Grains Poised To Pop
Certain patterns provide a stronger-than-normal edge that
they will continue. December wheat
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in the grains, rallying for a fourth day in an expansion bar that took it above
the right shoulder of a head-and-shoulders top formation. The contract also
etched an outside day and a 17-day high, all signs this market will follow
through tomorrow.
Corn
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closed (at) or above the previous seven closes in a constructive pattern.
And although
November soybeans
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they rallied strongly in the final hour to erase a 14-cent deficit and leave
a “tail” bar, a sign of a reversal from their new 20-day low.
Beans also set up a Turtle Soup Plus One Buy reversal for tomorrow in
another indication of a turnaround in beans and potential follow through in
the grains.
T-bonds
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List reading and rallied to a new multi-month high to close up 9/32 at 105
10/32.
December cotton
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PowerRating) set up at contract lows after a
head-faking a burst higher this morning and made good on an Off The Blocks
short in the final minutes of trading after breaking down out of a Slim Jim
formation noted in this morning’s Mid-Day Futures Alert. Cotton is on the Implosion-5 List.
December cocoa
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PowerRating) registered a
New 10-Day Low two days ago but did not follow through. Cocoa closed down 32 at 987 in a delayed response to the 10-day low “impending”
potential implosion indication registered two days ago. Notice how cocoa broke down at what would
have been the Off The Blocks
short entry for yesterday, the last-hour low from Tuesday.