Doug Sooley 
TECHNICAL ANALYSIS The US Dollar has nose-dived and spiked off the recent highs after prices pulled up just shy of the long-term monthly targets outlined in the last update at 11676/11939. The current intraday high print is 11477, set last Wednesday, and since then the market has swooned…retracing over 62% of the rally off the …
TECHNICAL ANALYSIS November soybeans (SX22) took a dive late last week to carry the contract to the lowest levels since early August. As the now lead contract on the weekly continuation, SX22 has taken spot prices to the lowest levels since mid-January of this year. The sharp breakdown on the weekly spot chart is opening …
TECHNICAL ANALYSIS Crude oil futures (CLZ22) closed lower on Friday the 30th, ending the month of September down $10.06 a decline of 11.24%. The DEC futures pulled up short of same targets in the 7276/7212 area before getting a bounce back above $80 mid-week before settlings just below that level Friday. On the weekly, the …
TECHNICAL ANALYSIS The DJIA saw a minor reprieve form the selloff in the critical timing window outlined in the last update and plunged again late in the week to close down 2.93% for the third straight week of steep declines on the weekly. For the month of September, the DJIA was down 8.84%…the worst monthly …
Crude oil futures (Z22) closed fractionally higher on Friday and settled week down just under $2 for the nearby futures. The near-term technicals are neutral while the intermediate-term still lean toward a bearish posture. December futures are flagging to the side of the most recent test of intermediate-term support against the 8173/7884 area. As outlined …
TECHNICAL ANALYSIS The DJIA ended an outside week down with a -4.13% loss. Friday’s trade took the index into the previously outlined ‘last-gasp’ support area at 30810/30680. The action filled in the gap that has stood on the daily chart in that area since July 15th. A late rally took prices to close near the …
TECHNICAL ANALYSIS Crude oil futures (DEC22) spiked higher today on the heels of Thursday’s bullish reversal and the daily now looks like a potential bear trap as Wednesday/Thursday’s trade took out both the August and July lows and carried DEC22 futures to the March lows. DEC22 Crude Oil Daily DEC22 futures have dipped into an …
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 …
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 …
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 …