Tech Guy Opening Calls & Comments 2/9/23
March Wheat - Steady
March Corn - Steady to 1 Higher
March Beans - 1 Lower
March Corn expanded on both sides of the channel today by faking out an upside breakout then selling off to below the channel, stopping about 3 cents above the bigger, lower triangle line.
This lower blue line near 668 on the corn chart will be support for tomorrow and resistance is in the range of 682 to 687. The energy in March Corn has begun to be expressed with the wider range, therefore I expect more energy tomorrow in the form of a possible wider range than today.
Once a thing begins a motion or vibration it tends to stay in motion or vibration. Here is today's updated 2 hour March Corn chart.
Equally as energetic today was March Soybeans that almost tested the top of the triangle, then sold off to test the bottom. These grains are literally coming unwound - like a slingshot.
Tomorrow is a wildcard as far as price action - Some scores will be settled because it's Friday. Here is the updated bean chart showing the higher high and higher low.
As expected, the buyers dominated the March bean meal market today and prices screamed up to within a few dollars of last Friday's high at 500.40. The high is likely to be threatened tomorrow. Check this out.
For tomorrow, support comes into March Wheat near the 751 level, the lower upsloping blue line. As much as the bulls were hoping for follow through buying today, they decided to take a pause and backfill first. Today's down correction sold off between 50 & 62%, therefore the selling could be done.
Tomorrow could be a good up day, because I don't feel there is much downside risk. However, wheat could just as well have a smaller range day. I have to see tonight's movement to have a more feel for what the trade will do. Here is a blowup, updated chart of wheat.
Follow up on March Natural Gas: Today's trading session low was a few ticks higher than last Friday's low of 2.341, indicating a bottom could be forming. This is a first step so we will need a couple more days for a confirmation - it's a heads up.
From the 2/6 March Crude comments: "The 78 to 79 level will also serve as resistance". Any time I give 2 resistance levels, 82.50 and 78-79, the lower price will take affect first.
As expected, Crude Oil found some sellers in the 78-79 area who were able to push prices down to the 76.50 area. We may have another small down leg or buyers could take it straight back to 82.50. Let's see what happens tomorrow. Here is a blowup 1 hour March Crude Oil chart so you can see these details.
Short follow up on the March S&P: It looks like the C leg of the A-B-C completed itself this afternoon - notice how C was comprised of a smaller a-b-c (not labeled). We should have a buy day for tomorrow's session. Here is that chart again - I did not move the C label today from yesterday.