Corn Futures Standard Spread in Strong Uptrend with Overbought Conditions

The Corn Futures Standard Spread is currently trading above every major moving average, indicating a strong short-term uptrend. The latest price of 5.00 is above the SMA (7) at 1.89 and the SMA (14) at 0.96.

The spread has moved dramatically above its medium- and long-term averages, indicating a major trend shift. However, the RSI (7) is overbought at 76.08 and the MACD has slipped below its signal line, suggesting that momentum may be slowing down.

Tim Healy notes that the market may need consolidation or a pullback before another major advance.