March Corn traded in the smallest range day on Friday since 12/24/19, at 2.5 cents. 12/24/19 was also a 2.5 cents range. This was an energy building day, therefore Tuesday will likely be a range expansion day as energy is released - should be higher.
February Crude Oil marked it's high 28 cents above the 74.70 resistance and proceeded to sell off for about $1.30.
support - 72.10
70.80
resistance - 75.00-75.35
76.90
January Soybeans marked it's high 2 cents below the 1310.00 resistance.
support - 1293.00
1288.00
resistance - 1308.50
1323.00
March Soybean Meal rallied $4.0 to in between the 391.50 and 394.00 resistance.
support - 389.00
384.50
resistance - 394.50
402.50
March Corn consolidated and marked it's low at the 471.50 support.
support - 471.50
469.00
resistance - 476.00
478.00
483.00
March SR Wheat traded in a narrow range in between support and resistance, indicating similarly as corn, energy building.
support - 613.50
608.50
resistance - 624.00-625.50
631.00-632.00
March KC Wheat marked it's high 2 ticks above the 633.00 resistance, then sold off about a dime, marking the low 1.5 cents below the 623.50 support.
support - 619.25
617.50
resistance - 634.00
643.00-645.00
March Spring Wheat marked it's low at the 712.50 support level after selling about 5.50 cents.
support - 713.50
708.00
resistance - 723.00
731.50
741.00
March S&P traded in a fairly narrow range and wasn't able to complete a pattern that was to take prices down to 4740 because the market is too bullish.
support - 4790
4754
resistance - 4831
target - 4874
Because of the overall quiet market action on Friday, there is a better than 50% probability of some explosive action higher on Tuesday in all of these markets. Be prepared.
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