FOR TUESDAY (5/15): Major cycle for many markets peaks into late Tuesday and early Wednesday, and we should bounce out of there into Thursday for many markets. Enjoy several days of above-average temperatures across much of the central U.S. this week, with a fair amount of rain also expected over the next three days, with the best chances for significant accumulation in the eastern Corn Belt during this time. Parts of the Southern Plains could also receive some much-needed rainfall later this week.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (5/15) Wild day. Support at 1015 and 1012. Market is going to have to take out 1037 to issue a buy signal, and probably won’t happen. We had suggested two profit targets for beans and then moved stops down if you had any more left, and they got hit. The most bearish pattern would project a 3-wave fall to 982 but that may off the table short-term.
CYCLES OVERVIEW: Lower Tuesday/Wednesday; higher into Friday; lower into May 22.
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