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ECOM daily cotton markets recap - Feb 9, 2007

10 Feb '07
3 min read

The May and July spreads actually widened out today in the last 30 minutes, reflecting some massive bear spreading activity from the index funds late in the day.

Technically the March has had a rocky week, and with today's options expiration perhaps misguiding the performance, it is difficult to make to much of the inside day, completely within yesterday's confines. Momentum wise the RSI has weakened this week to 41.36, whilst the trend following moving averages (9 day EMA and 50 day SMA) have become short term negative.

The 52 mark should give a strong indication of the next steps, though to the upside we still see 53.00 and 53.50 as being very strong resistance for the short term.

ECOM USA Inc, USA

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