Following the recent big divergent low & subsequent breakout of the primary downtrend line, WEAT (wheat ETN) rallied into the 24.80ish resistance with negative divergence followed by a breakdown below the small bearish rising wedge pattern, bringing WEAT back down to the 21.70ish support & intersecting 200-day MA’s, offering an objective long entry. Daily chart below.

Glad you asked. Wheat, as well as the other big two grains, corn & soybeans, still look about as good as it gets for long-term trend/position trades. While the daily & 60-minute charts are fairly predictive for the counter-trend pullbacks (I’ll add the daily chart to a reply under this reply), $WHEAT couldn’t possibly be playing out much better based on my longer-term analysis & outlook on the weekly chart (previous, from late Jan, & updated below).

Nothing goes straight up, nor is anything, including my long-term outlook & price targets on $WHEAT, guaranteed. Just one of the better-looking investments/trend trades since it fell to that primary uptrend line & even better now that it has clearly defended that support & started to rally off it.

Thanks

I’m about 40% short, 60% cash.

Thx for the update. Very useful to get the inside scoop on things like this. Pls keep us abreast of any more significant developments.

Maybe next week, but it’s Friday, so we’ll see what happens over the weekend.

Glad you asked, as that one had fallen off my radar recently.

On the weekly chart, IGV is at a key technical support level, currently testing (a hair below) the primary/secular bull market uptrend line off the 2008/9 double bottom lows.

On the daily chart (also below), after the 16% rally off the initial drop to the 76 support with positive divergence, IGV has extended the divergence & fallen to the 77.50ish (2023 reaction highs) support, providing on of the better looking long setups, should the stock market remain above the 200-day MAs & make another run at the previous ATH’s.

I’m still waiting to see how the markets close the week (and next week, depending on what happens then), to see if it can print a solid weekly close back above the 200-MAs & the mid-point of both trading ranges on SPY & QQQ.

If so, & the market is able to breakout to new highs & hold (and build on) that breakout, IGV is one of the better looking sectors, IMO, & will likely outperform the broad market & QQQ. If not, a solid & sustained break below that long-term weekly uptrend line would be quite bearish & open the door for another leg down.

BWET was stopped out a few trading sessions after entry on the March 30th daily close above 128.10. It remains above the parabolic (pink) trendline & this (white) near-term uptrend line with the next sell signal to come below both. PPO divergent negated with the RSI divergence expanding & still intact. Previous (March 25th) & updated daily charts below.