FOR WEDNESDAY: (10/31) Month-end short-covering should hit grains, and cycles suggest a 1-day bounce but then lower on Thursday for grains. Cattle have a chance to bounce with hogs also on Wednesday.
DEC. CHICAGO WHEAT
TODAY’S COMMENTS: (10/31) Market went all the way lower to 497. A bounce is in order for Wednesday but if it’s minor, this market is still in trouble. Technically we can’t ignore a 30-cent rally since late last week as a buy signal, and yet we’re rather dissatisfied with the lack of pattern completion to 460 which will inevitably come. Daily chart has major parabolic resistance at 525, which has to come to issue a more major signal. Let’s see what kind of a bounce we get Wednesday on month-end short-covering.
CYCLES OVERVIEW: Generally lower into Thursday.
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