Commentary:
Good Morning Traders! Three days low to high in the SPs – three pushes up on the 15 minute and close to the previous pocket area visible on the tick charts (see charts above) suggests a reaction down and consolidation in front of the three day holiday weekend. The market had an upside breakout from a coil at the lows so any reaction down may not be too deep. Support levels are shown on the tick chart.
The ten year notes are poised for a push back above the 5 SMA/ The yield curve continues to flatten so bonds are still the relative strength leaders. Copper also made a “wide range reversal” buy pattern. The daily oscillator is on a first cross Buy. A test of the upper end of the trading range would be next.
Beans (!) Relative strength leaders! Possibility of an extended run underway.
Wheat will have a Buy Day.
Wishing everyone a great 3 day weekend……! Linda
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