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Tech Guy Opening Calls & Comments 4/29/24

July Wheat - 0.50 Lower

July Corn - 0.25 Lower

July Soymeal - 0.20 Higher

July Beans - 0.75 Lower

From April 23rd comments:

"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."

As expected July Cocoa is selling off sharply. It should trade down to between 8500 and 8200 (down another 450-750 from today's close) tomorrow, then expect some buying effort from the funds. Hopefully, folks took advantage with puts. There will be other opportunities.

Today, cocoa left a 5 point gap down on the open. If tonight's session gaps down from today's low, look for a sharp selloff to to 5800 or. I have no idea how likely this measuring gap scenario is.

June Crude Oil marked a relatively small down day, trading in between support and resistance. Look for big down/reversal, then back up.

support - 80.55


resistance - 84.00


July Soybeans marked the low 2.50 cents above 1172.50 support and rallied 15 cents low to high. The high print came in 1.25 cents above the 1191.50 breakout resistance. I look for this breakout point to be cleared tomorrow.

support - 1178.00


resistance - 1205.00


July Soymeal marked it's low in between the 2 listed support levels, then rallied 12 bucks, closing above both resistance prices - still bullish.

support - 354.00


resistance - 363.00


July Corn marked the low 1 cent below 446.50 support, after selling off about a nickel.

support - 447.25


resistance - 454.50 - breakout


July SRW Wheat corrected, but price remained above support by about 4 cents.

support - 605.50


resistance - 633.25


July HRW Wheat marked it's high 1.50 cents above the 662.50 resistance level.

support - 641.50


resistance - 664.00


July Spring Wheat marked the low price 2.50 cents above the 687.50 support level, then rallied 17 cents.

support - 700.00


resistance - 717.00-721.00


The June S&P futures marked the high 4 points above the 5150 resistance level, and has traded in very small ranges the last 2 sessions, building up energy. The session low was well above the upper support price. This is a bullish setup. In other words, it doesn't appear the S&P can correct much below today's low. The probability favors a sharp up day tomorrow.

support - 5126


resistance - 5223



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