No opening calls today - family commitment
Instead of moving higher today, March Soybeans had another consolidation day - closing down -9.50 to 1475.50, directly on support. Beans are forming a smaller triangle pattern. I am still looking for a test of 1497 above. Will the fund buyers come out tomorrow? We will see. Check out the smaller triangle here.
March Corn managed a small win today trading up +3.50 to 654. Most of the day was spent moving along and bouncing off of the 749 support line. Check out the zoomed in March Corn chart.
The March Wheat contract made more progress today, as well, marking a higher low and trading higher by +8.50 cents closing at 757.75. Let's see if wheat can test Tuesday's high of 769.25 during tomorrow's trading session. Here is the updated Mar Wheat chart.
January Crude Oil Update: Today was a sideways, consolidation day after 3 strong up days in a row. They couldn't quite trade down to my support level at 75, instead the buyers began buying at 75.33. The closing was 76.26, 1.03 lower on the day. I count an a-b-c correction, but I'm not sure the backfilling is complete. We will know tomorrow. Here is the updated crude chart.
As I mistakenly thought, the S&P was not finished with its correction yesterday as it marked another down leg today. Counting Elliot waves has to be updated often - it is always a moving target. Here is today's new S&P count. It makes more sense now because we have 1 big leg up, then the big 2 (down) going on now. Noteworthy is that today's low was lower than A (labeled on chart), meaning it could be complete...but not for sure.