All the equity indices now have 2 days down, some of which entered into a “pocket” support area. Additionally almost all the agricultural products had large down days – corn, wheat, coffee, cotton, live-cattle etc. Every whiff of US-CHINA trade news is continuing to trigger large volatile moves in these markets. We really have to be careful out there….
- GC: Pushed to new highs yesterday and backed off so likely still consolidating on the daily charts.
- Silver: Also likely forming daily consolidation range
- HG: Likely forming bear flag
- ZB: z-day
- ZC: Limit down!
- LC: Also Limit down! Few got a chance to get out yesterday since the first tick was limit-down and it stayed that way all day – ouch.
- CL: Still inside large daily range
- EMD: 2-days down
- ES/YM/NQ/NK/FDAX/FESX: 2 days down
- EC: In hourly channel. Probably best to short on break of this.
- BP: Likely forming daily buy divergences now.
- JY: Likely forming daily sell divergences now
- PA: Tight daily triangle – if it doesn’t break one way or another today, it’ll likely morph into a larger consolidation pattern.