We got a nice confirmation of our short thesis on the zoomed in Daily chart above. If you want to see a wider view, look at yesterday's post.
We had a little gap up at the open then formed a Bearish Engulfing candlestick pattern. Stochastics are not yet oversold, but we didn't make a lower low compared to yesterday, and the BB/KC hasn't broken out yet.
We also got some encouragement from the Corn and Soybean daily charts. (I'm also short March Soybeans as of yesterday from 1364 1/2, but I'm not blogging about it because I got in way too early.)
Our short is looking good and I held the position, but I'm not feeling confident yet. It doesn't help that tomorrow is New Year's Eve day, which makes things a little weird, including possible tax related sales by traders and expected light volume.
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