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Tech Guy Comments for 10/19/23

November Soybeans traded above/hugging the 1310 support until early this morning, did a fakeout to the upside, then reversed down and traded to within 1.25 cents of the 1299 support and promptly reversed back 17 cents higher from the session low. bias is up.

1st support - 1315, 2nd - 1310

1st resistance - 1332-1336, 2nd - 1345, 3rd - 1369


December Corn traded down to within 1 tick of the 490 support, then rallied sharply to within 2 cents of the 507.50 target. bias up

1st support - 499, 2nd - 490 - unlikely

1st resistance - 507.50, 2nd - 523


December SRW Wheat traded down to within 1.5 cents of the 578 support, then rallied to close within 1 cent of the 593 target.

1st support - 589.50, 2nd - 585, 3rd - 576

1st resistance - 600, 2nd - 622.50


December KC Wheat's low price was 1.25 cents below the 665 support, then rallied to within 3 ticks of the 678.50 resistance.

1st support - 670, 2nd -664.50

1st resistance - 688, 2nd - 700


December Spring Wheat's low print was 3 ticks below the 730.25 support level. The high price of the day was 2 ticks above the top of the 738-741 range.

1st support - 737.50, 2nd - 730

1st resistance - 754, 2nd - 761, 3rd - 791


The December S&P's 4340 support acted as a midpoint until the afternoon trade. Trading was 27 points above 4340 and 20 points below. Then the market sold off sharply, with the low being about 17 points below the 4310 support. Fairly weak.

1st support - 4288, 2nd - 4238

1st resistance - 4340, 2nd - 4370, 3rd - 4387, 4th - 4407

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