The S&P trend remains bullish however the index remained within it’s recent consolidation range this week.
The recent uptrend in July 2018 Corn stalled this past week. As a result I closed my Long position and am currently on the sidelines awaiting signs of revitalized momentum or a break to the downside.
Corn began to consolidate this week amid US trade uncertainties. I went Flat Corn as I await evidence of the emergence of a new trend.
The recent advance in the June S&P contract ran into consolidation as investors became uncertain amid continued political trade uncertainties. I took profits this week and remain on the sidelines awaiting the next market move.
With July 2018 Corn falling below recent support levels @ 399 I entered the market Short last Friday. I remain Short going into trading this week.
Entering the weekend I went Long the June 2018 S&P contract as it broke above resistance @ 2718.
I entered July 2018 Corn on the Long side this week as the market seems to want to go higher. I remain Long going into the weekend.
This week the S&P remained range-bound with a brief move to the downside on Thursday. We were able to enter the market for a day trade & capture profits during this brief move but remain Flat today looking for a major move in either direction.