Tech Guy Mid-day Observation 5/18/22
Daily and intraday gaps can act as powerful magnets to the market. In other words, there is a strong force for gaps to be closed or filled. I missed this in yesterday evening's comments in July and Dec corn. Both have filled these gaps to the downside this morning.
Corn has corrected about 20 cents this morning. It is a back fill/correction on the up trend/leg which began Monday May 9th. Over the next couple of hours, between 737-742 (Dec) and 777-782 (July) is a low risk buy opportunity because the up leg should continue.
My fundamental friend Roger says corn is correcting because the I states are getting rain. I will go with that!