Bonds May Reverse, Softs Soft
T-bonds
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PowerRating) are setting up in a potential short-term
topping formation on their intraday chart after eclipsing a recent
multi-month high on the daily. This sets this market up for a potential
same-day Turtle Soup Sell reversal. T-bonds are forming a triple top on the
intraday five-minute chart, demonstrating resistance and defined risk at 105
10/32.Â
December cotton
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PowerRating) is setting up at contract lows after a
head-faking burst higher this morning. Notice that an Off The Blocks
short for which this contract is eligible due to its standing on the
Implosion-5 List, triggers at yesterday’s low, the contract low. Currently,
this market is set up in a bearish Slim Jim formation.Â
October sugar
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PowerRating)Â is at a juncture that could
work to more definitively establish its downtrend. Notice how the prior two
corrective rallies since the June 29 high have been .60 to .65 each. This
market is currently riding a trendline down that has been established by
those two (upside) corrections and is currently trading just below the line.
A break above this line — significantly more than .65 — suggests this
market could correct rather than continue lower. At this inflection, a
narrow, defined-risk short entry is presenting itself.Â
December cocoa
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PowerRating) registered a
New 10-Day Low two days ago but did not follow through. Today this market is
down 31 at 987 in a delayed response to the 10-day low “impending”
potential implosion indication. Notice how cocoa broke down at what would
have been the Off The Blocks
short entry for yesterday, the last-hour low from Tuesday.