Daily indicators such as the Stochastic are overbought and suggest some pullback is likely over the next couple of weeks. We still see a quick decline to 260 – 255 on SPY as possible, as long as prices stay below 285 or so, on a closing basis. Some of the constituents of DBA are starting to show some bottoming signs, mostly SOYB, WEAT, and COW.
Sorry this page is available to subscribers only. If you're not a subscriber why not join today?