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…
Natural Gas (NG) is consolidating just above the psychologically key 2.5 whole figure level, digesting the bounce off the May low and downchannel support (on the weekly and daily chart). NG is once again attempting a major bottoming effort, with any daily close this week above the daily chart downchannel resistance likely coinciding with a higher May high versus the April high…
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…
Gold (GC) is hesitating as it tries reclaiming last week’s fresh 2023 high above the 2022 high and just shy of a record high. Regardless though of any deeper consolidation from last Thursday’s rejection at upchannel/ascending wedge resistance (on the weekly chart), GC does not appear likely to slide this week to below the psychologically key 2000 whole figure level…
The VIX (VX) is consolidating yesterday’s surge to downchannel resistance (on the daily chart). With the VX now back above the psychologically key 20 whole figure level after the dip late April to below it to a fresh 2023 low, the VX is now forming a long bodied green weekly candle, halting a 6 week slide from the 2023 high….
The USDCAD is consolidating after the strong gains of the past 2 weeks, but appears to have upside momentum to gravitate to triangle resistance (on the weekly chart) by early May sometime. With the USDCAD comfortably back above the psychologically key 1.35 whole figure level, the USDCAD is arguably in the advanced stages of the weekly chart triangle which is arguably a Bull Flag consolidation (as can be seen easier on a monthly chart on tradingview.com)…
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Corn (ZC) appears vulnerable to more healthy profit taking to start the week after failing last week to close above symmetrical triangle resistance (on the weekly chart) following Tuesday’s surge above it. A break below upchannel support (on the daily chart) seems likely in the next day or so, with moderate odds for a retest of the April low before month end…
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…
Gold (GC) is consolidating after surging yesterday to upchannel resistance (on the weekly chart) and the April 2022 high (on the June contract). Regardless of any healthy profittaking ahead of the weekend that brings GC back to the psychologically key 2000 whole figure level, GC remains well positioned in April to retest the record high formed in July 2020…
