In this episode of Tech Talk, Andy and Cody discuss spot nonfat, Dec corn and May wheat.
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Future trading involves risk and is not suitable for all investors. Content provided in this for educational purposes and is not a.
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Solicitation to buy or sell commodities. Hello everybody. Welcome back to another episode of Tech Talk. I am Cody, he is Andy and pages with us two. Together we are the tech talk trio as everyone has wanted to be formally announced as. So bringing you guys the charts that you want to see at your requests in this show. All three of them are at request for this.
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All of them, all of them, even pages. Cat was talking about requests in a chart like I think pump. We haven’t been here in a few weeks. I’ve been.
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I’ve been. Woman how are you?
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We’re hanging in there like this weather. It’s just it’s like wreaking havoc. We had that snow day where they had, like, the e-learning day with all the kids, had to stay home. We had, like a dusting of snow, but they still did it anyways because we were supposed to get, like, snow apocalypse. And yeah, it turns out it snowed three inches by like 4 p.m..
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Yeah, bring back snow days. But that’s what I’m saying. What is going on with that?
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And now I didn’t realize. And maybe you guys are the same way. When schools cancel, you either get a phone call, an email or a text. I remember back in the day, I mean, I’m not that, but maybe I am. We’d have to watch the morning news and watch it like it was an NFL draft coming across the table that was like school was canceled and I was excited.
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You run outside, you’re hooting and hollering, yeah. And now you get a text at 5 a.m. that’s a yes.
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And they do all of them too. They make sure that like, I got a phone call, I got a text.
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Bring the ticker back. Man, that be a kicker.
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I forgot about that.
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Kids today. All right. Should we go to our first chart?
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Let’s get to the first chart. Came at request. This did none other than Jay Barr.
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Jay Barr.
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Spell it out for us. Kelly. Sorry. How do you spell J bar.
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J b rf j bar.
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J bar wants to look at weekly spot an answer or a week. We made it a weekly. He wanted to look at spy tracked. You’re correct. So let’s take a quick look. Spun on set. I didn’t touch anything. I hadn’t moved anything since last time we looked at this. Yeah. And what’s interesting is that so here obviously didn’t play out or we were looking for like $1.50 still might.
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Who knows. But it clearly like what’s interesting about this is that it once it started to go sideways here, you know, you had that kind of just like rolling over like lack of follow through on that, on that what we thought was going to be a nice extension in the way.
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Right.
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And so like what’s the next step here. We had this guy drawn right here. So this is served not once but twice. Double top broke through and then just ripped through that price once it got through it.
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Yeah.
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So what was once resistance will be come support. We’ll see. Yeah.
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What do you $0.03 away.
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We’re only $0.03 away. That’s right. Not that far away. Futures I believe are a tad premium. Let’s go take a quick look. They sure are. So when I say premium, I mean to that price. Right. So yeah I mean we call this 124 price. I think you have to I think the market has to go test that level.
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And then, you know, if you get a breakthrough of that price. Yes. You know, you look at this, all this noise right here like, well we had circled. You’re not feeling great by the way. Aren’t you a little sick. But all of our viewers know.
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Little sick.
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Right. You know, we maybe here make a GoFundMe. Right. I’ll go fund me for Cody’s, like, tissues and, like, drops and stuff like that.
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I’m, highly supporting Ricola, as we.
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We call it that. Sure. That’s your cough drop, which is that.
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Yeah.
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You have a flavor of flavor that you like. You a flavor that you like.
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The honey. The honey are always pretty good. I always like to mix those with a little, you know, NyQuil to.
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It’s up. It’s a party, a Ricola NyQuil. Let’s go. Like, so I go party.
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All right.
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You’re going to party. Well, yeah, I mean, I don’t I don’t know if there’s really much else to say, but not like, you know, it, it has negative momentum for the first time. And oh gosh, going back to July of last year, Otto, that’s not good. Well, I mean depends I guess depends. I look at it right. If you want lower prices that’s good.
