Rains On The Plains
Better-than-expected rains over growing states in the Midwest over the
weekend got grains, and especially soybeans, starting lower. Grains have still
not undercut their early August lows, keeping their bullish bias somewhat
intact. But the current pattern of more than 25 trading days in a flag
formation without progressing could start to weigh on this market as time
erodes the validity of the flag.
Coffee
(
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PowerRating)Â has given back two-thirds of its hefty
gains from Friday, but has found support at the consolidation zone from
where it launched in the last trading session. Look for the selling to
subside in this congestion area, with support at 49.50.Â
In a nice move below its lower-level consolidation,
silver
(
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PowerRating) is sliding and making good on its
Turtle Soup Plus One
Sell
pattern.Â
One day ahead of the Fed’s FOMC meeting and decision on interest rates, T-bonds
(
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PowerRating) are retreating from a four-month high.