After the market opened we made an attempt lower to 1137.50 and proceeded to filled the gap at 1141.75. I was initially looking to sell rallies, it worked early. They are giving you multiple chances at prices. It feels like a trap and it could be. I expected us to continue lower after we got below the 1137.00 area. I was wrong. This market still feels and looks heavy. MA are closing in fast to on longer term charts and are right there on shorter term charts. The market is really tight and for my risk strategy I do not see any opportunities till 1130 or 1150. Shorter term 1139 is important but everything is way too tight for me to do anything. I was hoping for some action as there is only 1.5 days left in the month, maybe the fireworks come on the close.
We made new highs overnight at 1146.75 and any potential gap will be at 1141.75 (currently none at 7:33 CT). The market is feeling heavy as the moving averages have caught up to current prices. I would be surprised if we did not make some attempt at 1149.75, high from Monday. But it needs to happen sooner than later. If we get below 1137.00 look for support to become resistance. Any prices above 1150 or below 1130 would be bring interest to the market. Risk is slightly to the upside, looking to sell rallies initially but expecting a tight range. Still have a gap at 1105 below. As always, be aware of the news.
2:00CT Farm Prices
Disclaimer: Futures and options trading involves substantial risk. Not responsible for typographical errors. See full disclaimer below.
We would really appreciate your feedback, if you like, hate, or think we are full of crap. Please leave a comment, a voice mail (312) 725-9121, email info @ mytradingnet (dot) com or twitter or personal
Subscribe to MyTradingNetwork.com/blog by Email