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Tech Guy Opening Calls & Comments for 10/18/22

Dec Wheat - 4 to 5 Lower


Dec Corn - 1 to 2 Lower


Nov Beans - 1 Lower


The Dec Wheat chart has briefly traded below the 855 lower neckline today. On the 15 min chart you can see the capitulation spike down and up on heavy volume. The volume bar in question is almost as high as the opening bar. I expect the trade to push up prices swiftly back above 855 tomorrow. Please see the blow up of the blow off on Dec Wheat here.


Dec Corn comment from yesterday: "Corn could trade down to 677, but the bulls should defend this price area between 682-677." Today Dec Corn traded from 684 to briefly down to 674.5 then back up to the 682 area - directly on the June 1st low. I expect a move back up near the 700 range tomorrow.


Nov Bean comment from yesterday: "Support is between 1375-1365." Today beans traded down to 1364.25 then closed near 1372. Tomorrow I expect prices to remain between 1400-1365.


The Dec S&P continued to rally last night and today, closing near 3758, up +68.75 - this is above Thursday's high of 3733.75. Here is the updated chart.



Dec Crude Oil Update: Crude violated the 85 area support and sold off to 81.30. I have not mentioned it yet, but this is an upside down Head & Shoulders pattern forming, and today's selling stopped just a few ticks from the 81.20 price that is the left shoulder - sometimes the left and right shoulder are very near the same price even though the neckline is upsloping. Here is the Dec Crude chart.