Good Morning Traders! The start of Fourth Quarter is starting to sneak up on us…..let’s make the most of this last week in September.
Indexes consolidated most of Friday morning after consolidating all of Thursday’s afternoon, too. An upside breakout in the afternoon led to short covering in relatively quiet markets. The Dow remains in a daily trading range, but all indexes are now approaching the upper trend line of a down sloping channel on the hourly charts. The Russell has been filling out a 120 minute bear flag. The Dow, Russell and Nazdaq futures all had inside range days as well. SPs 56.50 was Friday’s low, 1965 was the equilibrium point before the afternoon short covering rally.
There is a pinball Sell on Silver however, it also has a three bar triangle breakout pattern.
Crop report comes out for the grains. Wheat is tightly wound.