Copper was in a significant downtrend since the March 7th highs, bottoming out in July and has been trending higher from there. The precious metals have been trending higher with the dollar coming off its highs, and with this recent push higher, Copper has entered overbought territory. Going back to October of 2021, when the RSI for Copper is at or above 70, there...
Corn has had a nice run up from the December 7th lows and made a push against trendline resistance from the June highs of this year. If you zoom out on the chart, there is some nice trendline support as well going back to the July lows. As we tested the overhead resistance, the market sold off and is now testing the 200-day moving average. There is a seasonal...
The March Silver contract has been trending higher since the bounce from the November lows, continuing to hold trendline support achieving higher lows. There is a great seasonal in play, as the March Silver contract has traded higher 14/15 years from December 20th-February 18th. This does not guarantee the market will perform this year, but Silver is already up...
The ES has been in a downtrend for the entire year off the highs from early January, and today we are testing major trendline resistance as we begin the last trading month of the year. This market has been trading off strong technicals, and tomorrow we have nonfarm payroll which will give traders a better indication on how the market will finish out the year. To...
Sugar prices have been surging higher over the past week, rallying off the lows near 17.50 from the end of October, and is now looking to try and take out the April highs. These moves higher have put Sugar in overbought territory, and it is a seasonally bearish time for Sugar, meaning Sugar has traded lower from November 11th to December 7th 13 out of the last 15...
Gold has been in this downward channel trend since the highs in March and were able to breakout of the range after the lighter than expected CPI number last week. The market had been trying to breakout above trendline resistance and the 50-day moving average, and after having support tested 3 times near 1623, and the CPI news last week, there has been a nice...
As Gold has been in a down trending market since the March highs, we can now see an inverse head and shoulders pattern and a potential low to be forming. There was also bullish fundamental news from the World Gold Council that central banks bought a record amount of Gold in Q3 of 2022, and a potentially large number of unreported buying. There is a great slate of...
Natural gas has been extremely volatile this year and has recently broken below major trendline support and continued selling off. Even with the volatility we have seen, with sharp moves higher followed by sharp moves lower, the market is still up almost $2 on the year, and we are looking to test a strong support level from the July lows. This market is the most...
December Copper has been trading in a range since the big breakdown at the end of June, and a lot of the downward action has come from negative Covid news out of China along with the dollar pushing higher. As we look at the dollar potentially having a blowoff top and the inverse head and shoulders pattern, there could be a push higher toward the 50-day moving...
Gold has had a great start to the quarter, grinding through 1700 and now pushing against resistance. We saw Gold close right at 1734.7, and the 50-day moving average is right above at 1736.5, along with the gap from July 27th acting as overhead resistance. A main catalyst for this move was the pullback in the Dollar, and if we see continued weakness , Gold can...
Cotton has been extremely volatile since the May 17th highs with recession fears and weather conditions driving the market lower. The market accelerates its pace lower after the breakdown point on September 1st and is now testing trendline support going back to September of 2021. As we are trading near support and in oversold territory, we could see another bounce...
Silver is having a nice rally into the end of the week as the dollar has come off the highs we saw out above 114 from earlier in the week, which was a headwind for the precious metals. Silver is now looking to back test the trendline from the July lows, which is also directly in line with the 50-day moving average. As we roll into next week, if we can see...
Wheat has been grinding higher since the August lows, and today we saw a breakout above trendline resistance, testing the 200-day moving average. Russia announced plans to annex about 15% of Ukraine, which sent fears into the market regarding their potential wheat exports, and the market was close to limit up. The bulls look to maintain price action above the...
T-bond futures have been on a steady decline since the March 2020 highs and have entered oversold territory. We broke below major trendline support going back to January 2000 and are trading at the lowest levels since January of 2014. We have the FED meeting over the next 2 days, and their rate hike decision is expected to be 75bps with an 82% probability, and...
Gold has been trending down since the March highs in a channel, and today broke below the July low and hit the lowest level we have seen since April of 2020. The selling catalyst started with the hotter than expected CPI for August that was released Tuesday and has continued through the rest of this week. As we wrap up the week tomorrow and are right near oversold...
Silver has been in a downward range since the March highs, and is now showing some life to the upside, breaking through the 50-day moving average. We hit a fresh low near 17.50 and were in oversold territory, and since then the market has melted to the upside through strong resistance. Silver still has a ways to go to recoup the losses on the year, still down...
Platinum has been very volatile since the lows from back in Mid-July. We saw a great run to the upside off some oversold levels near 806, and the market tapped out right at the 200-day MA and turned to the downside with some dollar strength. The market since has re-tested and briefly broke below the 806 lows, again in very oversold territory, and has made another...
After the gap higher in Cotton last week, we have seen sustained price action out above that gap and is now acting as a strong support pocket going forward. This rally higher was led by weaker crop conditions with the ongoing drought in Texas, and the market is now in a tightening range. With the strong support pocket below and overhead trendline resistance, we...