FOR WEDNESDAY: (4/5) We’re willing to sell beans and wheat if we get a bounce and hogs should be a buy if we can get in lower. Cattle look lower for at least one more day.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (4/5) Key support at 946 and is enough of a pattern completion to make us nervous. Good chance for a fall to 933 or 921 if we’re right about a deeper break. Willing to sell in the morning if we can find a decent risk/reward. We have a bias toward lower cycles into Thursday but there’s no place to put a stop. Freefall on the daily chart would project 895. May look for a 1-2 day bounce and sell again very soon.
SHORT-TERM: (3/13) The most bearish patterns into late April and early May are suggesting 933. Weekly chart recovery target may only be close to 1100.
CYCLES OVERVIEW: Lower into Thursday; higher into Friday.