Wheat (ZW) is consolidating Friday’s near 4% surge to start the week, hesitating just below the December high. A higher February high versus the December high will go a long way in halting the bear trend since the May high, and is likely given the room before bumping up against the psychologically key 800 whole figure level and upchannel resistance (on the 4hr chart)…
The VIX (VX) is consolidating yesterday’s break above downchannel resistance (on the 4hr and daily chart), and appears poised to complete a Bullish Island Reversal (on the weekly chart). With the bounce off downchannel support (on the weekly chart) gaining momentum, a weekly close above the psychologically key 20 whole figure level is all but assured…
Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and Friday’s fresh 2023 low following Thursday’s highly anticipated weekly storage data. With NG arguably breaking above a descending wedge resistance (on the daily chart), a break above downchannel resistance (on the 4hr chart) post-storage is likely…
The S&P500 (ES) is trying to firm, but remains vulnerable this week to a deepening in the consolidation that began Friday. Although the February high formed Thursday has been slightly higher than the January and December highs, a slide back (this week) below the psychologically key 4k whole figure level and the uptrend support (on the weekly chart) connecting the October and December lows would keep alive the possibility (albeit moderately unlikely for now) that the break above the weekly chart downchannel resistance was a Bear Trap…
Wheat (ZW) is firming to start the week, consolidating last week’s break above downtrend/descending wedge resistance (on the weekly chart). Odds are rising that ZW’s slide beneath the 61.8% Fib retrace (at ~758) of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), was an overshoot…
The VIX (VX) is trying to halt the slide from October by rebounding off yesterday’s fresh 2023 low. Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart)…
Natural Gas (NG) is trying to bounce off this week’s fresh 2023 low near downchannel support (on the weekly chart). With NG arguably breaking above descending wedge resistance (on the daily chart), odds are elevated following Thursday’s highly anticipated weekly storage data for a break above downchannel resistance (on the 4hr chart) and a daily close above the psychologically key 3 whole figure level…
The VIX (VX) is trying to halt the slide from October by rebounding off last week’s fresh 2023 low. Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart)…
The S&P500 (ES) is consolidating after the strong reversal off the Wednesday Hammer low, hesitating as it bumps against downchannel resistance (on the weekly chart). Although odds are elevated for a weekly close above this key bear-bull battle ground, a break above the weekly chart downchannel resistance could very well be brief with the highly anticipated FOMC and Fed rate announcement Wednesday potentially setting up for a slide back into the same downchannel…
Nasdaq100 (NQ) is consolidating after yesterday’s massive 2% plus surge, but is likely to grind higher to the psychologically key 12k whole figure level and upchannel resistance (on the 4hr chart) in the next day or so. Odds are suddenly moderately high and increasing that yesterday’s break above the weekly chart descending wedge resistance ends the 2022 bear…
