 Hi, everyone. This is Ms. Schneider, Chief Strategist of MarketGauge.com. It is closed July 24th in the United States by the time you hear this, we will be starting a new trading day in the U.K., and we have a very big week between earnings, the FOMC, the PCE at the end of the week. You know, there's a lot of other factors in the market right now besides the geopolitical concerns everywhere, including Ukraine. We also have ongoing weather issues with no end really in sight. And so, as we're looking at the oil market right here ahead of all of this data, we have to ask, first of all, is this going to really make any difference to what happens over the earnings? No. What is going to happen going forward with the terms of guidance if it continues to go up? Yes, absolutely higher oil costs affect everyone, companies and consumers. And also, the Fed already, we know, is probably going to raise quarter percent. Will that have any impact on this price? I think that's already priced in. So if we're looking at this chart right now from a purely technical point, what we have to say is, first of all, we have all talked about the fact that we will bullish the oil. Hopefully some of you have made some money on that. I actually took some profit here for our fund on this move up just in case as we're getting into this week. But nonetheless, if we get a confirmation over 77.20, that means we've confirmed a higher phase. If you look at the phase bar, this is an accumulation phase, but it needs a second close. The second close over 77.20 not only would be a confirmation, but we'd also then be looking at the highs of 79 that we saw today, give or take. If we go back a little bit here to where we saw this last time we were at these levels, which was in April, we get through this 79.80 level, let's call it that. There's no reason why we shouldn't see higher prices in store, particularly if we roll back this chart, and we can see that if this whole thing is really some kind of a big bottom, I would imagine that we could see easily a move up next to about $92.93 a barrel before we take another look. Of course, on the flip side, we have to do realize that the momentum is right up to the zero line. We have not been through that zero line. In fact, if we go back a little bit, really, since July a year ago in 2022. So even with these high prices, if we cannot get through the 77.20 and we start to see the momentum turn down, not only would it be a failure of a phase change confirmation, but it would also mean that the momentum has hit somewhat of a wall and we could start to see lower prices again, which would mean basically a break under 77.20. Our first chart would probably be closer to around 75, and then we would have to see if we can't bounce from there what happens as we then retest possibly 72 or around the 50-day moving average. Overall, though, right now, it does seem that the momentum is to the upside. We did have some good consolidation here between 73 and $76 a barrel, so today we could consider a breakout. Now let's move on to gold. So while the oil market enjoyed a bit of a pop, the gold market has done actually the opposite. After clearing and confirming back to a bullish phase, today in the U.S., it actually broke back down under that 50-day moving average. If we look at the actual range right now, we can say it is at around 1930, figure 35. Up to around 1980, even though we've had sticks get above it, we haven't actually seen a candle body close above that level. So the question is what's going to happen now? Well, first of all, we've had a stronger dollar over the last couple of days. It held that critical support and now has bounced, so that needs to sustain number one. Number two is if we're looking at the real motion indicator right here, we can see it's right on the 200. I had mentioned to you last time we talked about it that was actually a bearish momentum between what I saw in price as it was clearing the 50 and the momentum that was not able to even get close to clearing the 50. You could see the yellow means were back into a caution or warning phase. So at this point now, if we just step back a little bit, if we're looking at a left shoulder with a head and now a right shoulder, which would be actually an inverted head and shoulders, bottom type of situation, then it's possible that we can do work all the way down, back down to that 1935. And if we hold those levels, that would be a good sign that we'll take back up. And obviously the neckline here would have to be somewhat, I would say over the 1990, 1980 level, but really 2000 is the key area for this to break. And so as we're coming in tomorrow, if you're taking a look at this 50 day moving average as the pivotal point, 1960 becomes below negative, above positive. If we're below it, then I would anticipate 1950, like I said, with the possibility of 1940 and then 1935. Come in above, then I would anticipate a move back up to 1970. And it's possible. If we are going to form some kind of a right shoulder here, that we chop around a bit until there is