Those that view the message of the market on daily basis are likely confused by trading noise. While trading noise contributes to the long-term trends, it does not define them. Human behavior tries to explain trading noise as a meaningful trend. This confuses the majority which, in turn, contributes to their role as bagholders of trend transitions.
ALIGNMENT (Price & Volume)
CORN's composite trend (Up, Cons, Down) is consolidation. Today's countertrend rally is following seasonal strength (see Matrix). The bulls must exercise caution as long as the primary trend is down and the bearish energy build has not been dissipated.
ENERGY (Diffusion Index)
Corn's leverage profile is 14%, -23%, -47%. This defines a quiet market still mired in a bearish energy build. While the bearish build has been dissipated from it's low, it's still far away from a bullish setup.
Participation (ProIndex)
Corn's PubIndex shows new highs. This tells us that retail buying is supporting the rally. Corn bulls would rather see professional buying supporting the rally. The ProIndex is struggling to make new relative highs. Not good.