Spigot’s On High
Natural gas
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up 5% in a lap-up rush that is a good follow-through momentum indicator from
the contract’s July 25 expansion bar off the lows. Since the market has
broken the key 3.350 area and now appears to be using it as support, look
for this area to hold for possible continuation out of a pullback.Â
November soybeans
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me here is that beans are holding above the low of the July 26 bar. Friday’s
bar was an inside day so the violation of its low is not as significant as
the violation of the 7/26 low. Again, beans could be in wave five of a
five-wave Elliot pattern. Big moves such as the pattern implies often take
time to develop.Â
Pork contracts are moving to high ground after recent momentum pulses.
But their topping patterns suggest some backing and filling from high ground
might be in order before a continuation of the momentum. August pork bellies
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have been leading here. Look for a potential close of the past two days’
laps and for support at the shelf around 69-even.Â
The Canadian dollar
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From Lows market and poised for a larger-than-normal move due to its
standing on the Multiple Days Low
Volatility List.Â
The Japanese yen
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report out on industrial production. With the contract now within striking
distance of setting a new low, look for it to make a measured move lower out
of its head-and-drooping-right-shoulder pattern on the daily.