Daily Technical Overview

DEC WHEAT Resist: 894, 900 1/4, 910* ST Trend: None
(878) Supprt: 868 3/4-865 1/4, 849- Obj: None TRP: 910.00
Comment: The market displayed another failed breakout to the upside and reversal turn with Monday’s
selloff, leaving trade vulnerable to selloffs that could attack for a downside breakout. A close under 865 1/4
signals an initial downside breakout that will drive selloffs to 849- and warns for a larger bear wave. Trade
must bounce from current levels and close back over 910* to rekindle bull trend forces and chances for an
upside breakout from congestion.
DEC CORN Resist: 760+/-, 770 1/2, 804 1/2* ST Trend: Down
(748) Supprt: 747 3/4*, 717, 703- Obj: 747 3/4 TRP: 804.50
Comment: The market is bearish, triggering a short term downswing that favors a multi-week correction.
Yesterday’s break puts trade into an attack against key 747 3/4* support. A close under 747 3/4* confirms a
wash to 717-700. If trade is reluctant to extend under 747 3/4*, then expect modest corrections within
Monday’s downturn, but narrow congestion will likely bear flag. Only a close over 804 1/2* rekindles bull
forces.
NOV SOYBEANS Resist: 1695 1/2-1700 1/4, 1709 ST Trend: Sdwys
(1739) Supprt: 1644 1/4*, 1615- Obj: 1615- TRP: 1644.25
Comment: Monday’s sharp selloff confirms a peaking turnover and targets retracement selling the next
couple days against 1644 1/4* support. A close under 1644 1/4* could open up a larger wash along 1615-
1600. We may see minor corrections test around the neckline downturn levels around 1695-1700, but
mostly sideways days will keep trade lined up for selloffs. A close over 1728 3/4* is needed to reject the
downturn and flip trend forces back up.