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Tech Guy Opening Calls & Comments 11/30/22

March Wheat - Steady

March Corn - Steady to 1 Higher

Jan Beans - 2 to 3 Lower

March Wheat managed to have more follow through buying today and closed up+13.25 to 794.75. This action is re-confirming the idea that last weeks spike low is indeed a solid swing low for a good rally to occur. March wheat also bought up through the lower line of the triangle.

This lower line is now support at about 790 - only a few cents down from the close. For the hypothetical trade I talked about yesterday, the buy was between 782 and 785 and because of the action today, the stop can be moved to breakeven.

Here is the updated March Wheat chart a little more zoomed in than yesterday.

March Corn is consolidating in a small triangle which is just below the bigger triangle that the market sold out of. I maintain this selling in corn was a fakeout to trap weaker shorts when price reverses back up fairly soon. Here is today's March Corn chart showing both triangles. You will see the lower small one is coming to head, forcing corn to make a decision about direction.

January Soybean meal reversed course today and rallied about 10 bucks up out of the small range it was in. I'm looking for meal to break out and up from it's triangle. This helped Jan Soybeans continue up out of the triangle and mark a higher high than yesterday's high - beans are officially rallying again. Check out the updated Jan Beans chart.

From yesterday in the Crude comments: "Since Crude has had a good test below the Sep 26th low and reversed back above on a closing basis indicates bullish, low risk buying opportunity."

January Crude Oil rallied all the way to the weekly line today at 81.25 then closed in the vicinity of up+$2.00. Oil may experience small backfilling near 82.50 then 85.00, and later 88.25. However there is no doubt about the primary direction here - UP. See today's chart here.

The stock market marked a humongous move up today with the S&P closing up +131 and the Dow up +750 give or take a few. Today's high marked a higher high for the move, so this bull market is still chugging along. There should be some resistance near 4175 in the Dec S&P up about 84 points from here.

Today was an indication that the risk on environment is picking up steam across US assets in general, with most markets sweeping upward.

The US Dollar is giving no indication that the selloff is complete. Price is consolidating between 107.000 and 105.300 and will eventually move down to the 100-101 area - bullish for stocks and commodities.

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