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Tech Guy Comments for 9/15/22

No opening calls tonight - family obligation.


Most assets/markets sold off (US Dollar up) today because of fears associated with increasing interest rates next week and worries over even higher inflation to come.


One positive tidbit I located, as far as the macros/broader markets was in Silver - There was capitulation/huge volume directly on the lows of the day - this typically means the selling is done. The context of the day was a daily pattern which bottomed out several days ago - meaning this occurred on a higher high also.


As I have indicated, I feel like the macroeconomic picture is gradually moving into a "risk on" -turning up/finding more buyers type environment - but it's a big machine out there - like turning a ship.


Nov Beans, Dec Corn and Wheat all stayed above their uptrend lines and emergency (for the bulls) prices of 1444, 671, and 834 respectively. I was looking for a little bit of a buying grip in Nov Beans today and just might of found it.


Nov Beans marked doji today - where the open and close are very near each other. This is an energy building day - the most likely scenario the next day (tomorrow) is an expanded up day. This is because the doji occurred on a swing low of a correction in an up trend.


Another positive for beans and potential harbinger for Friday's session is that Dec Soymeal was positive today (+4.60)/ with beans being negative. When soymeal leads upward (stronger than beans), the odds are greater that soybeans will be or remain in a bull market because quantity of meal is greater than soyoil in the crush.


Oct Crude Oil Update: Oil sold off to 85.11 today (wasn't time to break through to the upside) and tested the right shoulder of the upside down head & shoulders - this selling in Crude could have also been affected by the October options expiring tomorrow. There is a chance the low at 81.20 will be tested - but I'd like to see the 84 level hold so that this pattern remains intact. Have a look at the updated Crude Oil chart.