Turtle Soup And Tails
As mentioned in last night’s recap,
September T-bonds
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USU1 |
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PowerRating) did not respond by selling
off after flight-to-safety buying yesterday following a stock index futures rally
and the spooz push through key resistance around 1258. This delay in getting rid
of some of the fear element in the bid increased the likelihood that T-bonds
could pull back from a one-month high. Although the setup was not perfect —
three days rather than four — T-bonds tanked in a Turtle Soup Plus One-like
setup, tanking out of the the gates. However, the test of yesterday’s low and
move higher could leave a tail and would suggest a move to new highs.Â
In a strong collective sign of a reversal, Nasdaq 100 futures
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NDU1 |
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PowerRating),
S&P futures
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SPU1 |
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PowerRating), and
Dow futures
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DJU1 |
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PowerRating) are all making good on Turtle Soup Plus One Buy
setups.Â
British pounds
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BPU1 |
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PowerRating) are coming off oversold conditions and rallying
following yesterday’s inside day.Â
Canadian dollars
(
CDU1 |
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PowerRating) August pork bellies
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PowerRating) are rallying for
a seventh consecutive day. However, their current formation, a Doji star at a
one-month high, suggests the volatility contraction and churning that occurs
prior to a reversal. Both bellies and
August lean hogs
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LHQ1 |
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PowerRating) are on the Momentum-5
List.
Unleaded gasoline
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HUN1 |
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PowerRating)
is also making good on its Turtle Soup Plus One Buy
signal.