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Yeah.
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And it still has some room to go on some of these other indexes. Right. So we look at money flow when money flow gets below 20 and it’s like oversold. You know RSI is a very similar type deals I mean we can explain a little bit more if you want. But it’s it’s a little bit different. But it shows a similar type of scenario where it could be it’s threatening to be oversold but not quite.
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Yeah. So once it crosses that blue it’s kind of a warning that it’s getting oversold and it comes back out of it. That’s what it takes some kind of action. But this list says that it has room to go. So does this. This is negative momentum that’s showing that the bears are in control. I think the next step is to go test this 124 and some change.
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Agreed. And you know I don’t say the saddest part, but the weirdest part is it doesn’t necessarily mean that we have to do it this week. Look at not that today unchanged. I mean the amount of movement. Now we have a non fact fact week to week is not not massive.
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No I mean look at this. This was 135 on 1011 2024 one 3475 on 124 2025. Yeah. So a lot of yeah you’re not you’re certainly not wrong. We’ve seen it move aggressively in the past. Obviously you’ve got some big candles here. Here. They’re all I mean it happens. But I think at the very least the next stop is this 124 area.
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And then we’ll see.
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Yeah.
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The great breakthrough of that is I guess converts it to so what if it doesn’t. And we start to kind of chop around. I think it gets a little bit dangerous of heading back into, you know, keep that small gap here. You bet a small gap here that they’re not huge. We have a gap right there. Those start to become magnets.
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So to me it’s kind of do or die time for that 124 and change. If you can’t break through that probably would want to be liquidating shorts at the very least we shall see. Pop into the Ricola. We got another chart. We’re going to go to Daily Core. So the next two charts came at request okay. Specifically asked not to be named.
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So I guess in this instance it can either be Mystery Man Dublin or Yahoo shall not be named that.
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And that’s the alias.
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That’s alias. That’s a mystery man.
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No judgment.
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Here. I mean, it’s oh, maybe it’s Austin Powers. They could be in a mystery.
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You never know.
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Did you ever watch the the original. The very first movie? Yeah. Austin Powers like that’s got to be. I look back in the day. It’s so funny. Okay. So weird corn. I mean, what do you think your boss is just in one.
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I think. I think if you are on the short side, if you’re on the selling side of corn, I think you are plainly just getting sick and tired of of this market.
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I would agree not to.
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I think it’s just the fact of like all the, the noise that you hear outside of these, you look at the technicals and it’s like, all right, can we go create a new high for 2025? Maybe not. You sell some more. And it’s just everyone that talk is like this doesn’t it doesn’t make any sense. I don’t understand what’s happening.
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And then yet again today you put in not a new contract high, but a new high from what, July, June of last year.
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So I guess I don’t understand why you couldn’t go retrace this entire move. And the reason being is that, like, obviously had a big trend lower broke out of the trend. I had a nice base that you build from like a consolidation standpoint, tried to trend lower again and stayed at the same price point right for 30. And some change that like that second failure at a was like another attempt to trend lower.
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I mean, that’s a big warning because all it does is just create consolidation. And now you broken out of that second lower trend. And no, I mean, I don’t think it’s it’s I think it’s tough to say that you’re not trending higher here at this point. Correct. This is a nice healthy up right.
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Here it is. You break two days in a row and then the third day you start to rally it in, engulf everything that you’ve just broken the past two days. It’s just it’s been happening. I mean, go back to the beginning of, of January, right? Is when we started for sure.
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And you know like it’s it’s hard to say that like I just go sell it here because it’s over. Done. Right. Because this trend it’s it’s been tested once, twice, three times for like several times. And it’s and it’s not only has it, you know, gotten past that and moved higher, but it’s also like it’s done a really good job of not just like straight up.
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Right. Yep.
