Soybeans's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Beans's tape (Soy Early Dbl UP▲ 12 | 1), early cycle Double UP alignment, represents an ongoing bullish transition in the agricultural commodity space (see Matrix). Bullish alignment in beans follows stronger bullish setups in corn and wheat. While Double UP alignments are not as strong as Triple Up, they advise caution for for the bears.
The Precious metals composite (PMC), a key intermarket trend, climbed above 0% and entered a bullish phase several weeks ago. Caution towards precious metals is still advised since only 2 out of 3 components are properly aligned for a bull phase. The gold to silver ratio, a key intermarket trend for precious metals, is not bullish. The PMC's bullish transition is vulnerable until all three components align. In other words, gold is not ready, largely because confidence in governance is still too strong. This backdrop helps explain why Bitcoin has been mired by consolidation for weeks.
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