Tech Guy Opening Calls & Comments 10/1/24

Dec Wheat - 1.75 Lower

Dec Corn - 1.25 Lower

Dec Soymeal - 0.20 Lower

Nov Beans - 0.75 Lower

November Crude Oil traded in a 5.5 dollar range today, selling off to new lows, then screaming higher. This pattern is called a fakeout/shakeout, trapping a large amount of shorts for energy to trade much higher.

support - 69.30

66.00

resistance - 72.00

73.00

November Soybeans marked the low 2.25 cents above the 1043.00 support level, then rallied about 22.50 cents low to high.

support - 1052.00

1044.00

resistance - 1071.00

1087.00

December Soymeal marked it's low at the 339.00 support price, then rallied about 12.50 bucks low to high, to 1.20 bucks beyond the first stated support level.

support - 346.00

341.00

resistance - 358.00

366.00

December Corn rallied 3.75 cents on the day, closing 2 ticks above the 428.00 resistance level. Closing above resistance is bullish energy.

support - 427.50

425.00

resistance - 434.00

441.00

December SRW Wheat rallied 13.25 cents on the day, closing 1 tick above the 597.00 resistance price. Like corn, wheat's close above resistance is constructive for the rally.

support - 596.50

590.00

resistance - 604.00

616.00

December HRW Wheat marked it's low at the 578.00 support level, then rallied about 25 cents low to high.

support - 594.00

590.00

resistance - 608.00

622.50

December Spring Wheat rallied 13.00 cents on the day, marking it's high 1.25 cents below the 638.00 resistance price.

support - 628.50

624.50

resistance - 638.00 - breakout

645.00, 655.00

December S&P marked it's high 7.50 bucks shy of the 5830 high/resistance price, then sold off almost 90 bucks to below support. If it prints lower lows from here, we would likely be in for a bigger correction.

support - 5733

5673

resistance - 5784

5820