form a major bottom with this week’s green weekly candle trying to push above last week’s high. Any daily close above descending wedge resistance (on the daily chart) will likely coincide with a test of the weekly chart descending wedge resistance…
WTI Crude (CL) is hesitating at the daily chart downchannel resistance ahead of today’s highly anticipated weekly inventory data at 1030am EST. Although CL has bounced strongly off the 50% Fib retrace of the December to June bull market extension, CL remains vulnerable to another daily chart downchannel extension and a retest of the July and May lows before month end…
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)…
Soybean (ZS) is showing exhaustion after selling off last week following a fresh 2022 high the week prior. Any break below descending triangle support (on the 4hr chart) will likely coincide with a slide below ascending triangle support (on the weekly chart)…
Wheat (ZW) is trying to firm after a 3 week slide from the 2022 high, but remains vulnerable to retesting the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension. Nevertheless, any break above downchannel resistance (on the 4hr chart) would dramatically increase the odds for a sustainable bounce off upchannel support (on the weekly chart)…
