Well, we had a sell off today, just like seemingly every other asset class known to trading, but then we retraced back up to the 8ema and closed right on it. There's a large volume bar today but we closed in the middle of the price bar, and not below the 8ema, so you can't really say the Bears won, even though the candle is red. So bottom line, we don't have a sell signal. Not yet anyway.
Friday's in the corn futures market tend to be inconsequential to the current trading pattern. You can take a look at the past 7 Fridays, and only last Friday 2/19/21 looked like it meant something, but it turned out to be inconsequential, other than maybe scaring some less experienced traders.
I didn't post yesterday on this corn trade because there was nothing to say. The next 2 or 3 trading days should tell us how we're doing. Of course, tomorrow could be a surprise to the downside and we'll have to bail on this trade. We'll see.
Also, soy oil, meal, beans, and wheat all closed such that they are continuing their Bullish mode. Although Soy Meal looked a bit weak. But none of the grains suffered any damage from today's sell off in other futures.
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