Tech Guy Weekend Comments 10/27/24

December Crude Oil rallied on Friday to mark the high 32 cents above the 71.60 resistance, then close at 71.69.

support - 70.00

69.20

resistance - 72.00-72.25 - breakout level

73.50

November Soybeans continued it's minor correction while marking the low 2 ticks below the 984.50 support price, after selling off almost 12 cents from the nighttime open. Odds are slightly better for a rally on Monday, otherwise, see the support levels below.

support - 982.75

976.00

resistance - 996.00

1005.00

December Soymeal marked it's low 2.0 bucks beneath the 307.00 support level, after selling off a bit more than 6 bucks, making new lows for the move.

support - 304.00

300.00

resistance - 310.00

3117.50

December Corn also continued correcting, and marked it's low 2 ticks above the 414.00 support price, where the buyers began showing up. The selloff equaled about 6.50 cents from high to low.

support - 413.50

409.00

resistance - 421.00

424.00

December SRW Wheat tested the old low/support at 566.25, where I believe it completed a bigger corrective pattern.

support - 567.75-566.00

563.50

resistance - 580.00

586.00

December HRW Wheat also pushed below support and tested an old low at 570.50.

support - 570.00

566.00

resistance - 581.50

589.00

December Spring Wheat faked a rally, ran into resistance at 624.00, then sold off about 20 cents to 4.50 cents below support.

support - 604.00

587.00

resistance - 614.00

624.00

The December S&P rallied about 65 points early to 5900, then retraced the entire up move. I believe we are setting up a low risk long entry around the 5790 area. The Nasdaq tested it's high on the rally and the Dow sold off to new lows. There is mixed up energy in equities - sweating out the impending election.

support - 5820

5790

resistance - 5900

5930