Agreed.

Thx for pointing that out. Also, keep in mind that I had stated last week that there would undoubtedly be a pullback(s) in crude soon from these elevated prices & the market would likely rally, thinking that is bullish (most retail & some pro traders are very short-sighted).

However, the bigger picture is that until & unless crude (via my USO chart) falls back down below my orange or yellow zones *AND* stays there, especially the longer it stays in or above my red zone, the worse & nearly immediately the impact on the economy, and stock market, will be due the inflationary impacts plus margin compression for many corporations due to high oil/energy prices.

The longer crude remains above ~$85 & the higher it trades or keeps spiking above that level, the more powerful (and immediate) the impact it will have on both economic growth as well as the effectiveness & continued use of the “Fed put” (ability/limit of the Fed to cut rates the next time the market or economy wobbles).

Bearish engulfing candlesticks are potential (trend) reversal/toppingsticks. My preference is to only put much of a weighting on them after a prolonged & extended uptrend bull market. Wheat is just coming off the bottom of a 62% bear market off its May ’22 top so while that doesn’t mean that it can’t or won’t mark a significant top in wheat (ditto on the others), personally, I’m not giving those much of a weighting as the longer-term & intermeditate-term charts of the grains still appear very constructive & indicative of a recent major bottom, IMO. Just my .02, but for me, yesterday’s pullback was an objective buying, add-on, or re-entry opp.