FOR TUESDAY: (8/28) We had the right idea to buy cattle but missed getting in. Wheat hit major support and sometimes you have to buy key numbers. Grains cycles still may be under pressure into at least Wednesday or longer, and not sure no-more-NAFTA news is a total saving grace as the grain trade ignored the new deal with Mexico.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (8/28) Lower number didn’t come in and could take until Wednesday. Support at 832.50 could be followed by a max. bounce to fill the 853 gap left from the gap lower overnight. Current hourly chart patterns point toward 813.50 and daily chart pattern to 777.50. Not sure what will support this market to come back from the dead. Seasonals can create a congestive bounce into the Sept. USDA report but if that starts from 813.50, it may not be much. Hard to sell at current levels once 832.50 comes in. Short-covering may set in near term.
CYCLES OVERVIEW: Retracing Monday night; lower into Wednesday.
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