Dec Wheat - 1.25 Higher
Dec Corn - 0.50 Lower
Dec Soymeal - 0.30 Higher
Nov Beans - Steady
Today appeared to be an across the board risk off day for everything but equities.
November Crude Oil has retraced the entire up move. This means that the rally was a big B wave in a big A-B-C. With C testing the A low this afternoon - good long opportunity!
support - 72.30
71.40
resistance - 75.20 - gap
76.30
November Soybeans marked the low 5.50 cents below support at 995.50. Until the last minutes of the trade session, it looked like the 998.00 region was going to hold. The late selloff could be a fakeout - be on your toes for opportunity.
support - 995.00
989.00
resistance - 1008.50
1024.00
December Soymeal marked it's low 40 cents below the upper 313.00 support price, then rallied about 6 bucks during the pit session. This strength in meal could be a harbinger of bean bulls coming back to the table.
support - 314.50
312.50
resistance - 319.00
322.50
December Corn blew support levels by gapping down last night and not looking back. The sell gap objective was met by the end of trade. Now, corn is a bit below the 62% retrace level. The closing volume suggests exhaustion to the downside. Big money stepped in.
support - 407.50
401.00 - not likely
resistance - 415.50
423.00
December SRW Wheat front ran the old 584.00 support by 1 tick - today's low was 584.25. This tells us the buyers were eager enough to not run the sell stops below 584.00
support - 584.00
577.00
resistance - 599.00
605.00
December HRW Wheat did end up running through sell stops below the old low of 592 by selling off to 589.00. Closing volume was spectacular here, as well.
support - 589.00
583.00
resistance - 605.00
616.00
Sorry for the typo last report here on spring wheat.
December Spring Wheat did the best job of clearing out sell stops, by trading below old support by 6.00 cents. There is an uptrend line beginning on the August 26th low and running across the September 30th low which was tested today.
support - 624.50
616.50
resistance - 644.00
653.00
December S&P had it's first big breakout up day since September 19th. Today closed above 5900 for the first time ever. The Dow futures also marked new highs, closing near 43376, while the Nasdaq has about 375 points from testing it's high in July. Most rallies are led by technology - different rotation now, with the Dow leading. What does it indicate?
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