March Wheat - 2 to 3 Lower
March Corn - Steady
Marc Beans - Steady to 1 Lower
I guess the wheat traders received the memo about my wheat chart yesterday. March Wheat responded favorably today and the funds pushed price up to 767.50 for a gain of +17.00 cents. I would like to see a close at or above 788 this week - there's a good chance. You can see the line I'm talking about on today's March Wheat chart.
March Corn eclipsed last weeks high (660) on today's big up day of +10.75, closing at 662.75, on it's way to the 670 target. Since corn took out the 660 high it now should function as support. During an uptrend, old resistance becomes support as price increases. Here is the March Corn updated chart.
March Soybeans rallied to test last weeks high today, trading as high as 1489 before closing around 1480.50. Remember last weekend I said this should be an expanded week after last weeks contracted trade.
Monday's market tested last weeks low and today the high. Let's see if the fund buyers can push up again tomorrow to make yet another high. If beans can close higher than 1493 this week it should light a fire for the bulls. Here is the updated soybean daily continuation chart which is still the January contract. This wider view of beans takes us all the way back to January of this year.
Feb Crude Oil marked a very strong up day today also taking out last weeks highs, trading all the way up to 78.42 up +2.18. Therefore, last weeks high of 77.9 should now mark support on the chart. You will see what I mean when you look at the updated oil chart.
March S&P update: The correcting (down & sideways) that's been going since December 1st appeared to exhaust itself earlier this week and the fund buyers gained a lot of confidence today with the +64.75 point gain to 3914 in the S&P today. (+570 Dow)
The stock market bulls now have their eye on the August high around 4275, up about 361 full points from today's close. Despite all the fear mongers and doomsayers, this is the most likely scenario. I have updated the S&P 4 hour chart with the correct Elliot counts, posted below. See what you think.
To summarize, we now have Big #1 (impulse up) and Big #2 (correction down) all complete and Big #3 (up) starting to run. Since Big #1 was 610 points, the swing measure target up above is about 4410. Is this the Santa Clause rally now occurring? Better late than never.
It feels like the macro scenario (all/most markets) is shifting to risk on. This has a similar effect as "a rising tide lifts all ships."