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Tech Guy Opening Calls & Comments 7/8/24

Sep Wheat - 0.75 Lower


Sep Corn - 0.25 Higher


Aug Soymeal - 1.50 Higher


Aug Beans - 2.25 Lower


August Crude Oil marked it's low 32 cents below the 82.40 support level, after selling off about a buck.

support - 81.70

80.90

resistance - 83.50

84.60


All of the grains completely violated support today. Beans and meal had fakeout breakouts to the upside on Friday's trading.


August Soybeans.

support - 1145.00

1140.00

resistance - 1156.00

1163.50, 1170.00


August Soymeal.

support - 348.50

344.00

resistance - 354.00

358.00, 360.00


September Corn marked new contract lows on heavy selling. Today's action looked like more capitulation, potentially by producers. Corn was testing weekly lows in between 391.75 - 390.50.

support - 390.50

385.00, 376.50

resistance - 405.00

412.50


September SRW Wheat.

support - 566.00

559.50

resistance - 583.00

592.50


September HRW Wheat. If wheat can reverse higher tomorrow, up to 589 or so, it would complete a fakeout/shakeout pattern reversal higher. This kind of trade action traps new shorts on new lows, with a swift reversal higher.

support - 575.50

573.00, 561

resistance - 588.50

600.00


September Spring Wheat took out lower support by a dime.

support - 615.50-613.00

602.00

resistance - 635.00-636.50

643.00


Sep S&P marked it's low 1 buck below the 5610 support, then rallied about 27 bucks to the high, which was 10 bucks above the 5627 resistance level.

support - 5614-5610

5595

resistance - 5646

5675



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