The hourly SP chart pulled back to the EMA and has been holding. The hourlies are now in an uptrend, and it appears that this past dip was a buying opportunity. Now - look for retest of last swing high as minimum objective. We went long Wheat with tight stop at 269 level.
Market is in overall trading range and tested the lower end of the range.
If it can take out 275 area, it should then test the upper end of the range. Not much to grab onto here, but the dailies have pulled back for 5 weeks, there were 2 NR7 days yesterday, and we have been watching for a sign of life. We bought corn here after it HELD this initial push up. You can see how the LOW ADX at the beginning of November highlighted a chart formation that led to a big move. THe ADX has dropped down low again.