Daily Technical Overview
DEC WHEAT Resist: 899*, 904, 917 1/2 ST Trend: Sdwys/Down
(890) Supprt: 875-874, 865 1/4 Obj: None TRP: 899.00
Comment: The short term trend bias of congestion is down. However, a penetration under 865 1/4 is
needed to suggest a preliminary downside breakout and release selloffs to attack under 857 1/4. A close
over 899* swings the bias of congestion up, but a close over 924 is needed for a breakout to launch
advances to attack into new highs.
DEC CORN Resist: 784, 794 1/2, 809 1/4* ST Trend: Sdwys/Down
(769 1/2) Supprt: 760-, 747 3/4* Obj: 747 3/4 TRP: 809.25
Comment: The market is showing a short term negative downturn that favors a multi-week corrective
retracement against 747 3/4* support. Trade is poised for selloffs and sustained action under 788 will
encourage selloffs. Only a close over 809 1/4* voids bear signals to start a climb to challenge old swing
highs. A close under 747 3/4* signals a larger peaking turnover with a target to 710-.
NOV SOYBEANS Resist: 1750-1752, 1775+ ST Trend: Up
(1745 3/4) Supprt: 1715, 1701-1693 1/2 Obj: None TRP: 1644.25
Comment: The market is overall bullish and yesterday’s bull reversal suggests a return to bull trending. A
push past 1752 will boost secondary rallies to 1775+. If trade stays capped under 1752, then be prepared
for additional corrective congestion. Trade that holds off 1715 will lead to secondary rallies. A sustained
press under 1715 could drive trade back to 1700. a penetration under yesterday’s low warns for a larger
retracement selling wave to test 1644 1/4* support.
