Not a lot to add regarding today's price action, but did want to point out on the Daily chart above, that we made a lower high and a lower low, and we did so on higher than usual volume. We also had a very small upper wick. These are Bearish.
Unfortunately, Stochastics are oversold for a second day, and we closed closer to the top of the candle than the bottom. We also could not close below the 34ema. These things are not Bearish.
We continue to bobble between the 34ema and the 8ema. No good reason to exit the trade as of today.
As I mentioned in Update 4, the Stop was moved to break even. This will be our coping mechanism with the Ag report due out tomorrow at 15:00 ET named "Outlook for U.S. Agricultural Trade". This report references Wheat and Soybeans, among other things, and could possibly effect our trade.
Unfortunately, 15:00 is after the Wheat market closes at 14:20, and won't re-open until 20:00. Since this is not a major report, our Stop at 748, which is (748 - 726 3/4) 21 1/4 points higher, is assumed to be high enough to protect us after the re-open.
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