Dec Wheat - 2 to 3 Lower
Dec Corn - Steady to 1 Higher
Jan Beans - Steady to 1 Lower
December Crude Oil marked the largest down day since October 4th today, pushing way below the support levels. It seemed like a washout/capitulation.
support - 77.00
76.25
73.60
resistance - 80.00
82.00
January Soybeans marked it's high 4 cents shy of the stated resistance of 1384, sold off, then marked the low 1 tick under the 1st support level of 1357.
support - 1357.00-1355.00
1337.00-1334.00
resistance - 1384.00
1388.50
1399.00
December Corn slipped below support to test last weeks low. Big volume between 470.00 and 468.50 indicates the funds were defending the lows - buying.
support - 468.00
462.00
resistance - 475.00
481.50
484.50
December SRW Wheat also took out support levels and sold off to 564.50 and reversed up with a vengeance. Before that, Chicago wheat marked it's high 1.25 cents below first resistance - 15+ cent sell opportunity.
support - 564.50-563.00
557.00
resistance - 582.50-585.00
587.00
595.00
December KC Wheat closed 1.50 cents below lower support and bottomed on good volume.
support - 632.00-630.00
625.00
resistance - 642.00
646.00
653.00
December Spring Wheat marked it's high on the middle resistance level of 735.50, reversed down and marked the low .50 cents below middle support.
support - 723.00-721.00
715.50
resistance - 736.00-738.00
747.00
754.00
The capitulation-like/big volume selling action in corn, crude and the wheats today sets the stage for probable up moves tomorrow or Thursday, or both.
December S&P marked it's low 2 points above first support today, then broke through and closed above the first resistance level of 4392, as expected.
support - 4392-4389
4350
resistance - 4433
4460
4508
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