Commentary
After sideways action in a lot of markets over the last few weeks, many of them resolved today with Trump’s comments on new tariffs. Some others seem destined to now carve out even larger ranges after flushes into support.
- Gold: Flush then rally back to upper end of prior range. Might be ready for breakout.
- Silver: Flush then rally back to hourly breakdown level. Might be ready for breakout upwards after fake-out break-down.
- Bonds: Wow, what a breakout. Buy flushes.
- Corn: Follow through of breakdown with flush into test of prior breakout level.
- CL: Hourly breakdown?
- ES: Breakdown from tight range – forming an even larger range as we enter the latter half of summer (usually a slow time for equities). Also, oversold.
- NQ: Oversold on multiple oscillators
- EC: Hammer Candlestick after break-down from large range might mean the bias is up in the short-term?
- BP: Same comment as EC above.
- NE1: Doji candlestick – finally ready for that rally?
- DX: hmmm…ugly candlestick but holding breakout so far. Maybe range trading for a bit now?
- BTC: 3 days up…
- FGBL: Upside breakout – buy flushes.
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