Soybeans
(ZSX24)
8/1/24
November
From last week,
This week's rally failed to get a close above the 1083.50 major Gann square (1086.75 high) and this can send it quickly to new lows, however we will watch the 78.6% back to the low to see if it can be the start of the next rally.
Use 1083.50 as the swing point for the week.
The failure to get back above the 1083.50 major Gann square did indeed send it quickly to a new low. They didn't even hesitate at the 78.6% level of 1044.00. It now has two closes below the 1032.75 major Gann square.
Use 1032.75 as the swing point for the week.
Above it, look for 1099.00, this is 23.6% back to the contract high and 38.2% back to the 5/7/24 high. Any rally that can't get above 23.6% back to the 5/7/24 high keeps the trend extremely negative and new lows can quickly follow.
Below it, the long term target area is 984.00 to 978.00, this is a major Gann square and then 78.6% based on the continuation chart. A failure to turn higher from here will give us only major Gann squares to watch for support and then use as the swing point when closed below, the next two are 936.00 and 892.25.
Cattle
(LEV24)
October
From last week,
The low on 7/9/24 held 38.2% back to the 12/7/23 low at 181.75, this should send it to new highs, however we will watch 78.6% back to the 7/5/24 high at 187.00 to see if it can end this Bull run.
Use 187.00 as the swing point for the week.
Above it, you will still have to watch the 78.6% level at 189.00, this comes from the 9/15/23 high and 12/7/23 low. A trade up to, or above and a close back below the 187.62 major Gann square can cause a sharp setback.....
There was no setback from the 78.6% level at 187.00, however the high for the week was 189.05, it then closed back below the 187.62 major Gann square and it has had a $5.00 break so far hitting 23.6% back to the 12/7/23 low at 184.30.
Use 184.30 as the swing point for the week.
Above it, if this is all it can setback, look for new highs to follow and then the 193.76 major Gann square. Any rally that fails to get back above the 187.62 major Gann square is a negative sign and a quick selloff can follow.
Below it, the long term target is 78.6% the other way at 173.00 based on the ONE44 78.6% rule. The short term target area is 38.2% of the same move at 181.30 and the 180.92 major Gann square.
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