March Wheat - 1 Higher
March Corn - 2 Higher
March Beans - Steady
January Soybean Oil marked a key reversal up day on the charts today. Bean Oil has been in a straight down selloff for about 2 weeks - today traded down below Friday's low, then rallied to close above the previous 2 day's (bars) high.
This most likely means the trend has reversed from down to up and the rally should be relatively straight back up. A rule of charts - bumps on the left beget bumps on the right and straight on the left will give you straight on the right side of the chart. You will see what I'm talking about on the daily Soybean Oil chart below.
On the other hand, March Beans and Meal had a down correction today. The Jan Meal backfill was way over due after 8 consecutive up days. March Beans sold off 22.25 cents to end the day at 1466 - Looking for support between 1460-1454. Check out the updated bean chart here:
Here is the front month Soybean Meal chart with support area labeled.
Finally today, the March Wheat contract had a huge up day, closing up +20.25 to 754.50. Last night's opening was a gap up from Friday afternoon's trade and it never looked back - wheat should continue to rally to near the 800 level, maybe this week? Check out the 30 minute chart:
March Corn was not left out of the rally party - it was up +10.75 and closed at 654.75, up about 20 cents from last weeks low. Next upside target or resistance is in the 678 area. Check out today's March Corn 8 hour chart.
Jan Crude Oil Update: Friday's Doji worked like it is supposed to - causing a market turnaround. The fund buyers showed up and stayed all day today, unlike the ups and downs from last week. Crude was up +2.28 to 73.30.
Here is the 2 hour chart depicting the large up & down broadening pattern - Friday finally nicked the lower trendline so that the old business of selling oil could be done with. At least I think it's over with. The next most likely business is a move back up to the 84-84 area - this seems like a big run but remember crude sold straight down from the 82.50 level in 6 trading days.
Today the S&P, now the March contract, marked a huge up day - up +56 points. The DOW index was up some +528 points. According to the Elliot Wave count, Big1 is complete and Big2 was completed last Wednesday where Big3 got started. As usual, Big3 will have a smaller degree 1-2-3-4-5 imbedded.
The main point here is getting you used to counting the legs and learning what phase/count the market is currently in so you will have an idea of what to expect moving forward. Here is today's S&P 4 hour chart. I hope you can see all the labels.