- Update to the regular longer term Weekly Charts -
. Summary - many charts this week saw reduced selling pressure and reduced trading volumes, this may have reflected market participants stepping back to see what might come from the increased geo-political concerns overseas.
. Copper Price Futures (HG) came back a bit this week with reduced spread and volume. Nothing has changed here technically, and the highest expectation is still for a challenge of some sort to the previous highs above. Glencore London (GLEN-LON) my proxy chart for commodities generally, although while bidding for RIO's coal assets, may not properly represent the sector as it normally would. Price had recently dropped below the potential support of the uptrending reverse trend channel, and two weeks ago responded higher on a lack of selling pressure (as opposed to any serious support coming in). This week price made a failed attempt to re-enter the channel, however the challenge was only half hearted, as volume was not particularly strong. Lithium ETF (LIT) saw reduced selling pressure this week, as price tested the previous breakout. The response was not particularly strong with this weeks price action remaining 'inside' last weeks trading range, on relatively low volume. Rare Earth ETF (REMX) accelerated higher this week in response to the strength in the background (arrowed) of this chart, which I have been mentioning for weeks and weeks now. Price may come back at some point and (briefly) test the breakout on a smaller timeframe, however while price remains comfortably above 18.00, there is not much expected resistance up to the previous highs. Uranium ETF (URA) price made a little push higher on low volume this week, closing in the middle. This action appears to be on a lack of selling pressure, as opposed to any serious demand. There has not been any downside follow through supply come in for some time now, and price put in a spring three weeks back, however some sort of catalyst may be required to kick start any decent movement. Uranium Price Futures (XUX) traded slightly lower all week at a single price level.....very quiet.
..
.. Gold Price Futures (GC) saw price continue lower with an increased spread, closing a little below the previous low pivot. There has been an element of support come in around this level previously. The much higher wave volume, when compared to the previous down wave, does show that sustained selling has been drawn out, although the ground lost on this downwave illustrates the increased difficulty in pushing lower (so far). Overall, probabilities suggest the selling pressure maybe overwhelming demand, and price will do well to hold on and recover at this level. There is potentially stronger support below (if needed) at the purple line.
..
.. S&P500 Price Futures (ES) traded inside the previous bar's range this week, as price comes back to test the strength of the previous breakout. So far no serious damage has been done technically, and price remains in a strong uptrend overall.
..
.. Crude Light Price Futures (CL) has recently seen five down weeks, which was really only stopped when the selling pressure eased (or paused), as price traded adjacent to where support was previously seen. This reduced selling pressure allowed price to push higher on increased volume two weeks ago. This week however the push higher drew out more supply, which forced a lower close. At this stage there is an element of tentative support being seen, whether it will be sufficient to 'hold on' at this level is questionable.
..
.. US Dollar Index Futures (DX) saw selling pressure reduce this week, which allowed price to rebound a little on low volume. Price remains well within a broad trading range, and is trading adjacent to some congestion (to the left) where price saw previous support come in. For a serious price breakdown to occur price would need to clearly break and close below the line @93.155
(20min delay)