A quiet session for New York which spent the day trading in a 190 point range scoring a 3rd day lower high’s and a 5th of lower lows. With London under pressure, New York traded in a downward trajectory until the lows were in place at 8:30, then proceeded to vacillate on either side of unchanged until the close, ultimately settling down 10 points on the day. With rain in the forecast for both Conilon and Arabica regions of Brazil, and with the market 14 cents off of the highs posted on the 22nd of September (160.90), upward momentum is fading, as those willing to buy the market on dry forecasts hold back, and the systems funds which have been the best buyers into strength on the bull run are not signaled to add to long exposure. Industry getting more active albeit at a structured pace, as prices pull back in both NY and London. We have now settled below the 40 and 50 day moving averages basis KCZ the past 2 days for the first time since the 31st of August, meanwhile the RSI and ADX are sideways, indicative of fading momentum and a lack of trend strength.
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