Tech Guy Opening Calls & Comments 5/7/24

July Wheat - 0.25 Lower

July Corn - Steady

July Soymeal - 0.40 Lower

July Beans - 1.25 Lower

June Crude Oil marked it's low directly at the 77.55 support price, then rallied a buck fifty. The fund longs are accumulating.

support - 78.00

77.55

resistance - 80.00

80.75

FYI - The grain resistance levels are becoming more like upside targets because of the solid uptrends which have begun. Also, they are more static day to day until they are achieved. Eye on the prize.

July Soybeans marked the low 1.50 cents above the 1239 support level during the small correction today.

support - 1242.50

1240.00

resistance - 1260.00

1295.00

July Soymeal marked it's low 1.10 bucks above support during a like correction.

support - 379.50

375.00

resistance - 400.50

413.50

July Corn marked it's low 1.50 cents below first support and 1.00 cent above lower support at 465.00.

support - 466.50

465.00

resistance - 480.00-483.00

494.00

July SRW Wheat marked the low 4 cents below 1st support, then rallied 11 cents from there.

support - 663.00

703.00

July HRW Wheat marked it's low about 7 cents below support. These daily ranges are very large - this is indicative of the high amount of energy starting to be released.

support - 662.00

648.00

resistance - 692.00

722.00

July Spring Wheat marked the low 2 ticks below the stated 711.00 support price after selling off 20 cents from yesterday's high. Spring wheat rallied 12 cents after printing today's low.

support - 715.00

710.00

resistance - 738.00

751.00

June S&P rallied past the first resistance level of 5214 by about 12 bucks. I am still looking for a bigger selloff to fulfill the pattern unfolding. Today's high looks like a spike and ledge top on the 5 minute chart. Let's see if selling continues tonight.

support - 5002

4920

resistance - 5227

5259

Could be wrong of course, but I'm maintaining that July Cocoa rallies to 9600-9800 before 7500 is seen again.