Doug Sooley 
TECHNICAL ANALYSIS The DJIA traded a tight, inside week on quiet holiday volume and closed fractionally lower on the week. Short-term, prices are building a flagging triangle pattern off to the side of the recent decline. The hourly is trying to turn up from oversold conditions and the daily is doing the same. Conversely, the … Read more
TECHNICAL ANALYSIS Spot soybeans have been in an up channel since setting lows in critical timing in early October. The daily spot chart has been flashing a preliminary bearish divergence with the past two weeks’ highs at 1492.25 and open-interest has been creeping slightly higher during this period. Nearby JAN soybeans (SF23) have been in … Read more
TECHNICAL ANALYSIS The DJIA traded a massive outside week down with prices setting a new trading high Tuesday and then swooning 2057.7 points to close in the bottom portion of the week’s range for a total decline of 1.66%. As we pointed out in last week’s update, the hourly chart was showing a rounded top … Read more
TECHNICAL ANALYSIS US Dollar Index Weekly H-L-C In our update in early October we speculated: The big question is, could we be looking at an intermediate and perhaps even longer term high in the US Dollar? One indicator is that there was critical timing indicated for September 23rd to the 26th for all the financial … Read more
TECHNICAL ANALYSIS The DJIA spent the entire week in negative territory, closing down 2.77% or 953.4 points. The hourly chart is showing a rounded top formation as prices react to frothy sentiment the past two weeks and a cacophony of negative headlines coming from America’s major ‘corporations.’ Prices ended at the bottom of the weekly … Read more
TECHNICAL ANALYSIS The major market indices have been in a schism since the summer lows. For decades now, the consensus axiom is to ‘never fade the blue chips.’ That said, the past years have proven that absolutely nothing adheres to ‘norms’ with fund managers continuously underperforming the general indices. The Dow Jones has continued to … Read more
TECHNICAL ANALYSIS VIX Volatility Index Daily Candles The DJIA closed up 200 points on Friday to end the week a couple of points lower, just off the current closing high on the daily chart, set last Friday the 11th, at 33747.8. This area represents a 62% retracement of the entire bear move in 2022. The … Read more
Crude oil futures (CLZ22) closed sharply lower on Thursday to set the lowest daily close since late September. The daily is starting to reach slightly oversold conditions and, at first glance, a case could be made for an inverted head and shoulders pattern. That analysis is quite a stretch realistically. The weekly chart is forming … Read more
TECHNICAL ANALYSIS Dow Jones Industrial Average Weekly HLC The DJIA gapped higher on Monday and held rallies throughout the week, ending with a 5.72% gain with a rally of 829 points in Friday’s session. Prices are now up 14.4% off the recent lows as the weekly starts to turn up from slightly oversold conditions. The … Read more
TECHNICAL ANALYSIS Gold futures collapsed in September, hitting the lowest levels since April of 2020…breaching months of lows that stood in the 1675 level. Since breaking that critical support, futures have had one sharp bullish reaction to 1725 and then drifted once again to the lower half of the recent trading range. The market is … Read more