September Crude Oil crashed through support as buyers try to find a bottom. The deep correction on Friday is creating up pressure like a spring that will be characterized by huge swings up and down until the 79.00 level is cleared.
support - 76.35
75.75
resistance - 78.00
79.10
All 3 grains crashed through support levels, as Thursday's rally was not the start of a new up leg, but a D wave leg in the number 2 correction leg that likely terminated on Friday. Twos can be very deep corrections.
September Soybeans:
support - 1038.25
1029.00
resistance - 1055.00
1077.00
November Soybeans:
support - 1045.00
1037.50
resistance - 1060.00
1083.00
September Soymeal marked it's low 80 cents above the 329.00 support price, then rallied 6 bucks low to high.
support - 331.70
329.00
resistance - 340.00
350.50
September Corn:
support - 393.50
389.00
resistance - 399.50
406.00
December Corn:
support - 408.50
402.00
resistance - 416.50
424.00
September SRW Wheat marked a new low for the move.
support - 520.00
505.00
resistance - 536.00
542.00
September HRW Wheat also marked a new low, but by only a few ticks.
support - 543.50
530.50
resistance - 556.50
567.00
September Spring Wheat marked it's high 3.50 cents above the 609.00 resistance level, then sold off about 25 cents to well below support.
support - 585.50
560.00
resistance - 603.00
613.00
Sep S&P could not print a new low for the move, remaining above support, and rallied about 85 bucks low to high, to within 6 bucks of resistance of 5534.
support - 5471
5398
resistance - 5542
5586
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