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Tech Guy Opening Calls & Comments 6/17/24

July Wheat - 0.75 Lower

July Corn - 0.25 Higher

July Soymeal - 2.30 Higher

July Beans - 0.75 Lower

July Crude Oil marked the low 7 cents below the 77.65 support price, then rallied over 2 bucks.

support - 79.32


resistance - 80.50-80.70


July Soybeans crashed through support, needing to make a new low for the move. I imagine the move is a fakeout to trap the last of the sellers before it reverses up. Stay tuned.

support - 1156.00


resistance - 1169.00


July Soymeal was not as weak, and marked it's low 6 ticks above lower support.

support - 359.00


resistance - 366.00


July Corn marked the low 1.25 cents below lower support, testing the area twice with aggressive spike up bars on the chart. The smart money was likely buying these bars.

support - 443.50


resistance - 449.50

455.00, 460.00

July SRW Wheat also broke support, with the longs not yet able to overcome the corrective selling wave. The measuring gap open from last night was very close to it's target price on today's low.

support - 586.00


resistance - 611.00 - gap


July HRW Wheat also marked new lows, 21 cents lower. This is a low risk long using a tight stop.

support - 603.00

599.00, 596.50

resistance - 617.00-620.00


July Spring Wheat in fact did test the April 635.00 low, with a very similar bullish spike and ledge, as Hard Wheat did today. Also a low risk, tight stop buy.

support - 635.00

596.00 - next swing low to the left on weekly

resistance - 650.50

667.00, 677.00

The buyers were in complete control in the Sep S&P, with prices up 45 points on the day. The roll gap is 51 points wide. As mentioned, this chart has the traits of a runaway bull. See if there is follow through buying tomorrow. There is also a possibility that it is an exhaustion gap - NQ & SP at all time highs here.

support - 5490


resistance - look for anywhere between 25-75 points on up days.

The next report will be published on Wednesday for Thursday's trade.

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