- At the end of last week, the odds were not good for Dec24 corn to complete a long-term bullish technical reversal on its continuous monthly chart.
- However, when it comes to markets, nothing is ever impossible. Improbable maybe, but not impossible.
- At Tuesday's close, Dec24 corn was back within 7.0 cents of completing that bullish reversal, with three trading days remaining in the month.
Over the centuries, there have been a number of great market analysts. I often quote the greatest of them all, Sir Isaac Newton, by applying his First Law of Motion to markets: A trending market will stay in that trend until acted upon by an outside force. More recently, we could add author Malcolm Gladwell to the list given at least two of his books, “The Tipping Point” (I talked about this in a piece from June 2022 after the corn market moved into a long-term downtrend) and “Blink” (I mentioned this in a recent piece from June 2024). There are many others that quickly come to mind for those in the industry, but I want to talk about one that isn’t mentioned all that often, if ever.
