Tuesday, 30 July 2013

SoyBeans ( ECBOT) .. have we seen the low? and Emini S &P: Make or break?

 This is a market that can ruin your life ( trading account) in a heartbeat. Trust me, i have been filled on an order and stopped out 200 basis points lower within a microsecond as the market gapped down 5 yrs ago.
It was an extremely nasty business and one i will never forget.
However I always keep an eye out and follow the grains and in particular the beans and bean crush spreads as SB has trends that seem to be on steroids and can be extremely lucrative. Have we just seen the end of the recent eye watering correction? I think so and an long ( in a spread diff with another grain)

 see below up sloping RL which i have drawn over manually as these pivots do not exists in lower TF ( no data) and so the RL doesn't show up.

 Here it is seen as a thick gently up sloping deep red line.I would buy on a retouch which would be a .382 Fib RT and it may well come back to test support at the mid 1350's
The emini S &P seems to have pushed on and up through resisting reaction lines and i am expecting a break out up or down, maybe it will come form our old friend NFPayrolls or some other fundamental data release/ macro news. However if we fail to make higher highs at 1687 i would be worried but it looks promising for perhaps a move higher today

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