What a difference 48 (even 24 hours) makes. I was wrong in thinking the Tuesday pressure would carry over into Wednesday and beyond. Very impressive rebound and performance yesterday and now seeing even more follow through.
I thought the 1.08 level would trigger some downside pressure and in fact we saw that play out on Tuesday. Though short-lived. In my re:COT Sunday I also mentioned the recent high of 11330 as a possible upside break-out so that is again in focus. I do think it may be a tougher road beyond 1.15 for the H20 contract, though I would rely more on Tango's observation of FUND and other sector activity.
Current high ,11300 so we still see the resistance posed by this general area. My guess, is another attempt at the early high will likely lead to cascading stops. As to the longevity of the move, I am less certain.
Just some of my thoughts from the sidelines. I would love to hear some other general comments and thoughts on the market. I have refrained from commenting on the weather/crop side of the equation bc as noted, we tend to see headlines that fit the market direction after the fact. Hard to put too much weight on those. Instead, I would hope some of our friends on the ground in any potentially problematic area would share some comments.
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