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Tech Guy Opening Calls & Comments 1/3/24

March Wheat - 1 Higher


March Corn - Steady to 1 Lower


March Soymeal - 0.10 Lower


March Beans - Steady


February Crude Oil gained 2.60 on the day, and closed between the 2 resistance marks.

support - 72.00

69.30

resistance - 74.10

76.20


March Soybeans marked it's low between the 2 support levels.

support - 1273.75

1265.25

resistance - 1291.00

1297.00

1309.00-1312.00


March Soybean Meal marked it's low 70 cents below the 376.00 support price.

support - 378.10

375.30

resistance - 385.5-387.00

391.00


March Corn marked the low 1.25 cents below the 463.00 support level. A big picture observation - Gann taught about the regularity/rhythm of time in financial markets. The interval from the onset of the 2020 to 2022 rally is roughly the same amount of time that corn has been correcting from the 2022 high. It's not exact but it is within 1-2 months. Roughly 2 years up, 2 down/correcting.

support - 464.00

461.50

453.50

resistance - 468.25

475.50

479.00-480.00


March SR Wheat marked it's low 1.75 cents below the 600.00 support level. Wheat's trying to carve out a swing low.

support - 600.00

598.00

589.00

resistance - 608.00

620.00

631.50-634.00


March KC Wheat made it's low 3.50 cents below the 619.00 support mark, then rallied to 622.00

support - 619.50

615.00

resistance - 628.50

634.00

646.00


March Spring Wheat was the weakest of the wheat's today, testing the December 13th swing low of 708.75.

support - 706.00

696.50

resistance - 722.50

729.00

733.00


The March S&P wasn't done correcting yesterday with more selling today, and tested within 2 points of the 4743 support mark.

support - 4745

4722

4671

resistance - 4772

4797

4830


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