After trading to a recent swing high of 4327 for a test of the 200 day SMA we now find ourselves back at the starting point of 4137, the August monthly open. As discussed previously, I do look for the balance at 4120 to trade and for that to tell us what we need to know about who is really winning the fight. Stay tuned for J. Powell Friday morning. All attention appears focused there.
Main focus is Coffee while trading the few others that I’ll go over in tonight’s market update. Cotton and OJ look to be poised for some promise. Still like the grains. Trying to hang in there with Gold, but its not been easy. The Dollar remains bid and the Treasuries soft in front of expectations for this Friday & J. Powell.
The Voodoo Fireline isn’t just the most important level of all the various Voodoo Lines, it’s also the spot I’m watching to decide whether this market is turning back down or consolidating in an uptrend.
Risky week coming up with Fed at Jackson Hole. Let’s review a couple of significant red flags you should know before Monday.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
That’s right, I’m expecting another selling event into the last week and a half of August left. In this video I give reasons why — based on a few interesting indicators showing me that /ES at 4100 and lower wouldn’t be surprising at all.
That’s right, I’m expecting another selling event into the last week and a half of August left. In this video I give reasons why — based on a few interesting indicators showing me that /ES at 4100 and lower wouldn’t be surprising at all.
Shares of OXY were up 10% on Friday, and with the help of our Voodoo Roadmap we were able to be in well ahead of the news. Let’s look at the setup and what that might mean for prices further down the line.