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Tech Guy Weekend Comments for 8/27/22

Friday was a bullish close for the week in Dec Corn & Nov Soybeans, both closing near the highs for the week. As expected, the 2 day correction appears to have completed on Friday morning and the cycle looks like it kicked in on day 34 as a swing low on Friday.

It is rare for Pro Farmer to venture more than a bushel or 2 from NASS. This sets the stage for a counter seasonal rally (these can be the most furious) in corn and beans -

I mentioned a couple of days ago that this particular mark in the cycle seemed like the June 17 date in that it would occur on a small correction instead of an important low or high. This is in fact what happened.

As expected, Dec wheat also had a bullish reversal up this week closing near 810 after marking a low of 743.25 a week ago from Thursday.

As I have talked about it all week, the most likely scenario technically, for all grains next week is up. I am posting both Daily charts of Dec Corn and Nov Beans for you to see how the 35-38 (sometimes 34) day cycle has panned out since January 18th, 2022.

These have been reliable turning points in the market and it is proof that these grain markets adhere to a buying/selling schedule. The Dec Corn turning points are labeled with (38d or 35d) and the Nov Bean chart is marked with red arrows where the inflexion was/is.

Friday, September 30th is 35 days from yesterday.

October Crude Oil made a higher low on Friday at 91.52. It should buy up towards 100-102 next week. Heating Oil (Diesel) continues to lead the energy complex with it's strength.


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