No Footing: Focus September Soybeans

   September Soybeans

 The week, posting a 50 cent range, closes near the low end at 952.2. A very non impressive session unfolds in today’s action with the contract failing to show any signs of stabilizing. The wave structure developing from the highs at roughly 1037 appears non-impulsive, however, it continues to point lower. Early support comes in at +/-945-943. A continued hold below 952 will not look healthy. Next extended support zone comes in at +/-931. An advance or any rebound will have to fortify 961 to gain any footing. If so market will be poised to challenge 971-973. One should expect some pressure. Only a close above will get contract safely out of the woods.