Sep Wheat - 0.75 Lower
Sep Corn - 0.50 Lower
Aug Soymeal - 0.60 Lower
Aug Beans - 0.75 Lower
August Crude Oil marked the low 16 cents below the 80.80 support level, after selling off about a buck from the 81.80 resistance price. Today's trade opens the door for a possible test of the 80.20 low from Sunday night.
support - 80.75
80.20
resistance - 81.90 - breakout
83.35
August Soybeans marked the low near yesterday's low at 1141.25, after selling off 21 cents from the 1160 resistance ( not given on yesterday's. report - double top on hourly), instead of breaking upward. The 10 o'clock hourly bar traded the most volume by 600 contracts on the low, supporting the idea of the bean charts carving out a daily double bottom here.
support - 1142.75
1140.50, 1045 - improbable
resistance - 1164.00
1177.00
August Soymeal marked it's low 1.60 bucks below the 351.50 support level, after selling off 9 bucks from the 359 resistance area. Meal also printed the highest volume midsession, on the low, reinforcing this fund buying area.
support - 350.00
349.00
resistance - 359.50
362.50, 366.00
September Corn marked it's low 3 ticks below the 430.00 support level, after selling off about a dime from last night's open. The technical reason for the selling today is the market's need to more thoroughly close the liquidity gap on the daily continuation chart from the July to the December contract. A complete closure of this gap is 1 cent below today's low.
support - 428.75
421.00
resistance - 440.50
447.50
September SRW Wheat marked the low 3.25 cents below the 562.00 support price, after selling 15 cents from last night's high. The continuation low is 557.75, therefore it is rational that fund buyers will be waiting near this mark.
support - 557.50
544.00
resistance - 575.00
579.50, 582.00
Sep HRW Wheat made it's low at the bisection of the 2 support levels given, after selling a dime from last night's high.
support - 579.00-576.00
572.00-568.00
resistance - 588.50-591.00
597.00
Sep Spring Wheat printed the low in between the 2 stated support levels, after selling off 14 cents high to low. This chart action appears to be a complete washout/bankrupting of the longs, with new 3 year low prices each of the last 5 days.
support - 597.50
528.00 - next lower weekly low
resistance - 616.00-620.00
632.00
Sep S&P marked the low 1 point below the 5512 support price, then rallied 28 points low to high. The gap up from last week is not appearing like exhaustion - it's traded more than 5 days since the gap.
support - 5529
5511, 5489
resistance - 5560
5575, 5588 - all time high
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