My plan:
Indices futures bounced to challenge Monday's low. After a 5 day selling it's expected to have a relief rally. ES is back into CLVA of 1989 to 2051 area. We are not out of the woods until we close above yesterday's high of 2025. I won't sell anything until we have a close above yesterday's high or another leg down to 1970 area.
Grains held up in a small range overnight but opened mixed. Corn retested the break down point then falling. Wheat and soybean stuck in their CHVAs. I will continue to lock in profit and reduce risks.
My execution:
ES/SPX didn't break yesterday's high but closed at high of the day. It appears building energy to break out if overnight holds. I didn't had any new trade in equity front except closed a ES 1850 this week to release margin. I will try to look for opportunities on call side with the rule of safety first.
Grains had mixed results. Corn and wheat fall after retest the break down area. Soybean held up well and formed a IHS. Tomorrow's export report and the extremely cold weather may give us clues of the trades interpretation. I rolled up 2 wheat bear calls to lock in some profit. No fill for corn orders.
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