OR TUESDAY: (12/20) Grains have a good chance for a 2-day bounce here and they are a bit oversold and we’ll use rallies to get short into the end of the week. Grains look lower the last week of the year. Patterns on cattle look complete with slight new highs and yet given the momentum, we’re reluctant to top-pick without a reversal.
JAN. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (12/20) Support at 1020 and resistance at 1028. Patterns suggest a break to 1008-10 and the 29-day cycles aren’t great the rest of the week. Given the ping-pong match between 1020-1041, we may still be patient a few more days. Market made a low into a key time window today so let’s see if we get a bounce.
CYCLES OVERVIEW: Recovering into Dec. 21; lower into Dec. 23; lower into Dec. 31.
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