The four month trend line support gave out in nearby corn futures today, likely triggering sell stops and encouraging some of the estimated net long 90,000 “managed money” futures and options traders to seek an exit over the short term.
Despite the lack of a January USDA report today, everyone should be focus on their next move once the government re-opens.
In last week’s video, we were talking about price charts for corn, soybeans, and wheat all holding support. So far this week, the shoe is on the other foot, it’s all about holding previous resistance.
Several of the markets we track closely are “holding the line” as trading commences for 2019, despite the lack of government data from USDA due to the partial government shutdown.
The question weighing on all traders’ minds: what will the Fed do tomorrow? Where will macro market prices go? Where will this inverted head & shoulders in corn lead?
Did you notice the resistance in a number of the key futures markets? What could that mean for the markets moving forward?
What was the result of the hanging man that we looked at last week? There are pennant formations galore that we take a look.
What are the charts telling us about the markets today? Did you notice the hanging man pattern in March soybeans?
What is causing the markets to move today? With everything taking place around the US and China “trade truce”, the markets have had a lot to think about this week.
Here is Sr. Broker Drew Rathgeber latest market overview update! In this video using his timeless simple strategy “Rath Overlay” he discusses the weekly, daily, and candle stick chart patterns.