another new fundamental reason for goal to rally. And of course, that would be a myriad of things. One would be obviously higher inflation fears. Two would be more geopolitical risks. And three would be the general flight to safety because the rest of the market, when I say the rest of the market, the equities market has actually come under some pressure and the dollar has indeed fallen. Let's move on. So this is the SPX chart. Obviously, this is a big area here. We did have potentially a reversal topping pattern. And what you cannot see on this chart is a six month calendar range, which was reset last week for July, generally a good guide for the next six months. So right now, not only do we possibly peak here, but we also are below the six month calendar range high, which means really we would have to take this out. This high right here on July 19th, really the high was made on this day right here. So July 18th was the reset. So we're talking about $4,562. That's your pivotal level. Now, as we're going forward, we have to look obviously at momentum. Momentum has been great. Look at this over the Bollinger Band. What you might see and what we'd look out for would be, of course, a break under the Bollinger Band, which would then be a mean reversion. Right now, all we can say is that it's possibly that we've peaked, but it's also possible that we can go right back up and take this out, even though this reversal pattern should technically measure a pretty decent move down. But we're not there yet, for sure. This long green here, of course, is the how long we've been in a bull phase in the SPX. So going forward, basically, what I would be looking for right now is, again, if we want to look for a pivotal area, let's look at that $45,663 give or take. I'd like to call it $45,60. Let's use round numbers. Over $45,60, bias is definitely positive. Under $45,60, I would definitely use some more cautious tone. Can we get back down to $4,500? Absolutely. Can we go even lower than that? Very, very possible. Of course, like I said, with so much going on this week, we'll have to keep an eye. But at this point, I'm seeing some technical weakness in the SPI. And of course, that means right now, that given what I just explained to you in gold as potentially pivotal to the downside, but also could equally restore that 50-day moving average. Remember, it's two days. That depending on what happens with the dollar, with the gold, and with the oil prices here, that should very much impact the expectations for the SPX, because after all, nobody wants to see inflation creep back into the narrative, particularly since so many people think that's over. And finally, since we are talking about inflation, I want to show you very quickly both the corn and the wheat chart, something that we have been following for quite some time. Here is corn. We've had a nice move after a double reversal bottom here in that we had a new low inside day and then the follow through the next day. And now the fund begins as A, we are getting into the 50-day moving average number one, and number two is we have some resistance here up at around that 583, even if we get through the 50. What is interesting is not only obviously the minimum version that we had on this particular big bar day, but that we actually have cleared the 50-day moving average in terms of momentum. So just like I say in the price, you need two days above or below a moving average to confirm a phase change. In this case, we'd like to see momentum stay back up here a second day. What does it mean for the market? Clearly, corn has made a nice big move up over the last several days. If it cannot move higher from here and starts a breakdown, I would say if we had to use a pivotal area, it could be 545, it could be a little bit higher. Let's just say right now 560 is what you want to use below, somewhat negative, above, definitely positive. And looking at now the wheat market, this is really the interesting chart, right? This is the wheat chart. It has exploded over the last several days. Clearly, we have issues not only with Ukraine, but whether in the US and elsewhere. And right now this would be a new high close going back from February 2023. So if we sustains these levels here, obviously we just cleared the 200, so we need a second close over that 727 level. Then we have confirmed an accumulation phase. There's your blue. And if we just step back to see where wheat prices can go, I would say at this point our next level of real resistance would be somewhere around 780. Obviously on the flip side, under 728, that would be a failure to confirm. And then maybe this could be over for the wheat at least for now. But meanwhile, if you put it all together, you can see that food inflation is really the thing not only that the Fed can't control, but basically can impact all inflation and Fed policy going forward, at least preventing them from doing any more pauses after this time. And even if they pause, certainly no pivots. Hopefully that was helpful. I'll talk to you again soon. Bye for now.