Hello, askSlim members! The askSlim FutureSpeak “minutes” – 1/4/23 has been posted.
NOTE: Click on the underlined titles to view video topic starting points. Comments can be posted below. Enjoy!
NOTE: Underlined titles are linked to video topic starting points.
ENERGY FUTURES
- Light Sweet Crude Oil – /CL
- Odds still favor lower prices – Weekly chart
- Expecting selloff to continue into the middle of January before a rally that is sold – Daily chart
- Likely to break below $70.04 – Daily chart
- Gasoline – /RB
- Inside a period of risk – Weekly chart
- The key low is at $2.0304 – Daily chart
- It’s very important to see if a new low is made in mid to late January – Daily chart
- Heating Oil – /HO
- Likely to move through previous cycle low – Weekly chart
- The next cycle low is due 1/10 – 1/18 – Daily chart
- Natural Gas – /NG
- Inside a period of risk – Weekly chart
- A cycle low is due soon – Weekly chart
- No signs of a bottom yet – Daily chart
- The SlimRibbon is negative – Daily chart
CURRENCY (FX) FUTURES
- US Dollar Index Cash – $DXY
- A cycle low is due – Weekly chart
- Looking for a bounce to around $107.70 – $109.06 – Weekly chart
- The SlimRibbon is still bearish – Daily chart
- Euro/US Dollar – EUR/USD
- It’s reasonable get down to $1.0434 – Weekly chart
- Expecting range trading for a while – Weekly chart
- Looking for a move down to $1.0485 – $1.0415 – Daily chart
- British Pound/US Dollar – GBP/USD
- It’s reasonable to get to $1.2294 – $1.2523 – Weekly chart
- Likely to be in a choppy range until it gets further in the cycle – Weekly chart
- US Dollar/Japanese Yen Spot – USD/JPY
- Looking for a low to form and turn up around the middle of January – Weekly chart
- Expecting one more selloff before a move to the upside – Daily chart
- Downside levels are at $1.2878 – $1.2618 – Daily chart
- AusDollar/US Dollar Spot – AUD/USD
- Looking for a move up to the .6915 area – Weekly chart
- .6628 is the key cycle low – Daily chart
- The overall trend has turned up
- US Dollar/Canadian Dollar Spot – USD/CAD
- Expecting a modest move down to around $1.3450 – $1.34 – Weekly chart
- Not looking for much downside – Daily chart
- Has some work to do to set up a trade idea
PRECIOUS METALS/CRYPTO
- Gold – /GC
- Looking for a minor cycle high to form and then a corrective period – Weekly chart
- Downside levels are at $1819 – $1786.70 – Daily chart
- The next rally will likely fail – Daily chart
- Silver – /SI
- Looking for a pullback to the $23.03 level – Weekly chart
- Expecting $23.99 23.51 to hold on the downside in the short term – Daily chart
- Platinum – /PL
- Expecting it to stall out around $1108.40 – Weekly chart
- Projecting a failure around $1114 and a move down to $1061 – $1029 – Daily chart
- Copper – /HG
- A key basing cycle is forming – Weekly chart
- Expecting a meaningful upward pulse in Feb-March – Weekly chart
- Not giving up much ground in a time period that it should be getting hit hard – Daily chart
- Bitcoin – /BTC
- Getting into a period of risk – Weekly chart
- Downside levels are at $13538 – $10100 – Weekly chart
- A short term bottom likely occurred early – Daily chart
- Ethereum – /ETH
- Likely forming a bear flag – Weekly chart
- A cycle low is due in late January – Daily chart
TREASURIES
- 10- Yr U.S. Treas. Index – TNX
- Likely formed an early cycle low – Weekly chart
- Likely to form a higher low and turn up to around $38.70 – $39.80 – Daily chart
- Still in a period of risk – Weekly chart
- 10- YR U.S. Treas. Note Futures – /ZN
- There is a downside zone at 112’235 – 111’050 – Weekly chart
- Look for rallies to 113’080 – 114’010 to fail – Daily chart
- The next cycle low is due at the end of January – early February – Daily chart
- 30- Yr U.S. Treas. Bond – /ZB
- Looks to be in a corrective period, rallies are likely to fail – Weekly chart
- Likely to fail in the 127’14 129’11 area – Daily chart
- iShares Barclays 20+ Yr Treas.Bond – TLT
- Downside levels are at $101.18 – $97.52 – Weekly chart
- Highest odds are of a rally that fails in the $103.31 – $105.74 area – Daily chart
STOCK INDEXES
- S & P 500 Index – SPX
- Projecting a rally to $3891 – $3970 and then a failure into February – Weekly chart
- The period of risk is from February – April – Weekly chart
- No signs of a bottom yet but a low is due- Daily chart
- Nasdaq -100 Index – NDX
- Expecting a rally to $11240 – $11600 and then turn back down – Weekly chart
- A cycle low is due – Daily chart
- Projecting a move to $11242 – $11595 – Daily chart
- Russell-2000 Index – RUT
- $1835 – $1896 is the upside zone where it will likely fail – Weekly chart
- The base case is a rally into $1789 – $1831 area – Daily chart
- CBOE Market Volatility Index – VIX
- The next weekly cycle low is due 1/16 – 2/20 when the next move to the upside is expected – Weekly chart
- Looking for a failure and move down into the end of January – Daily chart
GRAINS/SOFTS
- Corn Futures – /ZC
- A cycle low is due around the end of January – Weekly chart
- Sum of the evidence favors lower prices – Daily chart
- Wheat Futures – /ZW
- Watching to see if a new low can be made in the next week
- Soybean Futures – /ZS
- Looking for it to break $1469.25 $1472.75 – Daily chart
- Coffee Futures – /KC
- Projecting a modest uptick and then another selloff – Daily chart
- Rallies will likely fail until the end of January
That’s it for this week!
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