Nasdaq100 (NQ) is showing fatigue in its Dead Cat Bounce off the October low, sliding back to just above the 38.2% Fib retrace of the August to October slide. Odds are fairly low for NQ to extend higher within its Oct-Nov Dead Cat Bounce before the Xmas lull to the 61.8% Fib or the weekly chart downtrend/descending wedge resistance…
Cocoa (CC) rallied nearly 1% yesterday, closing above the psychologically key 2500 whole figure level. With CC back above the 50% Fib retrace of the February to September slide, CC appears to be nearing completion on the 2 week plus Bull Flag consolidation…
The S&P500 (ES) is consolidating yesterday’s 1.5% plus slide, showing fatigue in the Dead Cat Bounce off the October low as ES slides back below the psychologically key 4k whole figure level and 61.8% Fib retrace of the August to October slide. Any daily close below the 50% Fib and the uptrend support (on the daily chart) would suggest that the Dead Cat Bounce has peaked or is about to in the next few weeks…
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Cocoa (CC)’s healthy profittaking this week should be slowing going into next week, with CC now testing the 38.2% Fib retrace of the massive bounce off the September low. CC is also back to prior downchannel resistance (on the weekly chart), but may briefly fall below the psychologically key 2400 whole figure level and October high…
Raw Sugar (SB) edged higher yesterday, gaining for the 9th straight day and closing above the 61.8% Fib retrace of the April to September slide. SB is now comfortably above the October high, downchannel resistance (on the weekly chart) and the psychologically key 0.19 whole figure level…
The S&P500 (ES) is consolidating a 2 day bounce, and appears to be gearing up this week for a retest of the October high and the 50% Fib retrace of the August to October slide. Any reclaiming of the psychologically key 4k whole figure level or the 61.8% Fib on a weekly basis will dramatically increase odds for the current Dead Cat Bounce to reach downchannel resistance (on the weekly chart) in the week after…
Raw Sugar (SB) formed a second straight daily Hammer yesterday, and appears poised to test downchannel resistance (on the weekly chart) by next week sometime. Yesterday’s close just shy of the 38.2% Fib retrace of the April to September slide dramatically increases the odds of SB breaking above the October high and the psychologically key 0.19 whole figure level by mid November…
The GBPAUD is consolidating just above what is arguably downchannel resistance (on the weekly chart), forming a 3rd straight daily Doji/Hammer near the psychologically key 1.80 whole figure level. Although the GBPAUD remains slightly above the 61.8% Fib retrace of the February to September slide, after the powerful bounce off the September low, a healthy pullback to the 50% Fib sometime in November is moderately likely…
Cocoa (CC) bounced almost 1% yesterday, closing just below descending wedge resistance (on the weekly chart). A weekly close above the 38.2% Fib retrace of the February to September slide is moderately likely by month end, and would dramatically increase the likelihood of a retest in the week after, of the 50% Fib retrace of the February to September slide, coinciding with the psychologically key 2500 whole figure level…
