TECHNICAL ANALYSIS New crop November soybeans are trading to the lowest level in a month on the daily chart as that chart continues to build a large flagging pattern to the right of the highs set in June at 1584.75. The daily oscillators and volume and open interest are all solidly neutral for the market … Read more
The US Dollar is now trading at a twenty year high as the monthly reaches some overbought conditions. The market has reached the highest levels since June of 2002 and has tested a long-term resistance level at 11019. US Dollar Monthly The breakout to new multi-year highs this year has generated targets on the monthly … Read more
The DJIA is rallying today with prices taking out Tuesday’s intraday highs. The market is responding to oversold conditions on both the hourly and the daily charts along with some generic ‘consensus’ from analysts that stocks are in a correction in a continuing bear market that will yield to ‘recession’ conditions in 2023. Some of … Read more
The DJIA staged a large outside day reversal down to close near the lows of the day and a new low close for the current decline. The daily chart has reached deeply oversold conditions and prices still need to hold the last gasp area of support at 30810-30680. This area represents a 75-80% pullback from … Read more
TECHNICAL ANALYSIS The DJI is attempting a reversal to start the month with prices hanging near the intraday highs at 1PM EST after gapping down this morning. Dow Jones Industrial Average Hourly Market enthusiasm was extremely high after prices topped at just above a 62% retracement of the entire downmove in August, only to quickly … Read more