FOR TUESDAY: (7/25) Crop reports were worse than expect and that might give us a bounce to get short. Too much technical damage was done on Monday to negate deeper price falls into Friday. If we get a bounce on cattle, look to sell. Hogs look higher after a 3-wave fall that has held 8000.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/25) Bean conditions dropped 4 points about 2 more than expected and that should lead to a pop higher into the morning. First resistance is up to 1016.25. Gap left at 1017-19 area may have a chance to get filled. We’re going to wait till the morning in case upward action is more. First support at 994 but one has to expect a 3-wave fall to at least 967 this week. Chances for 1061-66 are down quite a bit and may happen in the winter at this point. Taking out 960 would be quite a disaster.
CYCLES OVERVIEW: Recovering part of Tuesday/Wednesday; lower into Friday.