FOR MONDAY: (10/15) We got our oversold bounce on grains. Grains could hold until Monday. Still, we’re going into a harvest weekend and rains are diminishing but how much can fields dry out? Some of the cycles point higher into Monday but we’ll wait for the morning to see what develops.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/15) Market should hold 863 on dips if you want to buy with a divergent push up to 876 likely and 876 could happen. Have to see if Monday’s high is a double-top and decide how to handle it. Seems better to be long on Monday but harvest pressure always concerns us, and there will be some in certain areas of the country. If new warmer and drier weather forecasts come thru, the market may give it for a few days but starting to think it can hold up into the end of the week.
CYCLES OVERVIEW: Recovering into Monday; lower Tuesday/Wednesday; higher into Oct. 18-19.