March CBOT Soybeans (SSAH0): The picture is heavy. SSAH0 failed to return above the trendline on the last corrective bounce, and the RSI is in a downtrend. Concurrently, the cloud chart is in bear mode, while the weekly continuation front month features a bearish breakout of a rising channel.
As long as SSAH0 remains under 1000, it is positioned to decline towards 955 3/4, then the 923-920 area and then 900.
This recent SSAH0 weakness has helped the March 10 crush move higher. The March 10 oilshare is also trending higher, illustrating March 10 soybean oil gaining on March 10 soybean meal.
Invalidation: a close above 1000 will point to a challenge of 1008 1/2. Then, a close above that level would open the door to a rise back up towards 1028-1030.
ALL KNOWN NEWS AND EVENTS HAVE ALREADY BEEN FACTORED INTO THE PRICE OF THE UNDERLYING COMMODITY