In general, prices have been in a very tight range for the last few days.
Yesterday, prices gapped a bit lower at the open (a), fell to previous support (c) and then rallied a bit, only to fall again (d). After a brief move higher, prices formed a double top before selling off into the close (f) on higher volume (g).
Note the tight range of the last few days is also apparent on the daily chart (a).
The Russell 2000 is just below support, trying to get above key resistance -- as is
The Dow and
The Transports.
Right now, equity prices just can't get over the hump. While the NASDAQ has moved through resistance, it is not pulling the other averages through.
Cotton continues in its uptrend (A). Notice that prices have consolidated in downward sloping pennant patterns throughout the rally (B). Prices have recently peaked (C) and are moving a bit lower to consolidate gains. Notice the EMA picture is very bullish (D) and the MACD is also pointing to further gains (E).
After forming a strong base (A) lumber prices have broken through resistance (B) and are currently at important support levels (C).
