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Given the afternoon rally in corn and the soft commodities, seen on the DBA ETF daily chart, first, below, a short Tyson Foods pair trade may be viable here.
On the second daily chart, note the very steep angle of ascent, dating several quarters. I view this move as unsustainable, at least at this rate. And rallying corn prices me be the excuse the market needs to sell.
Drop me your top final hour tickers.
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Here we are, once again, with a market seemingly on the cusp of a technical breakdown. But bulls are fighting not to give up. In recent setups like these, we have seen vicious bear traps sprung before V-shaped rallies to fresh highs.
Updating the 15-minute chart of the Nasdaq-100, you can see pennant which has been forming during today’s session. I suspect we see resolution in the final ninety minutes of trading, though the pattern morphing out into a longer base is always a possibility.
Given the persistent selling in the likes of AMZN GOOG NFLX TSLA, etc., risk still remains lower.
Keep an eye on natty gas here on the long side, with UNG over $25.20.
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https://www.youtube.com/watch?v=X15It4sYLRI
We have had several nice short biotech trades inside 12631 this year. I am currently flat the biotechs but stalking another BIS entry in the next few days.
Back with some ideas in a bit…
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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Coffee (JO) is lagging other softs like sugar (SGG) cocoa (NIB) and wheat (WEAT).
While sugar, cocoa, and wheat are all appealing to me as they base out well overall with good strength today, corn has my interest for an imminent upside breakout.
On the daily chart for the corn fund, below, you can see the first 200-day moving average test in nearly thirteen months. I see $34 and the 200-day m.a. as being the hurdles above to clear for a move to $36 in front of some crop reports.
What are you trading this morning?
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