Tech Guy Opening Calls & Comments 6/3/24

July Wheat - 0.25 Higher

July Corn - 0.25 Lower

July Soymeal - 0.30 Higher

July Beans - 0.50 Lower

July Crude Oil violated the 76.15 support level, and sold off to 74.00.

support - 72.40

71.40

resistance - 75.35

76.30

July Soybeans marked it's low 6.50 cents below the 1189.00 support price, after selling off a dime from the high down to stated support at 1189.00

support - 1180.00

1162.00

resistance - 1189.50

1207.00

July Soymeal marked the low 3.10 bucks below the 361.50 support level, after selling off about 5.50 from high to low.

support - 359.00

352.50

resistance - 364.00

368.00

July Corn marked it's low 1 cent below support of 440.00, after selling off from 449.00, which was 1.50 cents below resistance.

support - 439.50

435.50

resistance - 449.00

454.00

July SRW Wheat marked it's high 6.75 cents above the 691.00 resistance, then it sold off 30 cents, to 2 ticks below the 668.00 support price - volatile!

support - 670.00

664.00

resistance - 684.50

698.00

July HRW Wheat marked the high in between the 2 resistance prices, then sold off 30 cents to 2 ticks below the 698.00 support level.

support - 697.50

690.00

resistance - 728.00

732.50

July Spring Wheat marked it's high 2.75 cents beyond the 753.00 support level, then sold off to in between the 2 support prices - about 18 cents from resistance to support.

support - 730.50-729.25

723.50

resistance - 756.00

765.00-768.00

June S&P sold off way below support, then rallied over 100 points to 5 points beyond the 5308 resistance level. You have to go with the odds that a contraction day will occur after an expansion day. Now we have 2 expansion days in a row, so we have to loosen up our levels that something bigger is happening - increased volatility.

support - 5232

5188

resistance - 5313

5339

Most Pit traders were focused on only one market (ie.soybeans, soft wheat, etc) back in the day. They would memorize a few levels of support and resistance (4-6) for their market before the opening, then trade accordingly.