Tech Guy Opening Calls & Comments 4/23/24

May Wheat - 1.00 Lower

May Corn - 0.25 Lower

May Soymeal - 1.80 Higher!

May Beans - 1 Lower

June Crude Oil once again marked the low about halfway in between the 2 support levels, then rallied about 2.40, to just past the 82.90 resistance.

Support - 82.85

82.00

resistance - 84.00

85.79

May Soybeans marked the low 1 cent below the 1159.25 support level, then rallied about a dime.

support - 1163.50

1158.00

resistance - 1175.00

1182.00 - 1193.00 next target

May Soymeal marked it's low 3 ticks below the 342.80 support, then rallied 6 bucks, a bit beyond the 1st resistance level. Meal is trying to break up from a big ascending triangle.

support - 342.40

338.80

resistance - 352.40

356.20

May Corn marked it's low on the 438.50 support price, then rallied 6 cents.

support - 442.00

438.50

resistance - 452.50

461.50

May SRW Wheat marked it's low 2.25 cents below the 568.00 support price, then rallied 20 cents.

support - 577.00

564.00

resistance - 593.00

600.00

May HRW Wheat marked it's low 3.75 cents above support, then rallied 3 cents past the 607.00 resistance.

support - 606.25

600.00

resistance - 628.00

636.00

May Spring Wheat remained above support and rallied 13 cents, up to the 668.50 resistance.

support - 665.00

658.50

resistance - 678.00

693.00

June S&P marked the low 2.75 points above the 5035 support, then rallied 70 points, to halfway in between the 2 resistance levels.

support - 5076

5035

resistance - 5139

5215

May Cocoa painted a downside breakaway gap on today's bar. This is the 1st round of old longs panic selling, and should indicate a sharp selloff to the 8600-8400 area in the July contract. After this down leg, I'll expect a rally back to at least 10,000, maybe higher.