Cotton

Cotton has not been able to close below the upward sloping neckline of the possible h&s top formation.  It now is an 8 point trendline.  The market bounced off this area hard last Tuesday.  However, the market failed to make a new high and saw some sellers come in on late Thursday and Friday.  We are seeing some consolidation the past 4 weeks and it will be interesting to see if we make new highs or take out that trendline next week.