Hello, askSlim members!  The askSlim FutureSpeak “minutes” – 9/7/22 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
    • The sum of the evidence is favoring a bearish bias – Weekly chart
    • In a period of heightened downside risk, upticks are likely to fail
    • $97.66 is the key level on the upside – Daily chart
    • The short term bias is negative
  • Gasoline – /RB
    • Looking for an intermediate low to form and then a modest rally
    • Look for a lower high to form in the next rising phase – Weekly chart
    • The SlimRibbon is bearish – Daily chart
  • Heating Oil – /HO
    • Likely to be range bound, looking for test back to the upside – Weekly chart
    • Forming a basing cycle – Daily chart
    • It’s important to hold above $3.30 – Daily chart
  • Natural Gas – /NG
    • Likely to form a bull flag and move back to the upside – Weekly chart
    • Likely to be choppy for a long time – Daily chart
    • The next low is due 10/4-10/11 – Daily chart

CURRENCY (FX) FUTURES

  • US Dollar Index Cash – $DXY
    • Looking for incrementally higher highs – Weekly chart
    • Look for a high around the end of October – Weekly chart
    • $109.31 – $108.40 – $106.97 are the important levels on the downside – Daily chart
  • Euro/US Dollar – EUR/USD
    • Very bearish cycle structure – Weekly chart
    • $1.0213 – $1.0418 is the zone on the upside – Weekly chart
    • Watch for a bear flag to form – Daily chart
  • British Pound/US Dollar – GBP/USD

    • A very bearish pattern – Weekly chart
    • Look for a bear flag to form and then sell off – Weekly chart
    • The short term bias is negative
    • Looking for a rally into the $1.16 – $1.1725 area – Daily chart
  •  US Dollar/Japanese Yen Spot – USD/JPY
    • It’s reasonable to look at $146.92 – $151.50 on the upside – Weekly chart
    • The intermediate bias is clearly positive
    • In a short term rising phase – Daily chart
  • AusDollar/US Dollar Spot – AUD/USD
    • A low is due to form – Weekly chart
    • Looking for a rally to fail around .6880 – .6989 – Daily chart
    • The SlimRibbon is bearish – Daily chart
  • US Dollar/Canadian Dollar Spot – USD/CAD
    • Still early in a rising phase – Weekly chart
    • $1.3375 – $1.3550 is the overall upside target – Weekly chart
    • In a short term rising phase
    • Watch for a dip into the $1.30 – $1.29 area – Daily chart

PRECIOUS METALS/CRYPTO

  • Gold – /GC
    • The odds favor a move into the $1830 – $1878 area – Weekly chart
    • The SlimRibbon is bearish – Daily chart
    • Looks range bound – Daily chart
  • Silver – /SI
    • Still in a period of heightened downside risk – Weekly chart
    • $21.25 – $23.60 are the targets on the upside – Weekly chart
    • Trying to form a short term bottom – Daily chart
  • Platinum – /PL
    • It’s reasonable to get to $950 – $997 on the upside – Weekly chart
    • In a short term rising phase – Daily chart
    • Needs to form a base to turn more positive – Daily chart
  • Copper – /HG
    • Not a great overall pattern, no reason to be very bullish – Weekly chart
    • A low is due – Daily chart
    • Looking for a modest uptick
  • Bitcoin – /BTC
    • A clear negative bias – Weekly chart
    • The next downside level is $13554 – Weekly chart
    • There are decent odds of a short term bottom and uptick – Daily chart
  • Ethereum – /ETH
    • Rallies are likely to fail – Weekly chart
    • Watching for a short term bottom to form before an uptick – Daily chart

TREASURIES

  • 10- Yr U.S. Treas. Index – TNX
    • In a rising phase – Weekly chart
    • Likely to form a bull flag – Weekly chart
    • Likely to move through the old high of $34.83 – Weekly chart
    • The SlimRibbon is bullish – Daily chart
  • 10- YR U.S. Treas. Note Futures – /ZN
    • Rallies are likely to fail
    • A very bearish overall chart – Weekly chart
    • Upside levels are at 118 – 119’145 – Daily chart
  • 30- Yr U.S. Treas. Bond – /ZB
    • Rallies are likely fail, still headed lower
    • The SlimRibbon is negative – Daily chart
    • Upside levels are at 137 – 140’12 – Daily chart

STOCK INDEXES

  • S & P 500 Index – SPX
    • A mid cycle minor daily low has likely formed
    • A weekly cycle low is due 9/5 – 10/3 – Weekly chart
    • $3900 – $3780 are the downside levels – Weekly chart
    • $4056 – $4156 are the levels on the upside – Weekly chart
    • Watching for a bear flag to form – Daily chart
    • The short term bias is still negative – Daily chart
  • Nasdaq -100 Index – NDX
    • A key cycle low is due – Weekly chart
    • Likely forming a large trading range – Weekly chart
    • $12600 – $13029 are the upside levels – Daily chart
  • Russell-2000 Index – RUT
    • Looking for a move down to $1787 – $1720 – Weekly chart
    • Looking for a modest uptick before rolling over – Daily chart
    • The next daily low is due around the end of September
  • CBOE Market Volatility Index – VIX
    • Looking for a tick down before moving right back to the upside – Weekly chart

GRAINS/SOFTS

  • Corn Futures – /ZC
    • In a rising phase – Weekly chart
    • Looking for a high to form soon – Weekly chart
    • $637 – $607 are the downside levels – Daily chars
  • Wheat Futures – /ZW
    • The next low is due at the end of the month – Daily chart
  • Soybean Futures – /ZS
    • Watching to see if it can hold $1388 – $1363 – Daily chart
  • Coffee Futures – /KC
    • In a rising phase – Weekly chart
    • Looking for it to turn back to the upside and get to around $247 – Weekly chart
    • Close to forming a neutral SlimRibbon – Daily chart

That’s it for this week! 

 


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