Tech Guy Opening Calls & Comments for 8/7/22
Sep Wheat - 1 to 2 Higher
Sep Corn - 2 to 3 Lower
Dec Corn - 5 to 6 Lower
Sep Beans - 7 to 9 Lower
Nov Beans - 7 to 8 Lower
The only new information gathered during Friday's trade (except that it was a consolidation/sideways/energy building day) was a 15 minute up bar 2 hours into the session (about middle session) which traded about 1390 contracts - the most contracts by a long shot all day, including the start.
Remember when the high volume bar doesn't occur on the open or close, somethings up - market is telling us something. Normally this happens near a spike low, but this one was in the middle of a sideways range.
It was an expanded up bar (green - fund buying) surrounded by smaller red (selling) bars. There were 3 low volume red bars before it and 1 red sell bar after. Context matters and even though I can't remember seeing this context before it says to me - heavy fund buying amidst low volume selling indicates strength overall going to the bulls. The buying green bar in question had over 4.5 times the volume as the surrounding bars - not even close - you can see this at the bottom of the chart.
I would prefer to see this high volume bar on/near the spike low at 8 CDT, but this is what we have - Sep beans showing strength during a sideways day. The funds also bought the Sep contract up 7 cents higher than the Nov contract on Friday - this is also a continued show of strength. The red arrows point to the price and volume bar in question.
Sep Crude Oil support from 86-84.25