mtb1980

mtb1980

A few things for direction on Corn after report. Some bias for more upside longer term, but the market has been saying not so fast lately. US Dollar: Usually trends lower into major China export programs (more so for beans than corn as China usually does not buy much corn) Trends higher after export program concludes. Some resistance ahead. A move...

mtb1980

Weekly Cont. Cattle: So far the Parallel uptrend line based off the 2019 low has proved to be a strong action/reaction line. The longer price holds to this line the stronger the bull run is. The Red uptrend line off 2020’s low must hold to continue a stable (potential bull) market for live cattle. Any of the lines on the chart could act as support/resistance...

mtb1980

Cont KC Wheat - Monthly: New highs recorded this week within .04 of a 38% retracement target off the 2008 high and the 2019 low. Should KC Wheat decide to move higher yet, the 50% target is a $1.50 higher at 8.87. WOW, it sure seems like a mile to get there but as you can see on the monthly chart, when wheat decides to move it usually does in quick regards. ...

mtb1980

November21 Soybeans - Daily: Beans have been trading lower, stuck inside a down trending channel. If the trend remains intact next week, support would be offered from 12.09 to 11.84. A hard break below the current trend would target the lower line. Nearby resistance would be the blue Tenkan line at 12.62 and then the red Kijun line at 12.69. Beans have failed...

mtb1980

Soybean – Weekly Cont: Beans have continued to lean lower since breaking into the cloud several weeks ago. The 12.40-12.60 area is supportive but a move below could take beans to the 11.80 -11.40 area. Resistance is the blue down trending TenKan line currently in the 13.08 area.

mtb1980

December 21 Corn - Weekly: A very wide range of price action that has so far respected the downtrend line since the early May high. There is an abundance of volume by price in the 5.40-5.60 range. The 5.27 low will be key support on a daily close. Support below at 5.20 and 4.98. Further Risk at 4.77- 4.66 and 4.47. Bulls would like to see a weekly close...

mtb1980

Corn – Weekly Cont: The 5.47 area had the most volume by price since the uptrend began. Did the recent bump give the Funds an opportunity to bail on their longs or does it prove to be an area of accumulation for funds and end users??? Weekly support at 5.21 needs to hold for the weak longs. Further key support at 4.98. Risk is 4.66-4.37. So far the cloud is...

mtb1980

S&P 500: The monthly chart shows the near vertical move that has transpired since the 2020 Covid Crash. Is a correction due… A 10% correction (seen most years) would take the S&P to the area around the blue Tenkan line around 4156 and the 24% retracement target at 3990. The red Kijun line and the 50% retracement from the Covid Low to the 4545 high shows a...

mtb1980

S&P 500 vs its stocks above the 200 day MA: Bottom chart shows the S&P since 2008. The recent run up on the chart hides many of the details on this weekly chart. The chart on top, tracks the percentage of stocks above their 200 day Moving average for stocks that make up the S&P 500. In April of 2021, 96% of the S&P stocks traded above their 200 day MA. ...

mtb1980

Weekly Cont. Cattle: So far the Parallel uptrend line based off the 2019 low has proved to be a strong action/reaction line. The longer price holds to this line the stronger the bull run is. The Red uptrend line off 2020’s low must hold to continue a stable (potential bull) market for live cattle. Any of the lines on the chart could act as support/resistance (or...

mtb1980

Continuous Hogs- Weekly: Currently plotting against the Oct contract. Uptrend lines off swing lows, and downtrend lines off swing highs. Creates areas to watch for action and reaction points All time high at 133.60, but hogs turned lower off the touch of the major uptrend line based off the 18’ low. Retracements can be used for support targets…. Further risk...

mtb1980

Cont KC Wheat - Weekly: The recent correction lower found support against the blue Tenkan line. Targets above can revisit previously filled objectives. A new high would push targets at 7.62, 7.85, 8.08 and 8.42…. Support at 6.70 and 6.55

mtb1980

November21 Soybeans - Daily: Busy chart with lots going on. Gray arrow points to multiple technical points coming together to mark the high of day on Nov21 beans acting as tough resistance. The gray uptrend line, the red pitchfork, and blue Tenkan line all at once stopped the Post report gains. It will be important for the bulls to close above this area in the...

mtb1980

Soybean – Weekly Cont: Nov21 contract leading this continuous chart. The bean chart is showing the same technical construct as corn. Cloud support has been broken. I would like to see a close above the cloud and the downtrend line…Secondary cloud support down at 11.40. Gap in volume by price confirms the 11.40 potential. Resistance above the cloud and trendline...

mtb1980

December 21 Corn - Weekly: A very wide range of price action that has so far respected the downtrend line since the early May high. There is an abundance of volume by price in the 5.40-5.60 range. The weekly chart shows the red Kijun line (5.44) and blue Tenkan line pinching together. Weekly closes below 5.44 is a concern for the bulls. A Weekly close above...

mtb1980

Corn – Weekly Cont: **Technicals showing mixed signals** Will Friday’s bump hold? Dec21 leading the continuous chart. The lagging indicator turned negative but can turn neutral/positive with a confirmed bounce. The blue Tenkan cross below the red Kijun is bearish. Need a weekly close above the blue TenKan line. The slight uptrend channel was broken, could...

mtb1980

CRB (commodity index) / S&P 500:. The Thomson Reuters CRB index is a basket of 19 different commodities heavily weighted towards Energy and Ag (39% Energy, 41% Agriculture, 7% precious metals, 13% industrial metals) In bullish cycles with strength in stocks and commodities, it is typical for commodities to have a correction in the middle of a Stock Market bull...

mtb1980

November21 Beans-Daily: The upper trend line on the red down trending fork proved to be a respected area of support/resistance. Support today is in the 13.72 area. Resistance against the pitchfork for today is 14.41 area. I will keep an eye on these lines for trending support and resistance. If we move up to fill the next targets for beans, we would target...