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Tech Guy Opening Calls & Comments for 10/10/22

Dec Wheat - 4 to 5 Lower

Dec Corn - Steady to 1 Lower

Nov Beans - 3 to 4 Lower

Dec Soymeal had follow through buying today, confirming Friday's swing low at 391.9. Today's trade rallied to a high of 408.7 and a last trade at 405.4 up +4.70. Here is the updated daily Dec Meal chart.

Nov Beans also rallied as much as 25 cents today to 1398.75 but corrected down to close at 1374, only up +7 on the day. The confirmed lows are most likely in place for Nov Beans and Dec Meal.

Both Dec Corn and Wheat made new highs for the move, today. Corn traded up +13.75 to 697 (last trade) and Wheat was up +53.75 on the day to 934.

Support for Dec corn is 682 and resistance is the gap up at 726 to 734. Support for Dec Wheat is 902 and the first target to the upside is 1085.

Nov Crude Oil Update: Friday's high (93.55) was tested and held today with selling down to 90.74, down 1.90 for the day. The most likely scenario from here is a further selloff to support in the area of 86.60 to 85.85, then a rally back to new highs above 94. Here is the Nov Crude chart showing the support and resistance lines.

Dec S&P update: although we ended negative for the day, trade was not able to test the 3571.75 low from Oct 2nd. Instead, buyers entered at the 3600 level and above. The next couple of days will give us the answer as to whether we are looking at the beginning of a new uptrend or not. Here is the new S&P chart.

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