Market Update 9.10.20
This is what a signal looks like while it’s happening… Strong technical sell for corn ahead of tomorrow’s report:
Relative Strength Index (RSI) extremely overbought with readings approaching 80 for the first time in over a year.
RSI crossover as the unsmoothed (jagged line) crossed below the smoothed line last week.
And bearish divergence – RSI trending lower and not making new highs despite futures trading to new highs.
Over the past few years these three combined have been extremely reliable, including correctly indicating the market peaks in June of last year and January of this year.