November Soybeans made a daily-scale bottom extension yesterday as the market fell towards today's important USDA planting intentions report. This joins a bottom extension that we already saw in Sugar last week that led to a four-day rally. Sugar has since dipped to re-test the area of the lows toward 17 cents per pound.
Both can now be bought:
The previous signal in Soybeans was a compression (circled in Blue) that broke downwards. If you sold this market short on that break (which we did not) then obviously you should cover that position as well as going long.
All signals generated by software supplied by our friends at Parallax Financial Research www.pfr.com