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Writer's pictureTech Guy

Tech Guy Opening Calls & Comments 7/16/23

Sep Wheat - 0.75 Lower


Sep Corn - 0.25 Lower


Aug Soymeal - Steady


Aug Beans - 0.50


August Crude Oil marked it's low 2 ticks above the lower 80.20 support level, after selling off 1.65 from last night till this morning.

support - 80.74

80.50

resistance - 81.60

82.50, 83.75-84.50


August Soybeans marked the low 5.75 cents above the 1071 support price, then rallied about 19 cents low to high.

support - 1088.00

1085.00

resistance - 1103.00 - gap

1116.50


August Soymeal marked it's low 1.70 bucks above the 330.50 support level, then rallied 6 bucks.

support - 335.00

332.50

resistance - 338.50

341.50-343.50


September Corn marked it's low 3.50 cents above the 386.00 support price, then rallied 8 cents. Interestingly, December Corn marked it's low 1 tick above Friday's low again yesterday, perhaps so as not to nullify the key reversal higher.

support - 393.50

390.75

resistance - 399.50

405.00


September SRW Wheat marked it's low 1.75 cents below the 527.00 support level, then rallied 9 cents from that 527.00 level.

support - 529.00

523.00

resistance - 540.00

550.00, 562.00


September HRW Wheat marked the low 4.75 cents below the 550.50 support price, then rallied just 5.50 cents from that stated support mark.

support - 542.00

532.50

resistance - 556.00

566.50, 572.00


September Spring Wheat marked it's low 1.00 cent below the 576.00 support price, after selling off 9 cents from high to low.

support - 575.00

552.00

resistance - 584.00-586.00

589.00, 603.50


Sep S&P marked it's high 2.25 bucks above the 5719 resistance level, while remaining above support. The hourly chart is forming an inclining wedge pattern, in which price did not test the upper line at the time of this writing.


These patterns are typically bearish, and since today's trade could not test that upper trendline, we must be wary of this being a sign that the bulls are running out of steam.


However, The DOW accelerated higher in a huge range expansion day. It was up nearly 750 points. Therefore, the jury is still out regarding the stock market. Let's see what happens.

support - 5690

5656, 5620

resistance - 5725

5765

Take a look at the chart:



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