The S&P500 (ES) edged lower with a daily Gravestone Friday, closing the week just above what is likely to become initial upchannel support (on the weekly chart). With the lower September low versus the August low, ES will all but form a lower September high versus the August high, with the July high likely to have been the high for 2023…
The USDJPY edged higher Friday, closing around the September and 2023 high. With the USDJPY extending last week its massive rally since January to above its 76.4% Fib retrace of the October to January slide, a test of the October high is now likely by year end…
Silver (SI) formed a daily Doji Friday, with odds rising for a further push to the psychologically key 25 whole figure level sometime this week. The bigger picture is of SI nearing a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
Natural Gas (NG) surged Friday another near 4%, closing at a fresh June high. With NG having last week rallied strongly off the 2023 low (formed the week prior) and the weekly chart support, NG is once again trying to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
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 USDJPY is forming a daily Doji at what appears to be triangle resistance (on the daily chart), hesitating as it bumps against upchannel resistance (on the 4hr chart). Nevertheless, with the USDJPY arguably having broken this week above triangle resistance (on the weekly chart), odds are decent for a weekly close above the psychologically key 135 whole figure level…
Natural Gas (NG) is consolidating after decisively reclaiming the psychologically key 2 whole figure level after briefly falling beneath it last week. With NG having successfully bounced yesterday off just above downchannel resistance (on the 4hr chart), NG is gaining momentum on its rebound off last week’s 2023 low and downchannel support (on the weekly chart)…
The VIX (VX) is trying to firm after sliding yesterday to a fresh 2023 low below the psychologically key 20 whole figure level. Nevertheless, with the VX arguably nearing descending wedge completion (on the 4hr and daily chart), the VX appears more likely to retest the March high in April than to slide all the way to downchannel support (on the weekly chart) in the same period…
Nasdaq100 (NQ)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from the December high to near the 2022 low. NQ appears less likely to bounce back before year end to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low…
The GBPAUD is trying once again to bounce off the psychologically key 1.70 whole figure level and descending wedge support (on the weekly chart). A daily close above downchannel resistance (on the daily chart) would likely be followed within a week after by a test of the September high and descending wedge resistance (on the weekly chart)…
