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Tech Guy Opening Calls & Comments for 11/1/22

Dec Wheat - 3 to 4 Lower

Dec Corn - 2 to 3 Higher

Jan Beans - Steady

I made a mistake regarding Dec Wheat and Corn yesterday. Sunday night and Monday was indeed a breakaway gap in Dec Wheat and maybe (gap stayed open) Dec Corn - 13.5 cents in wheat - I was looking at the 8 hour chart instead of the Daily chart where you can clearly see the open gap in Dec Wheat. Monday's low in Dec Wheat tested below last Thursday's high but not Friday - this is where my oversight was.

Dec Corn's gap is only 2 ticks, but it is still open. It should stay open. This means a new brisk up trend has most likely begun in both Dec Corn and Wheat with wheat being the more powerful. Dec Corn does still need to break out above it's channel at 711-712 for a confirmed breakout and rally. I apologize for this oversight.

Here is the daily Dec Wheat - check out the gap.

January Beans broke to the upside today, eclipsing the Oct 12th high at 1423.25 and rallying to 1446. The upside targets are the upsloping blue lines and the red horizontal lines at the 1510 and 1540 levels. Interestingly, Dec Meal took a break from buying today. Take a look at the targets above on the 8 hour Jan Soybean chart.

The Dec S&P has continued trading in a steady uptrend. The way I am counting the Elliot waves we have 9 complete legs to the upside that lasted a bit over 2 weeks and may be slated for a few day (3-4) correction/backfill. I will give an update on the S&P after tomorrow's trade - let's see what this market tells us.

If a correction begins I would say the 3720 level would be a downside target. You will also notice the overhead down sloping line which is currently functioning as resistance. This is the updated Dec S&P 2 hour chart below.

Dec Crude Oil is continuing its rally to the 94 level.


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