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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

80.20

resistance - 84.00

84.70


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

1175.00

resistance - 1205.00

1215.00


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

351.60

resistance - 363.00

370.50


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

support - 447.25

445.00

resistance - 454.50 - breakout

471.50


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

support - 605.50

597.50

resistance - 633.25

643.50-649.00


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

support - 641.50

629.00

resistance - 664.00

678.00


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

support - 700.00

690.50

resistance - 717.00-721.00

738.00


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

5104

resistance - 5223

5271-5285



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