FOR TUESDAY: (4/17) Cycle lows came in on Monday and should complete overnight and then grains should recover into the end of the week. We just need to survive any overnight craziness. Wheat did issue a major sell signal but sometimes when that happens, the trade gets oversold and has to recover.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/17) Market broke hard, as the Point-and-Figure chart got hit on Sunday night and the market caved in. Support at 472 should hold and then a 2-3 bounce but we may see 460 before it’s over. Fundamentals have turned against this market so we should sell rallies but will see if we get a 1-2 day bounce, which doesn’t happen that often for wheat.
CYCLES OVERVIEW: Bottoming Tuesday; recovering into Thursday; possibly higher into April 25.
