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Corn on the weekly chart is coiling and setting up for a great move. As we always say...if you want strong moves that will last longer than a day then you need to watch the weekly charts. It takes patience to wait but they are nice when they explode. Stay tuned.
Above 998 and the squeeze will have shorts scrambling. A close above this area and we will be looking for triggers long.
Wheat has been in free-fall since Dec. 19. After a strong buying day on Monday, sellers are keeping the price clamped down right at the 9 day EMA. This is one to watch as it's setting up for a possible rally if it can break through that resistance line.
Soybean has been a tough market for those traders seeking volatility as it has been on a “wait-and-see” mode for a couple of month now. I do not expect any major movement on the short/mid run; however, I do see a possibility to “widen” the current trading range.
The wave counting above suggests that a B wave would be completed (or nearly completed) and a possible ...
(Forgive the terrible joke, but I couldn’t hold myself).
The 50% retracement on Corn suggests that a minor correction would be over making possible an “a-b-c” counting thus getting ready to resume the upward trend. However, at this point in time, it would be wise to keep an alternate count in sight as this correction could easily (and most likely, in my opinion) ...
Soybeans broke major support so we are looking at Corn to see if this pattern breaks with it. We will use smaller time frames for a trigger.
Soybeans, technically, should be heading significantly lower in the short term. With the confirmation today of the head and shoulders top, the market should plummet by 8 - 9% by year end. This will put the soybeans smack down at year lows. The pattern took about a month to develop and should take about that long to fully unfold. However, this is a scared market ...
This long term top performer is now safely into uncharted territory.and appears to be a low risk BUY.
ZC is starting to feel choppy in this area so we are taking off our long position at a small loss. Like we mentioned, this could chop until harvest starts. We will keep her on the watch list. NEXT!
This is one of our favorite patterns. It usually suckers people into believing we will see more downside. The larger players will usually dip below the wedge and get new shorts stuck and then squeeze them. (similar to Corn recently) If they break it to the upside we should see a quick move due to weak shorts being stopped. This is high on our watch list.
Corn is still acting well. We were able to take off half our position this AM. We didn't quite hit our first target at the gap fill but captured some decent profits. IF price closes inside the descending wedge we will be out for a small loss and will look for another set up. Stay tuned!
Corn is working well. As an FYI this (ZC1!) is the continuous contract and is priced a little different than the DEC contract. However, the patterns are still the same and they are both working well. We are still long and looking for the gap fill (on continuous contract). We could see some sideways to down movement over the next few days before we start to ...
And there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14 ...