Tech Guy Weekend Comments 8/3/24

September Crude Oil could not hold support once again as stocks sold off, as well.

support - 73.60

72.90

resistance - 74.90

77.25

September Soybeans marked it's high 3 cents above the 1020 resistance after rallying about 17 cents from the low. A positive sign that the close was also above 1020.

support - 1015.00

1011.50

resistance - 1033.00

1054.00

November Soybeans:

support - 1024.00

1020.00

resistance - 1043.00

1059.00

September Soymeal marked it's low 5 ticks above the 326.00 support level, then rallied 8 bucks to near resistance.

support - 332.50

330.00

resistance - 336.00 - breakout

342.00

September Corn opened 2.00 cents above support, then rallied 5.00 cents on the day.

support - 384.00

381.50

resistance - 390.50

397.00

December Corn:

support - 400.50

398.50

resistance - 406.50

413.00

September SRW Wheat rallied 8.25 cents on the day, and closed 4.00 cents above the 536.00 breakout point.

support - 536.00

528.50

resistance - 549.00

557.00

September HRW Wheat rallied 8.00 cents on the day, closing 3.00 cents shy of the 565.50 resistance level.

support - 556.00

550.00

resistance - 566.00

580.00

September Spring Wheat broke through the 593.00 resistance/breakout level and closed up 6.50 cents on the day.

support - 590.00

585.50

resistance - 613.00

621.00

The fact that all the grains could not test support levels and finished with gains is a bullish sign, and increases the probability that rallies are starting.

Sep S&P marked the low 11 points below the 5442 support price, after selling off 122 bucks on the day.

support - 5329

5225

resistance - 5432

5600