Tech Guy Memorial Day Weekend Comments 5/26/24

On Friday, July Crude Oil marked the low almost directly in between the 2 support levels which were 90 cents apart - this sometimes happens when 2 different levels are relatively close to one another.

support - 77.00

75.50

resistance - 78.65

79.30

July Soybeans marked it's low 2 cents above the 1234.00 support price, then rallied 14 cents low to high.

support -1243.00

1236.00

resistance - 1251.50

1260.50

July Soymeal marked the low price on the open which was 1.10 dollars above the 375.00 support level. Meal never looked back, and finished the day up +11.10.

support - 383.50

378.00

resistance - 391.00

404.50

July Corn marked it's low 2.25 cents below the 463.00 support price, after selling off from overnight highs, for about 5 cents high to low.

support - 463.00

460.25

resistance - 467.50

474.00

July SRW Wheat marked the low 2 ticks above the 695.00 support level, then rallied 15 cents. On the bigger picture (daily) soft wheat chart, 650.00 was the breakout point of a double bottom which projects a price target of about 775. I would expect a significant correction from here (possibly back to 650). This 775 level also happens to be an old high to the left from July of last year.

support - 692.50

683.00

resistance - 718.00

775.00-777.00

Check out the daily wheat chart, you will see everything I'm talking about.

July HRW Wheat marked the low 2 ticks above the 710.00 support level, then rallied 15 cents.

support - 720.00

710.00

resistance - 748.50

763.00

July Spring Wheat marked it's low 1 cent above the 743.00 support level, then rallied 11 cents, to just above the 752.00 resistance.

support - 750.00

743.00

resistance - 767.00-771.50

789.00

June S&P rallied about 43 points on the day to 14 points below the 5343 resistance price.

support - 5304

5273, 5260

resistance - 5332

5342