FOR FRIDAY: (8/17) Expect that grains will hold up but could be lower on Sunday/Monday if there’s any surprise negative news from China. Hard to take anything home, and the optimism about China may hold the market up into Monday until there is the next disagreement. Tired of this story. Cattle didn’t go down and could go up one more day.
TODAY’S COMMENTS: (8/17) Resistance is at 903-903.50 for Friday. Final surge could reach up to 920-925 on Monday but requires getting no surprises and horrible risk/rewards to buy. If 925 comes in on a spike early next week, it would be a sale.
CYCLES OVERVIEW: Lower into Aug. 17.
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