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Last updated 8-5-04
SYM	TECH - LT	TECH - ST	SEAS	POWER	OI	VOLAT
S:	Bearish	Very bearish, but near a ST rally point	Peak A/May behind, bearish N/D ahead	Very bullish, supportive of rally	Low	Falling, confirming downtrend
	Look for a violent downtrend rally to develop shortly. Keep very tight stops on shorts, if hit move to sidelines. Any rallies likely to be bull traps at this point.
C:	Ditto	Ditto	Peak A/May behind, bearish S/ O dead ahead	Ditto	Unc	Ditto
	Situation very ditto to Beans. Look for a downtrend rally followed by further selloff.
W:	Ditto	Ditto	Bullish Sep/Oct dead ahead	Ditto	Very high	Reaching extreme low
	Most bullish of the major grains as rally precursor signals are well-aligned. But downside not technically over. Keep very tight stops on shorts.
NOTES:	Dittos for rice and oats. The April '04 grain tops were CLASSIC TEXTBOOK "5-Star" short-side setups.

LEGEND

TECH - LT: Long-term technical picture, usually based on weekly charts

TECH - ST: Short-term technical picture, usually based on daily charts

POWER: Interpretation of internal market power

OI: Open interest analysis

VOLAT: Volatility analysis

Unc: Unclear