Soybean Complex Looking Technically Weak Overall. Oats holding its Double Bottom
GRAINS: 09/15/09 Higher closes on Monday for soybeans and soymeal but lower for corn, Minneapolis, Kansas City and Chicago wheat along with oats, soyoil and rough rice. Minneapolis KC and Chicago wheat settled lower with their KEY REVERSAL formations barely intact. Corn (Dec.) settled lower but holding up well at its present level. Its retracement rally should continue up to at least their resistance from 325 to at 335 which will be tough to penetrate. I still expect corn to test 300 somewhere along the way where many stops should reside below. Rice gapped sharply lower giving me a sell signal. Oats closed lower still holding it's DOUBLE BOTTOM while in retracement type action and holding the lower end of a support area. The beans and meal closed higher but oil settled lower looking very weak overall especially with beans, meal and oil making new recent lows and the oil also making a recent low close. Sell Signals for Soybeans, Soymeal, Soyoil, Oats & Rice.
METALS: 09/15/09 Higher close yesterday for platinum, silver and gold while lower for copper. All of the metals continue to be in uptrends but copper continues to show some potential topping signs along with 27500 a key area to hold basis the December contract. Gold and silver along with platinum settled lower but no changes technically.
CURRENCIES: 09/15/09 Higher closes for the Euro fx, Swiss franc and dollar index while lower for the British pound, Japanese yen along with the Canadian and Aussie dollar. The euro and franc made new recent highs and closes again continuing their uptrends with the rest of the currencies. The yen settled lower just missing a double top but still look strong while the Canadian dollar is roughly in the middle of a trading range going back to early August. The pound and Aussie dollar also settled lower but are still currently in uptrends. The dollar closed slightly higher breaking its slide of new contract lows and closes over the last four tradings sessions