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Tech Guy Comments for 9/7/22

I have a family obligation so no opening calls tonight.


As expected Dec Corn traded to new highs for this big leg, going 1 cent beyond my resistance at 687. Now I'm anticipating a move down to at least 660 and maybe 650 where support will kick in. Hopefully some of you were able to take advantage of the Dec Corn movement today!


the Dec Wheat traded up to within 4.5 cents of my 2nd level resistance today for a high price of 873.5. Very impressive how it blew up through the 8.49 level today, not next week. All markets have a unique clock of there own which is constantly speeding up then slowing down. The slow periods are when the energy is built up.


The most likely support for Dec Wheat comes in at 808 and 791. I read there was something brewing regarding the Russia-Ukraine deal.


Pretty wild day in the Nov Bean pit today - a 51 cent range from 1432.25 to 1381. I am still looking for continued selling down to the 1344 area to fill that 9 cent gap.


82.80 is the 38% retracement in the continuous Crude Oil daily and weekly chart from the 2020 low all the way to the 130 high. Today it sold off to 81.50, just below this retracement level. The volume today was extremely high in Oct Crude this morning. Actually, it had characteristics of capitulation - where the last of the longs are flushed out of the market. I'm leaning towards yes - capitulation - so let's see if the strong fund buyers step in from here - a quick move back up to 85-86 will confirm a solid low.


Here is the 15 min Crude chart. Please notice the volume bars down at the bottom.


Oct Heating Oil found buying support around 3.5000 today. Next move - expect another leg up to the 4.0000 level.