Grain futures have begun to show signs of price recovery recently, after moving higher two of the past three days and crossing above the Exponential Moving Average today. If prices hold above this level, it will be a bullish sign. The Klinger Volume indicator, as shown in the lower panel of this chart, still appears bearish, however. Note that at the far right side, today's Klinger remains red despite grains having moved higher overnight. I will be watching closely to see what happens during the main trading session today. Volume remains light for all futures during the Christmas Holiday period. This is typical for December. I don't expect volume levels to recover until January. I am always cautious during December's weak volume period because there is more market noise and greater erratic volatility than usual.
