Tech Guy Opening Calls & Comments 10/10/24

Dec Wheat - 0.75 Lower

Dec Corn - 0.50 Lower

Dec Soymeal - 1.40 Higher

Nov Beans - 1.25 Lower

November Crude Oil rallied over 2 bucks on the day, marking it's high 34 cents above the 75.90 price target.

support - 75.15-75.00

73.90

resistance - 78.50

79.10

November Soybeans continued marking time without much price change, and printed it's low once again in the 1011.75-1011.50 area.

support - 1011.50

1001.00

resistance - 1019.00

1026.00, 1040.00

December Soymeal marked it's low 60 cents below the 315.00 support level, after selling off about 8 bucks high to low. Meal has retraced about 71% of the rally, is oversold and due for a bounce. The Fibonacci numbers are 50, 62, & 78%.

support - 315.20

310.50

resistance - 323.00

327.00-330.00

December Corn marked it's low at 416.00, which is in between the 2 listed support prices. Corn has retraced 48.5% of it's rally.

support - 418.00

416.50-415.50

resistance - 424.00

428.00

December SRW Wheat marked it's low 1.00 cent above the 597.50 support level, after selling about 11 cents from last night's high price. Soft and hard wheat have printed a series of 3 higher highs and lows since last Sunday's low of 584.00 and 592.00, respectively.

support - 601.25

598.00

resistance - 609.50

618.00

Check out the 1 hour Chicago wheat chart.

December HRW Wheat rallied about 3 cents above the first resistance last night and sold off slightly, remaining well above support levels.

support - 609.00

604.50

resistance - 624.00

640.00

December Spring Wheat traded an inside day, testing resistance at 655.00, then backing off a few cents. Tomorrow, a breakout either way is likely because of the built up energy.

support - 648.00

645.00, 641.50

resistance - 655.00 - breakout

703.50

The bull market is well intact in the S&P, as it continues marking new highs.