Dec Wheat - 1.25 Higher
Dec Corn - 0.50 Higher
Dec Soymeal - 0.30 Higher
Jan Beans - 1.50 Higher
December Crude Oil marked it's high 13 cents below the 69.30 resistance price, then sold off about 1.40. I look for further selling to the 67 area.
support - 67.70 - weak
67.00-66.75
resistance - 69.20, 70.00
January Soybeans sold off as much as 18 cents on the low, taking out sell stops and closing within a few ticks of the 1012.00 support level.
support - 997.50
resistance - 1025.00
Check out the 1 hour bean chart with all the lines:
December Soymeal most likely experienced a fakeout, selling flushout today from it's trading range. The sellers took price down to to 291.30, then the bulls brought it back to the bottom of the channel. If buyers can take price above 295.00, don't get in their way.
support - 292.00-291.00
resistance - 297.50, 302.00
December Corn marked it's low 3 ticks above the 426.00 support level. This continues to be the strongest grain market.
support - 426.50, 422.00
resistance - 435.00, 441.50
December SRW Wheat took out stops again, trying to keep longs out of the market. It traded to old support levels.
support - 549.00, 544.00
resistance - 569.00
December HRW Wheat mimicked soft wheat with weakness.
support - 543.00, 534.00
resistance - 561.00
December Spring Wheat is also a selling machine and is likely going down to test the 563.00 lows from August 26th.
December Gold is in a big correction down, touching the uptrend line today. You will see where support comes in at lower levels on the daily chart:
The December S&P marked it's low about 3 bucks below the 5990 support level, then rallied about 40 bucks to the high of 6028. This is the first down day since the election.
support - 5982, 5950
resistance - 6037, 6053, 6130
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