Tech Guy Weekend Comments 10/22/23

Because of the daily technical picture, November Soybeans was not ready to mark higher highs on Friday. Instead, the previous day's support at 1299 came into play, with Friday's low being 1301, 1.75 cents from that support.

1st support - 1298.5, 2nd - 1292

1st resistance - 1315, 2nd - 1333, 3rd - 1369.

December Corn topped out 2 cents above resistance of 507.5 at 509.50, then sold off to find support directly in between the 499 and 490 support prices on Friday.

1st support - 493, 2nd - 488

1st resistance - 509.50, 2nd - 523.

December SRW Wheat topped at 604.50, 4.5 cents above resistance taking out buy stops before quickly reversing, trapping the long traders. The wheat sold off to 583.25, 1.75 cents below the 585 support.

1st support - 583, 2nd - 575.50

1st resistance - 604, 2nd - 607.50, 3rd - 622.50

December KC Wheat marked it's high 1 tick from the resistance of 688 before selling off to 667.50, 2.5 cents below support at 670.

1st support - 668, 2nd - 664.50, 3rd - 659

1st resistance - 692, 2nd - 703

December Spring Wheat marked it's low at 729.50, 2 ticks below the 730 support on Friday.

1st support - 730, 2nd - 725

1st resistance - 747, 2nd - 754

December S&P made it's low 4.5 points above support on Friday at 4243.50.

1st support - 4235, 2nd - 4211

1st resistance - 4289, 2nd - 4304, 3rd - 4321