On Friday, we moved our bias from Bullish/Neutral to Absolute Neutral as the market was trading at our first two pockets of resistance, which we identified in our morning reports as 595-601 and 606. those resistance levels. Needless to say, the market is at an inflection point, which should be an interesting open for the long weekend. If you haven’t already, be sure to click the “Subscribe” button below to receive our daily technical and fundamental commentary by email.
When the market sold off aggressively in mid-May, we were quite candid about the idea that the market might recover and enter a bit of a holding pattern. Below is a look at the current year (black line) and next month’s average July corn prices (vertical green line to vertical red line). Averages are derived from 5-, 10-, 15-, 20-, and 30-year averages.
Below is an updated look at the weekly Traders Commitment report.
Cooler and wetter weather just around the corner.
Click the link below to view the updated 6-10 day forecast and see how it stacks up to the 8-14 day.
6-10 Day Weather Forecast VS 8-14 Day Forecast – Blue Line Futures
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