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You know, it’s a very healthy, you know, like this price action right here. That’s a nice healthy steady break. You can maintain that rate of change. Same thing is happening right here. This is a sustainable trend right. This type of right. These two bars right here. You can’t you just can’t sustain that rate of change for very long.
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I got the same thing pulled up that you do. And I look at the RSI every day. It’s like okay every time we have a a downtick you readjust the RSI for the movement, the volatility of the chart. And we have not gone into over bought and territory. We just don’t.
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Momentum. What’s interesting too is that, you know, if you exclude this little blip right here, you really want to see multiple days in a row of, you know, once you cross you want to get like you know, confirmation of that.
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Okay.
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So and of course there’s always going to be false breakouts. Right. But I mean this once started to go here and it crossed here. And then it like I think you could argue like this these two points right here as well. But like this this trend looks great. I just I struggle to understand like unless there’s some big news item that comes in which, you know, there’s obviously been a lot of like tariff news and unknowns there.
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Who knows what that’s up. So if of course could affect this market in a way where it’s like, look, we’re done. But until like until you get something like that, I don’t understand why. Like this, this trend looks great and it looks like it wants to go try to trade five bucks. Now, I would imagine that to your point, like there’s been probably a lot of new selling that was taking place along here.
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Probably in here two. Right. Like, hey the market’s giving you another chance to go sell it because we’re going to continue. And but to not get a breakthrough of this price in here. Yeah. What I mean that’s just that looks somewhat ish doesn’t it.
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Yes it does.
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About.
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That. Yes it does. And I think I.
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Find another corner. Let’s go.
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I said I think $5 is.
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Just this, is this by the way. So this is the these contract. Yeah.
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This is like a new recall number. An even number of people’s minds were $5 or whatnot.
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Yeah. So this is using March which is basically you there. Yeah. It’s a little bit tougher to look at the weekly but you know like if you want to use March totally different contract I understand we’re looking at two different things. This looks good too. This is a weekly I mean look at this. Look at these two bars here.
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And then you had all this noise trying to get this is the best the bears could do right here you go. From 470 to basically pretty close to five bucks. 46. And this is the best they could put up with. And then book. Right. Interface. That’s that’s a sign of real strength. And now back to five I mean look at this guys.
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What’s this guy right here. 509 and a half. You know 510 settle for March.
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502 sell today.
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Oh boy. It’s this could be this could get dicey. So okay, I know Yahoo shall not be named. As for a second chart. So it’s in it’s complementary to what we’re looking at here. This is wheat. This is Chicago wheat okay. This is the May contract parallels here to corn. Let’s talk wheat.
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Sock wheat.
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For mystery. Is it Austin Powers? Who knows. By the way, I think you make a great spy.
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I feel like I would I thought I was never I feel like a spy would kind of be right in my head.
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Maybe. Maybe start. I mean, who knows? Like no agency work for, like, acronym. But I feel like you make, like, a really great spy.
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I appreciate that, man. That’s a that’s a very nice compliment in my world, I like that.
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Can you put that on LinkedIn, by the way? Do people do that?
00;11;26;21 – 00;11;29;24
Would you retire? I think you’re I think you’re probably able.
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All right. So we read about spying for a second. Let’s spy on somewhere.
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Same thing with the momentum, the RSI. I mean, just saying.
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Same exact thing. And it’s doing look at like look at this. Right here. This is what kind of drew my attention initially. It’s just like, well we’re looking at corn where there’s been tests to the downside right on this trend. And they have been you know, it’s showing us that this is a nice, healthy, steady trend. It’s not ripping your face off on any given day.
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Great.
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And it’s it’s absorbing like the down the down ticks really well. It also had a pretty like you could argue that this was a downtrend, but also to like that downtrend started to end when he built a nice base here on 550. So it’s like you know I you try to be short of market and it’s just not breaking through.
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You know I imagine five 50s like you know $20 milk or something right. 19 or like a nice price that everybody recognizes. It’s 530.
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Yeah. So this I mean, you think we go back in a testing fashion to 650, then I.
