Tech Guy Opening Calls & Comments 10/23/24

Dec Wheat - 0.50 Higher (18 bid X 15 ask)

Dec Corn - 0.25 Lower at 418.75 (467 bid X 253 ask)

Dec Soymeal - Steady (15X12)

Nov Beans - 0.50 Lower (38X59)

December Crude Oil marked it's low 37 cents below the 70.50 support level, then rallied about 1.35 low to high. Crude needs to trade back up through 71.60 and find support there for a rally to continue to the 75 area.

support - 70.35

69.30

resistance - 71.75-72.15

73.50-73.75

November Soybeans marked the low 2.00 cents below the 987.00 support price, then rallied about 15 cents, almost reaching the 1001.00 resistance window.

support - 996.00

989.00

resistance - 1001.50 - breakout

1011.00, 1024.00

December Soymeal continued to trade in a sideways range, selling off from just beneath the 320.50 resistance level down to 1.40 bucks below the 315.50 support price.

support - 314.00

311.50

resistance - 320.00

323.50

Check out the channel on the meal chart: The strategy here is selling the top and buying the bottom until a breakout occurs.

December Corn marked it's low (414.00) within the 3 tick support range, then rallied about 6 cents, towards the 423.00 target.

support - 417.25

414.00

resistance - 423.00

428.50

December SRW Wheat traded through support down to an old swing point at 566.00, then rallied about 16.50 cents. It missed testing the 565.75 low by 2 ticks - not making a lower low. Wheat was not yet finished with the task of completing it's bottom formation - it resembles an awkward inverted head and shoulders, that probably marked a new neckline point today. Tonight's backfill will likely form a new right shoulder.

support - 575.00-574.00

570.50

resistance - 584.50

596.00

Look at the 15 minute wheat pattern:

December HRW Wheat marked it's low 3.75 cents beneath the 581.00 support price, then rallied almost 14 cents low to high. The hard wheat chart pattern is more like a double or triple low, as today's low tested yesterday's low to the tick.

support - 583.75-582.00

577.00

resistance - 591.00-592.00

603.50

December Spring Wheat marked it's low print 1 tick above the 609.00 support level, while trading in an 11.75 cent range. The open and the close were within 1.00 cent of each other, signaling indecision and energy building. Today's bar is very close to a Doji, but in this sideways context, does not indicate a bias.

The December S&P traded in a larger correction today of 93 bucks high to low, then bounced about 46 bucks from the 5800 low. The stock market could be starting a bigger correction. Tomorrow's price action will give us more clues. The McDonalds E. Coli outbreak accounted for about 25% of the correction.

support - 5823

5800

resistance - 5862

5894