Notice that stock prices have been trading in a range for the last three and a half months.
The EMA picture (a) is extremely cloudy; all the EMAs are in a very tight range. Also note that prices are centering around the 200 day EMA like it is a center of gravity for trading.
Yesterday prices gapped lower at the open and then move lower with prices consolidating gains in upward sloping pennant patterns (b). Note that is the afternoon, prices tried several times to gain above the EMAs, but just didn't have the momentum. Take a closer look at the last two rallies, and you'll see some very strong bars moving higher, but with no follow-through.
After rallying (a) and moving through important resistance levels (b, c and d), copper is now consolidating gains (e) in what appears to be a triangle forming. The EMAs are still moving higher, although at a slower angle (f). Also note that momentum is decreasing (f).
Cattle is still making new highs (a) and the EMAs are printing in a very bullish pattern (b).
Sugar is in an interesting position. First, it appears prices may be forming a double top (a). However, the EMAs are still moving higher and the shorter EMAs are above the longer EMAs (b). But, the MACD is declining. But (again), the overall 6 month pattern is a curved bottom (d).
