Yesterday, the IEF's gapped higher at the open (a), fell a bit to the EMAs (b) and then gently rose for the rest of the day (c). However, most of their gain came from the opening gap higher.
For the last few days, the SPYs have found support in the (a) area. Yesterday, prices also found support and resistance between Fibonacci lines (b).
Prices gapped lower at the open (a), but quickly rebounded higher, printing strong bars (b) on decent volume. After hitting Fibonacci levels they got trapped in the EMAs for most of the day (c). They tried a near close sell off on rising volume (d) but quickly rebounded (e), finding resistance at Fibonacci levels.
On the daily chart, prices are still in a downward sloping wedge, between lines (a) and (b). Prices are also in a pretty tight range for the last week (c) at the bottom of the wedge.
Yesterday, oil prices took a big tumble, consolidating in a triangle pattern at the beginning of trading (A) and then falling for most of the rest of the day, rising to consolidate losses and find resistance at the EMAs several times (B and C). Prices eventually hit bottom at point (D).
Once again, oil prices are looking for support in the lower 70's area (A).
Wheat is still a correcting in a downward sloping pennant pattern (A). Notice that while momentum is decreasing (B), we're not seeing a price crash. The above chart pattern of a downward sloping consolidation pattern after a strong rally accompanied by decreasing momentum is pretty common.
Cattle has been in a strong rally (A) since the beginning of June. Prices are now approaching an important technical juncture as they decrease (C) gently to previous highs (B) and the upward sloping trend line (A).
