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The March Wheat contract has fired 90-10 High Continuation & Reversal, Low Breakout Continuation Setup, and Momentum Pinball Sell signals for today's trading. The 90-10 High Continuation & Reversal signal is telling us to look for morning follow through on the strong close, but to expect a likely reversal once the initial move has topped. The Low Breakout Continuation Setup signal implies significant downside IF yesterday's low happens to be taken out. The Momentum Pinball Sell signal suggests that IF the first hour's low in today's trading is broken, the market is telling us something completely different than originally assessed, and we'd want to consider a short position. Cycle Indicators (chart at right) are moving into a region where short term cyclical tops often form. Odds favor continued upside in today's early trading. Buy the break of yesterday's 889^0 high, or even earlier if price can demonstrate strength above 880^4 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 901^2 or the Extended High Range Projection level of 910^6 would be likely areas for such a reversal to take place, as would a test and failure of yesterday's high.
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