WHEAT

Today's MARKET STATE WHEAT **BEAR TREND CORRECTION**
- Technically the MKT momentum is counter trend and will need a strong showing to overcome the underlying negative threat.
- On the SELL side REVERSAL strategies off the UP or near the previous session or move high will work best. DIR or DP BREAKOUT should just go. A better option is to FADE positive reactions against the DIR after a negative signal.
- On the BUY side accept FADE and BREAKOUT strategies. BREAKOUT should expect some "starts and stops" The trade is corrective and sharp positive surges can be erased in a hurry.  FADE will work if the corrective state is going to continue.  REVERSAL strategies are a lower probability as a break in structure should be considered a potential negative shift in momentum.

Today's PRICE MAP Performance for W

Wrap Up

In a NON-TREND market state, the RSI momentum indicator gave traders the "tell" to accept the BUY R FADE strategy from our key inflection pivot.  As the market bottomed at the DP R level of SUPPORT, the RSI indicator signaled a major BULLISH DIVERGENCE.  This TACTIC gave traders the confident to get long the market from the lows of the session and ride the rally up to the DIR where profits could have been taken.  Today's action in the WHEAT futures market is another example of how MARKET TACTICS can aid in confirming optimal strategy given the technical state of the market.