Wheat (ZW) is looking wobbly to start the week, remaining vulnerable to a deeper consolidation this week towards descending wedge support (on the 4hr chart). Odds are moderately high for a lower October low versus the September low. ZW does not appear likely for now though to form a fresh 2022 low before year end. The escalation in the Ukraine-Russia conflict deserves close monitoring…
Silver (SI) is consolidating near downchannel resistance (on the 4hr chart), trying to halt the slide since the October high. Before bulls get excited, they’ll need to see a reclaiming of the psychologically key 20 whole figure level, which would dramatically increase odds of a test of the October high in the few days after…
Nasdaq100 (NQ) is extending yesterday’s strong ~3% rebound, breaking above downchannel resistance (on the daily chart). NQ appears to be in the early stages of what will likely be a month long or so Dead Cat Bounce…
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The GBPUSD is trying to firm after yesterday’s healthy profittaking, but remains vulnerable to more consolidation ahead of the weekend before it can rechallenge the psychologically key 1.15 whole figure level. With what is arguably a Bullish Island Reversal (on the weekly chart) near complete, the GBPUSD is likely to test downchannel resistance (on the weekly chart) before month end…
Silver (SI) is consolidating after Monday’s massive surge above descending wedge resistance (on the weekly chart). Although SI has made its major bottom, healthy profittaking for the balance of the week is likely as it bumps up against the August high as well as ascending wedge resistance (on the 4hr chart)…
Corn (ZC) is pushing higher to start the week, but likely to hesitate in the next day or so as it bumps up against triangle resistance (on the weekly chart) and the psychologically key 700 whole figure level. Although healthy profittaking is in order, with ZC’s strong bounce off the July low, ZC appears more likely to retest the 2022 high before year end than to slide back in the same period to the July low, or the 50% Fib retrace of the April 2020 to April 2022 bull market (as can be seen on tradingview.com)…
Silver (SI) is trying to firm and halt the slide after getting rejected last week at the psychologically key 20 whole figure level and descending wedge resistance (on the weekly chart). Although SI may bounce in the next day or so off descending wedge support (on the 4hr chart), it remains at elevated risk of testing the 2022 low by the weekend…
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Nasdaq100 (NQ) is trying to halt the slide from the August peak of the Dead Cat bounce, attempting to form a higher September low versus the June low. Regardless of the short covering this week with the highly anticipated US FOMC statement, press conference and federal funds rate announcement on Thursday, and US flash services PMI and Fed Chair Powell’s comments on Friday, the bounce off downchannel support (on the daily chart) is unlikely to reach downchannel resistance before month end…
