July Wheat - 1.75 Lower
July Corn - 1.50 Lower
July Soymeal - 0.10 Higher
July Beans - 1.00 Lower
July Crude Oil marked it's low 15 cents below the 79.32 support level, then rallied 1.50 bucks. The uptrend has begun another upleg which roughly projects to 87.00.
support - 80.50
80.00
resistance - 81.60
83.35
July Soybeans marked the low 2 ticks above the 1156.00 support price, then rallied about 18 cents. The lower channel trendline comes in about 1168.00 for Thursday's trade. If that level holds, the fakeout lower should be confirmed, and another leg higher has begun.
support - 1168.00
1165.50
resistance - 1182.00
1191.00
July Soymeal marked it's high 6 ticks above the 366.00 resistance, after rallying 5.50 bucks low to high.
support - 362.40
361.00
resistance - 367.00
373.50
July Corn marked the low 1 tick above the 443.50 support level, then rallied 8.50 cents.
support - 447.50
444.75
resistance - 454.00
460.00
July SRW Wheat marked it's low directly (bisected) in between the 2 support prices at 580.00. Because this market has fallen 8 cents below the gap target, we have to consider the big picture. The gap could be a measuring gap for the entire down move from 720. If this is so. the price target for soft wheat could be 501. I can't imagine this, but we have to pay attention to the data. Let's hope this selling action is merely an overrun of the smaller target which is about the price of 587-586.
support - 574.50
565.00
resistance - 592.50-595.00
600.00, 611.00 - gap
July HRW Wheat marked it's low 1 tick below the 598.75 support level. There was no gap in hard wheat.
support - 596.50
591.00, 580.00
resistance - 608.50
616.00
July Spring Wheat marked the low 3.75 cents below the 635 support which is the old April swing low. The current price is still within the margin of error for testing 635.00, as often times the traders will overrun targets to stop out more participants.
support - 617.00
597.00
Sep S&P had some minor follow through buying on Tuesday, but it was not impressive. The Dow has not made a new high like the SP & Nasdaq, therefore we cannot rule out the exhaustion gap theory yet. If the new support levels are overrun, be vigilant with longs.
support - 5540
5390
resistance - 25-75 points higher.
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