Lumber futures back way off the record highs

Take a look at the daily bar chart for July lumber futures and see how prices have backed well down from the record high scored two weeks ago. A bearish V-top reversal pattern has formed on the daily chart, which is not uncommon for signaling the end of a bull market run for the volatile lumber futures market. Importantly, lumber well down from its recent high and several other commodity futures markets also backing down from their highs, does give some credence to what the Federal Reserve has been preaching recently–that stronger inflationary pressures are only transient. Stay tuned! Jim