Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide. With SI having formed a major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com), SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end…
The S&P500 (ES) spent the past week consolidating mostly between the 50% and 61.8% Fib retrace of the August to October slide. A daily close above the psychologically key 4k whole figure level and 61.8% Fib would dramatically increase the likelihood of ES reclaiming the September high by month end…
Gold (GC) is consolidating a second straight day just below the psychologically key 1800 whole figure level and the 38.2% Fib retrace of the March to October slide. GC is at risk ahead of the weekend of a deeper healthy pullback as it is nearing completion on what appears to be an ascending wedge (on the 4hr chart)…
The S&P500 (ES) is consolidating for a 3rd straight day after Thursday’s massive 5% plus bounce, hesitating as it bumps up against the 61.8% Fib retrace of the August to October slide and the psychologically key 4k whole figure level. Odds are now moderately high for the current Dead Cat Bounce to reach downchannel resistance (on the weekly chart) by month end…
Gold (GC) is consolidating after yesterday’s massive near 3% surge, breaking above descending wedge resistance (on the weekly chart). GC is in the advanced stages of forming a major bottom and is suddenly closing in on the October high.
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…
Silver (SI) is consolidating after yesterday’s near 3% bounce to the psychologically key 20 whole figure level. SI appears to be in the advanced stages of forming a major bottom after a higher October high/low versus the September high/low…
The S&P500 (ES) is consolidating after closing October at its high, catching its breath as it tests the 50% Fib retrace of the August to October slide. Regardless of any deeper pullback this week towards last week’s low, ES appears poised for upside in its Dead Cat Bounce towards the psychologically key 4k whole figure level in the next week or so…
The EURUSD is consolidating after the strong bounce from the 2022 low (in September), and is at risk of seeing more healthy profittaking today as it bumps up against downchannel resistance (on the weekly chart). Regardless of any deeper pullback today, the EURUSD is progressing at forming a major bottom, with a high likelihood of a weekly close above the psychologically key 1.00 whole figure level…
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