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Tech Guy Alert 5/6/22 @10:55 CDT

This week has worn on the patience of the longs and holders of cash Corn and Soybeans! However, the intraday (5, 15 minute bars) chart gave us a big clue.


The the highest volume bar was the 8:45 - The sellers gave it everything they had trying to push these markets down making a new low for the move. Then the strong buyers (funds) stepped in and promptly reversed July and Dec. Corn, and July Soybeans back up. From my experience, this price action is a fierce move by the strong buyers defending their long positions.


I need to see July Corn close above 790 (Dec contract above 731) and July Soybeans above 1640 to confirm that this was a final low of this protracted correction.


The point is, I do not believe it is time to give up on longs. These markets (the sellers) are doing their darndest to get rid of all the longs.