SFIQ4 95.05/95.20/95.35c fly, bought for 2.25 in 2k.
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The short-term trend condition in S&P E-Minis remains bearish and recent gains appear to be a correction. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. The contract has traded through resistance at the 20-day EMA, at 5124.14. A clear breach and a continuation higher would instead signal a possible reversal and expose key resistance at 5333.50, Apr 1 high. Initial resistance is 5192.16, a Fibonacci retracement.
Resistance in Corn futures at the 50-day EMA, at $449.88, has been breached. Furthermore, $460.00, the Mar 28 high, has also been cleared and the break highlights a stronger bullish theme that opens $471.00, the Jan 24 / 25 high. On the downside, first support to watch lies at $435.75, the Apr 18 low. Clearance of this level would reinstate a bearish threat and open $422.25, the Feb 26 low.