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Tech Guy Opening Calls & Comments 2/8/24

March Wheat - 2.00 Higher


March Corn - 0.25 Lower


March Soymeal - Steady


March Beans - 0.50 Higher


Sorry about the earlier technical difficulty.


March Crude Oil marked it's low 9 cents below support of 73.65 early in the trading session, then rallied to within 50 cents of the 77.00 target. Because crude broke higher, the 1st 2 targets for tomorrow will not necessarily stop or reverse this market. Stiffer resistance lies above 79.30.

support - 75.68

75.10

targets - 77.00

78.15

79.30

80.20


March Soybeans marked it's low 1.50 cents Above the 1179.00 support level after selling off 24.50 cents from the 1205 resistance.

support - 1190.00-1188.00

1181.00

resistance - 1205.00

1223.00

1230.50

1247.00


March Soymeal marked it's low 2.50 below the 346.0 support after selling off 11 bucks from the session high.

support - 345.60-345.10

343.00

resistance - 354.70-356.50

362.50

365.50


March Corn marked it's low 2.25 cents below the 432.00 support after selling off 7 cents from the high.

support - 431.50

429.00

resistance - 437.00

439.50

445.50


March SRW Wheat marked it's low 1 tick below the 584.00 support price after selling off 22 cents from the high.

support - 587.75-586.50

583.50

resistance - 597.00

606.50

611.50-613.00


March HRW Wheat sold off below all support today. I missed/ignored the down pressure on yesterday's chart.

support - 595.00

586.50

resistance - 610.75

620.50

626.00


March Spring Wheat sold off to test the January 18th low of 680, after falling through the 690 level.

support - 681.50

678.50

resistance - 689.00

698.00

707.00


March S&P trade in a very narrow range today, staying above support and below resistance. I expect a breakout tomorrow, probably higher, 70/30%. If the S&P breaks lower, it will probably be starting a longer term correction.

support - 5003

4997

4987

targets - 5020 - this will be the breakout higher point.

5075

5125

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