Tidal Influences

Market correlation and context is something all traders have to factor into their individual daily trading plans. The tidal influence of the broader market indices requires a close eye on key levels of support and resistance from day to day. There are three charts, however, that may speak to shifts in broader economic views.

The weekly chart of the PowerShares DB Multi-Sector Commodity Trust Agricultural Fund (DBA) has been tracking lower for several years, reflecting declining prices in the general sector. Over the past year the fund price has been moving in a declining channel with a narrow-trending range, but with moving average convergence/divergence in bullish divergence. The Relative Strength Index is above its centerline, and the Money Flow Index, a relative strength measure incorporating volume, is moving out of an oversold condition as the DBA attempts to break above channel resistance. The pattern breakout projects a test of the long-term downtrend line drawn off the highs since 2011....181 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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