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Tech Guy Opening Calls & Comments 8/29/23

Dec Wheat - 1 to 2 Higher

Dec Corn - Steady

Nov Beans - 2 to 3 Lower

The wheat continuation chart rolled over to the December contract today, and understandably, sold off some more because of the gapping up effect on the rollover that I mentioned yesterday.

Wheat tried to close the gap from yesterday, with today's low, 1 tick from yesterday's high. Therefore support is either at 599, yesterday's high, or 588, yesterday's close. You will see this on the Wheat chart below.

Soybeans and Corn corrected down some more today. This selloff today completed the business of filling the intraday gap up from Sunday/Monday's trade. The selling also looked like a capitulation - the small speculators being flushed out.

The funds were pushing small long traders out of the market to build energy. You will see the today's huge 30 minute volume bar near the close that corresponded with the mass liquidation.

Support is either 485.50, today's low, or 483.50. Also, it appears all this upwards back and forth trading in corn lately is just a running complex correction. I count an A-B-C-X-A-B-C - A & C are down, B & X are up.

See if you can count the legs on the December Corn 30 minute chart here and please notice the big volume bar to the right and compare it to the last 2 weeks.

The gap up from Sunday night may get closed tonight, on the November Soybean correction going on. If so, this is completed business that enables beans to rally some more.

All this implies is that maybe it's not time for beans to have a running gap up yet. The actual gapping action maybe after labor day - this timing would make more sense because the bean price would more likely be near the swing high price to the left. It is more stable (less volatile) for gaps to be closed quickly in an uptrend.

You will see notes on the 2 hour November bean chart regarding a projection for the current leg or wave that completes just above the 1435 high. Support could be as low as 1379, about 13 cents from today's close. Check it out.

The S&P chart is still in a correction wave, and may have completed wave A & B today. You will see that within B, there is an up, down, and up leg, which is a smaller a-b-c making up the B wave.

Here is the updated S&P daily chart with lower support at about 4306.

Next weekend's corn belt forecast has trended hotter for 3 days now, since Saturday.


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