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I if you can maintain this, this type of like basically in this price action where it’s steady healthy upticks takes the testing from the bears. Well you don’t get like like none of these candles are really engulfing that one. These I mean that it took four candles to try to retrace this day. So you not really seen any like, major like this.
00;12;56;26 – 00;13;17;15
Yeah. You know, or something like that. Those two bars. That’s a warning right there. Big downtrend, healthy base set a built broke out really well as now it’s now trading above. You know the standard loses 100 day moving average right here. You’ve got momentum. That’s positive. Money flow index is telling you it’s positive. There’s a lot of good things about this chart.
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And reason to be long.
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So interesting thing I have the 200 moving day up in mind also along the 100 the 20 to 50. And this is the first day since we go back to that October spike that we settled over the 200 day moving average today.
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I just.
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Yeah.
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I’m glad you brought that up. I just brought up I just changed my 102 hundred. So this blue line is now the 200 day moving average. And to your point, my gosh, we have settled above this since October. Yeah. Granted when we did it was a push here today gone tomorrow. So we’ll see.
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Right.
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But yeah there’s a lot of solid things happening. I mean what’s interesting too is that, you know, at that point like look at the look at the touch that it made here on the RSI. Like, damn does it do it again?
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I was just looking at that.
00;14;03;21 – 00;14;06;28
You could get overbought and stay there for weeks.
00;14;07;01 – 00;14;15;24
Yeah. Well because right now technically looking at the RSI it is it is technically into Overwatch and territory. Right. Or is it right on that line.
00;14;15;25 – 00;14;33;00
It’s on the line. It’s it hasn’t done it hasn’t crossed that threshold yet. So let’s let’s do this. This is what I want. We’ll get right here. This still has room. But I mean we look at we look at some of the secondary indicators and they stay. They also trend. Well they I feel like they trade well technically to secondary.
00;14;33;00 – 00;14;48;23
Right. But you know you cross zero tried to try to get through it failed. You’re you’ve cleared through like some of this noise these two shoulders and now your bump like I think you have to go test this high right here. So there’s room for that to continue moving higher.
00;14;48;26 – 00;14;50;24
I see ways around here.
00;14;50;26 – 00;15;03;17
So yeah this is this is super interesting. First time a long time over the 200 day. Yikes. Yeah. It’s like a quick look at I mean the weekly the weekly. Look at this. Yikes.
00;15;03;19 – 00;15;26;20
And there’s that. You could argue that this is a high or low. All right. Try to get down here and just couldn’t get through. Lose at 550 number. And now you’re bumping up against a price point. That was not only was it resistance, but we just rushed through it last time we were there. Both directions too. I mean look at this here, here.
00;15;26;23 – 00;15;42;27
Activist resistance. What a major number. This is six blocks. Yeah. If this continues like I don’t understand why you wouldn’t, like, start to retrace like this. Move right here to. What do you think would be the biggest surprise of this market.
00;15;42;29 – 00;15;44;13
Biggest surprise at this market to wheat.
00;15;44;13 – 00;15;49;22
Market to wheat right here, this chart. What do you think the biggest surprise that would come to like people in the industry.
00;15;49;25 – 00;15;51;09
Like technically speaking.
00;15;51;15 – 00;15;54;08
Sure.
00;15;54;11 – 00;15;58;19
I think the biggest surprise would be wheat running back to $7. I got $2 million.
00;15;58;19 – 00;16;00;04
I was just thinking the exact same thing.
00;16;00;08 – 00;16;19;17
$7 wheat is probably it, I don’t know, for this for a fact. I was just looking at the chart $7 wheat. You got to be equating that to corn at seven bucks. Also should be above five right now. And I’m not saying it moves 1 to 1. That’s not what I’m looking at. The chart. Basically you get that kind of move in wheat, I think.
00;16;19;17 – 00;16;22;19
I think you’d see corn kind of pull itself along too.
