Gold (GC) formed a daily Gravestone Friday with its weekly Hammer consolidating the prior week’s decisive break above downchannel resistance (on the weekly chart). With GC testing the August high and psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
WTI Crude (CL) surged more than 2% Friday, closing the week at a fresh 2023 high above the psychologically key 85 whole figure level. CL has made a higher September high versus the August high, breaking above the major bottoming range that has held since December 2022 (as seen easier by the August monthly Doji on a monthly chart on tradingview.com)…
Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….
The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…
Natural Gas (NG) is trying to firm after sliding from the May high back to just above the May and 2023 low and downchannel support (on the weekly chart). Although NG remains vulnerable to closing May at a fresh monthly low, NG did form a higher May high versus the April high…
The USDCHF is consolidating after surging from Monday’s low, hesitating at triangle resistance (on the daily chart) and digesting this week’s break above descending wedge resistance (on the weekly chart). With the USDCHF comfortably above the psychologically key 0.90 whole figure level, odds are decent for renewed momentum next week in the bounce off the 2023 low and the weekly chart descending wedge support…
The VIX (VX) is consolidating Friday’s bounce off the fresh 2023 low, but remains at moderately low risk of sliding further this week to the daily chart descending wedge support one final time. Any break above downchannel resistance (on the 4hr chart) in the next few days will likely coincide with a reclaiming of the psychologically key 20 whole figure level…
The S&P500 (ES) is consolidating after surging for 2 straight days to a fresh 2023 high and triangle resistance (on the weekly chart). Odds are now elevated for the ES to join the NQ in gravitating to the 61.8% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com) by month end…
The USDCHF is consolidating yesterday’s break above the psychologically key 0.90 whole figure level, and appears poised to test by next week sometime, descending wedge resistance (on the weekly chart). The USDCHF has made progress in its bottoming effort off the 2023 low and the weekly chart descending wedge support…
The VIX (VX) is testing the 2023 low formed early May, with any further downside today dramatically increasing the odds of testing the daily chart downchannel support in the week after. Nevertheless, the VX is arguably in the advanced stages of a descending wedge (on the 4hr chart), with a short covering this week back to downchannel resistance (on the daily chart) and the psychologically key 20 whole figure level moderately likely…
