In the fundamental world things have been pretty quiet in the last couple of days as the Brazilian crush is going at a decent pace again after the rains seen in the second half of July, while the nearby forecast for the first-half of August is looking very dry. Demand on the hard is also mediocre with Williams SA reporting that there are currently vessels waiting to load an average amount of 1.13 million tonnes of sugar in Brazil’s ports. With the lack of any major fundamental changes, the market focus continues to be on the main technical indicators more than anything else. First off, the average directional index (ADX) is picking up again, which indicates that the current (down-)trend is strengthening. This is confirmed by the MACD that avoided a bullish cross earlier this week and is no longer close to a cross to the upside. Friendlier to the market on the other hand is the fact that the lower-Bollinger Band on the daily chart seems to hold all the way back to early February this year. Despite this being a moving target (now at 16.49 c/lb), it does seem to indicate that a sudden downward move much lower is unlikely, while a correction to the mid-Bollinger Band could occur at a faster pace. Furthermore, with the Relative-Strength-Index now at 31.6 and the Stochastics at 6.22, it means the market is entering (very) oversold territory and might see some buying coming in tomorrow from end-of-week profit taking.