In August, the lumber futures price did not fall below the August 2021 $448 low. On September 1, the price of nearby futures was above that price, but the trend remained lower. The current environment favors a consolidation period, and time will tell if lumber continues to hold above its critical technical resistance level.  November futures fail at over $600  After falling below the $500 per 1,000 board feet level in August, lumber futures recovered but could only manage another lower high.  The chart below highlights the rally that took the ...