Tech Guy Opening Calls & Comments for 9/27/22
Dec Wheat - 1 Higher
Dec Corn - Steady
Nov Beans - Steady to 1 Higher
Nov Soybeans is forming the same pattern that Nov Crude Oil completed yesterday, which is called a broadening bottom - a series of lower lows and higher highs indicating a battle between the bears and bulls which is increasing in amplitude over time - each swing has more power. Here is the Nov Bean pattern - marking a lower low of just 1 penny from yesterday.
The broadening bottom is sort of like a pendulum swinging back and forth with more force and longer swings until eventually it goes all the way around - 360 degrees going in only one direction - around to the right or around to the left, not both.
Speaking of Nov Crude Oil: it managed to close with a gain (+1.25) on the 4 pm CDT close. Crude is trying to resolve itself in favor of the bulls - let's see if tomorrow it is able to follow through some.
The financial markets are similar to the sea. These times are like a storm in the Atlantic making all sorts of commotion to the water - swells and troughs going in all directions at once - Whereas a market in a trend is like a beach with crashing waves at fairly regular intervals and a steady wind in one direction.
The Dec S&P contract tested the June low today with even more trading volume than last Friday when I posted the chart. This is called stopping volume (strong buyers stopping the selling). Please notice the volume today on the updated S&P chart. Red arrow highlights at the bottom. You will also notice how the last 7 bars are expanding similar to the crude and Nov Soybean charts.
Dec Corn managed to close 1 penny higher today near the 669 support level and Dec Wheat closed +13.5 higher.
The Dec Eurocurrency closed a small bit lower today, but above the Sunday night spike low and the US Dollar came within a couple of cents of testing yesterday's high.
Let's see what happens tomorrow!