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Corn “C” – mini “ZC” – (Dec)
Coverage for Oct. 26
Monday's Key-Reversal extended higher through Wednesday's noon hour, but the entire session's gain above Tuesday's high was retraced into the afternoon. The short-entry parameter remains unchanged, but almost any further weakness at this stage - especially following Wednesday's failure - would at least be likely to test the short-entry parameter.
(Basis Dec) Short under 320 for
288 and 272 targets,
325 stop
PREVIOUSLY... (Basis Dec) Long above 244 (9/7) for
254 (met 9/21) and 261-1/2 (met 9/28) targets,
244-3/4 stop (met 9/11)
Wheat “W” – mini “YW”(Dec)
Coverage for Oct. 26
Despite gapping up sharply at Wednesday's open, the balance of the morning only ranged sideways, and a drop into the afternoon fell into negative territory. The triggered 518 stop was tested as support twice, holding as resistance through the close, but a close under 511-3/4 is still needed to reinstate the short-sale parameter.
(Basis Dec) Short under 523 (10/18) for
495 and 462 targets,
518 stop (met 10/23)
Soybeans “S”- mini “ZS” (Jan)
Coverage for Oct. 26
Wednesday's open gapped up, and after filling the open's gap, the market extended sharply higher through the noon hour. This did not prevent a retracement back to opening levels into the afternoon, and to new lows that tested the short-entry parameter. Since the open's gap was filled, almost any dip under Wednesday's 634 low would trigger a corrective leg, and the short-entry parameter has been adjusted higher.
(Basis Jan) Short under 634 for
609-1/2 and 594-1/2 targets,
643-1/4 stop
PREVIOUSLY ...(Basis Nov) Short a bounce to 631 (7/10) for
567-3/4 (met 8/11) and 534-1/2 targets,
548-1/2 stop (9/15)
Soybean Oil “BO”- mini “ZL” (Dec)
Coverage for Oct. 26
Wednesday's choppy session opened higher, and then recovered from a dip into negative territory to print higher highs through the noon hour. A retracement back to Monday's highs allows the stop to be raised to 26.50.
(Basis Dec) Long on pullback to 24.50 (10/10) for
26.05 (met 10/19) and 27.15 targets,
26.50 stop
Soybean Meal “SM” – mini “ZM” (Dec)
Coverage for Oct. 26
Wednesday's open gapped up, and after filling the open's gap, the market extended sharply higher through the noon hour. This did not prevent a retracement back to opening levels into the afternoon, and into negative territory through the close. Since the open's gap was filled, almost any dip under Wednesday's low would trigger a corrective leg, and the short-entry parameter has been adjusted higher.
(Basis Dec) Short under 184.50 for
171 and 167 targets,
186 stop
PREVIOUSLY... (Basis Dec) Long above 165 (9/20) for
169 (9/21) and 179 targets,
166.50 stop (met 9/22)
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