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5/10/2017

  • 5/10/2017

    Wednesday, May 10 2017

    NYMEX CRUDE OIL

    World stock markets were mostly weaker in overnight trading,on some profit taking and corrective technical pull backs from recent gains. U.S. stock indexes are pointed towards lightly lower openings when the New York day session begins. U.S. stock indexes this week have hit record highs.

    Gold prices are posting decent gains in pre-U.S. trading Tuesday, on some short covering in the futures market and bargain hunting in the cash market, following recent selling pressure that drove prices to a seven-week low on Tuesday.

    The world marketplace is so far not paying much attention to the surprise move by U.S. President Donald Trump to fire FBI Director James Comey Tuesday afternoon.

    In overnight news, China’s consumer price index in April was up 1.2%, year-on-year, versus a reading of up 0.9% in March.The April number was slightly higher than market expectations. China’s April producer price index was up 6.4%versus up 7.6% in March. The April PPI was slightly below forecasts.

    The key outside markets early Wednesday see the U.S. dollar index trading slightly lower following a couple days of good gains. The greenback bears have the overall near-term technical advantage. Nymex crude oil futures are higher early Wednesday, on short covering following recent down side price action. Oil bears remain in firm near-term technical control.

    U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export prices, the monthly Treasury budget statement and the weekly DOE liquid energy stocks report.

    U.S. STOCK INDEXES

    S&P 500 June e-mini futures: Prices are slightly lower in early U.S. trading, on mild profit taking after hitting a contract and record high on Monday. The bulls still have the solid overall near-term technical advantage. There are no early clues that a market top is close at hand. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today.Today, shorter-term technical resistance comes in at the contract high of 2,403.75 and then at 2,415.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,375.00 and then at 2,360.00. Sell stops are likely located just below those levels.

    Nasdaq index June futures: Prices are slightly lower in early U.S. trading. Prices Tuesday hit a contract and record high. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day)are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the contract high of 5,687.75 and then at 5,700.00.Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday’s low of 5,650.75 and then at this week’s low of 5,634.50. Sell stops are likely located just below those levels.

    U.S. TREASURY BONDS AND NOTES

    June U.S. T-Bonds: Prices are higher on short covering after hitting a five-week low on Tuesday. Prices are in a three-week-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI,slow stochastics) are bullish early today. Shorter-term technical resistance is seen at 152 even and then at this week’s high of 152 13/32. Buy stops likely reside just above those levels. Shorter-term support lies at 151 even and then at this week’s low of 150 19/32. Sell stops likely reside just below those levels.

    June U.S. T-Notes: Prices are higher in early U.S. trading.Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average.Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at 125.10.0 and then at this week’s high of 125.13.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124.28.0 and then at this week’s low of 124.24.0. Sell stops likely reside just below those levels.

    U.S. DOLLAR INDEX

    The June U.S. dollar index is weaker in early U.S. trading.Bears still have the slight overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 99.565 and then at 100.000. Shorter-term support is seen at the overnight low of 98.250 and then Tuesday’s low of at 98.960.

    NYMEX CRUDE OIL

    June Nymex crude oil prices are higher in early U.S.trading, on short covering. Bears still have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at this week’s high of$46.98 and then at $47.50. Look for sell stops just below technical support at $46.00 and then at $45.53.

    GRAINS

    Grain futures markets were mixed overnight. Traders are awaiting this morning’s monthly USDA supply and demand report. Trading has been choppy recently. Weather in the Corn Belt is non-threatening at present, which is bearish.Grain market bears still have the overall near-term technical advantage.

    * Disclaimer: there is a substantial risk of loss in futures and options trading.

    ** This newsletter was created by a 3rd party and Go Futures does not endorse, approve, certify, or control these contributions and does not guarantee the accuracy, completeness, efficacy, or timeliness of information located within. Use of any information obtained from such sites is voluntary, and reliance on it should only be undertaken after an independent review by qualified experts. Reference therein to any specific commercial product, process or service does not constitute or imply endorsement.

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