00;16;22;21 – 00;16;40;17
Yeah, I, I, I agree in the sentiment for sure. To me, I ask the question in a roundabout way to, to, to help make a point. And you agree with me that like, I think the biggest surprise to this market right now feels like a pot to like seven bucks, right? A big pop here, like that’s you’d have a signal anybody that was think about it this way.
00;16;40;17 – 00;16;48;20
Did anybody that was selling it between June of last year and today is basically underwater correct.
00;16;48;23 – 00;16;49;03
Yeah.
00;16;49;09 – 00;17;07;17
Anyone with shorts in any of this is now losing money. Yeah, I think that’s a big impact psychologically. And if you can get a pop to where your clip sits, this right here hanging 617 and some change higher this week. 6 or 9. Yeah. This is day. This is dangerously like flirting. Was leaving a lot of selling behind.
00;17;07;19 – 00;17;16;17
And then you already pointed it out on the daily like getting that pulling that close over the 200 day I think is an important thing to. So yeah this this chart ripping higher I think would be the big surprise.
00;17;16;19 – 00;17;31;20
Well, I think if we go back just to a daily, I think if you get back to that 650 number, I believe you’ll see a lot more volatility because I think the shorts are going to say, okay, enough, enough like the word down this get out. Best price right back up.
00;17;31;22 – 00;17;32;21
See you later alligator.
00;17;32;22 – 00;17;33;27
Exactly.
00;17;34;00 – 00;17;42;18
All right person forget this is I know we had a couple weeks hiatus. Weather was going nuts, but we’re back, we’re back.
00;17;42;20 – 00;17;43;14
Back we we got back.
00;17;43;16 – 00;17;59;12
Back in the saddle yet we had Jay bar. Thanks for Jay. Thanks Jay Barr for the spot. Announce that. And then we’ve got I guess we could call it monster Powers, but that’s on the mystery. Mr. van Lee who should be named Ihop or other like spot. I mean like everybody knows James Bond. It was never like a mystery.
00;17;59;12 – 00;18;00;26
Name Jason Bourne.
00;18;01;00 – 00;18;02;21
What would be your spy name.
00;18;02;23 – 00;18;06;05
For something cool.
00;18;06;05 – 00;18;07;04
Right?
00;18;07;06 – 00;18;07;28
Let’s think about it.
00;18;08;04 – 00;18;13;22
All right. Think about it. See it? Maybe those that like watch the show can, like, write it into the YouTube.
00;18;13;24 – 00;18;15;10
Oswald.
00;18;15;12 – 00;18;17;03
Steve.
00;18;17;05 – 00;18;21;10
You know, a guy named Steve Oswald. You don’t. But if he did, you’d be like, that’s a nice old man.
00;18;21;14 – 00;18;23;13
Why does he have to be an old man? Like, what is his.
00;18;23;13 – 00;18;37;03
Old full size candy bars? How old are you here? They’ve Steve Oswald. You’re like, that’s a nice guy. Your shoulders. Neighbors driveway gives out full size candies at Halloween. Just a good all around dude. At home. International spy, I spy. Love it.
00;18;37;07 – 00;18;40;15
So would you be an international spy or would you be like a domestic spy?
00;18;40;18 – 00;18;48;20
Both. I could travel, I’d. International waters, I think, is where my body’s meant for.
00;18;48;22 – 00;18;50;01
Take us up for that.
00;18;50;02 – 00;19;08;18
But Arsenal. All right everybody, with that we appreciate you tuning in. We appreciate all our requests. We are back, baby. We’re gonna be back next week, and we’ll have some more charts when you’re like, Kenny, please let us know. Shoot us an email, give us phone call. Send a letter. Who cares? Just give them to us.
00;19;08;18 – 00;19;15;04
We’ll look at them again next week. We appreciate you guys watching. Have a great rest of the week and even better weekend. See you next time.
00;19;15;06 – 00;19;16;13
See ya, guys. See ya, Steve.
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