Lestoque Report

The S&P is down ~6% from it's all time high. The biggest decline since the 15 week flag in the second half of 2023.

Prices broke the neckline of the 5 week H&S pattern on Monday and continued lower throughout the week, reaching the H&S pattern target on Friday.

Crude Oil decline from the upper boundary of a 18 week upward trend channel. The 79 week Symmetrical Triangle and Double Bottom/Rounding Turn are still the dominant long term patterns.

Prices are currently in the middle of the upward trend channel. They appear poised to test support at 80, and possible the lower boundary of the upward trend channel.

The EUR/USD took a breather this week after last week's decline. I remain short with a profit target at 1.0470. Should prices show additional weakness as they penetrate the neckline of the 71 week H&S pattern, I will add a contract to my position.

The decline has stalled but prices remain below the lower boundary of the descending triangle. On a break below Tuesday's low of 1.0628, I will move my stop to just above Thursday's high of 1.0720.

Last week's prices action was contained within the previous week's range as Gold digests the nearly vertical 6 week rally since breakout out of a 54 week rectangle at the beginning of March.

Copper extended it's rally to 3 weeks since breaking out and retesting a 46 week H&S pattern. Prices reached the H&S pattern profit target and broke above resistance from the January 2023 high.

Soybeans could be forming a double bottom around 1140. It cannot be confirmed until prices rise above the high in between the bottoms around 1210. Given the long term downtrend, this is not a tradeable pattern.