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10/24/2017

  • 10/24/2017

    Tuesday Evening, October 24 Daily Markets Update

     

     

    LIVESTOCK: 

    December live cattle closed up $2.75 at$119.50 today. Prices closed nearer the session high andhit a three-month high today. The cattle market bulls

    havethe firm overall near-term technical advantage and gainedmore power today. Prices are in a nine-week-old uptrend onthe daily bar chart. Bulls’ next upside price objective isto push and close prices above solid resistance at the Junehigh of $122.85. The next downside technical breakoutobjective for the bears is pushing and closing prices belowsolid technical support at this week’s low of $115.00.First resistance is seen at today’s high of $119.70 andthen at $121.00. First support is seen at $118.00 and thenat $117.50. 

    January feeder cattle closed up $4.12 at $155.00 today.Prices closed nearer the session high today and hit acontract high. The feeder cattle bulls

    have the solidoverall near-term technical advantage and gained good powertoday. The next upside price objective for the feeder bullsis to push and close prices above technical resistance at$160.00. The next downside price breakout objective for thebears is to push and close prices below solid technicalsupport at this week’s low of $148.17. First resistance isseen at today’s contract high of $155.32 and then at$156.00. First support is seen at $153.50 and then at$152.00. 

    December lean hogs closed up $0.60 at $64.12 today. Pricesclosed nearer the session high today. Bulls have the firmoverall near-term technical

    advantage. The next upsideprice objective for the hog bulls is to push and closeprices above solid chart resistance at the July high of$65.67. The next downside price breakout objective for thebears is pushing prices below solid technical support at$60.00. First resistance is seen at today’s high of $64.37and then at $65.00. First support is seen at Monday’s lowof $63.45 and then at today’s low of $62.95. 

    GRAINS: 

    December corn futures closed up 3/4 cent at$3.52 today. Prices closed nearer the session high today.Recent price action suggests the market has put

    in abottom. But right now the corn bears still have the overallnear-term technical advantage. The next upside priceobjective for the bulls is to push and close prices abovesolid technical resistance at $3.62. The next downsideprice breakout objective for the bears is pushing andclosing prices below solid support at the contract low of$3.42 1/2. First support is seen at today’s low of $3.491/2 and then at $3.46. First resistance is seen $3.54 andthen at $3.58. 

    November soybeans closed down 6 cents at $9.74 3/4 a busheltoday. Prices closed nearer the session low. The bean bullshave the slight overall near-

    term technical advantage butneed to show fresh power soon to keep it. Prices are in anine-week-old uptrend on the daily bar chart, but now justbarely. The next near-term upside technical breakoutobjective for the soybean bulls is pushing and closingprices above solid resistance at the October high of $10.031/4 a bushel. The next downside price breakout objectivefor the bears is pushing and closing prices below solidtechnical support at the October low of $9.52 1/2. Firstresistance is seen at today’s high of $9.83 and then at$9.90. First support is seen at today’s low of $9.72 3/4and then at $9.65. 

    December soybean meal closed down $1.50 at $314.40 today.Prices closed near mid-range. The meal bulls and bears areon a level overall near-term

    technical playing field butthe bears have momentum on their side. The next upsideprice breakout objective for the bulls is to produce aclose above solid technical resistance at the October highof $329.80. The next downside price breakout objective forthe bears is pushing and closing prices below solidtechnical support at $305.00. First resistance comes in atthis week’s high of $317.90 and then at $320.00. Firstsupport is seen at today’s low of $312.70 and then at$310.00. 

    December bean oil closed down 25 points at 34.38 centstoday. Prices closed nearer the session low today. Thebulls have the slight overall near-term

    technicaladvantage. The next upside price breakout objective for thebean oil bulls is pushing and closing prices above solidtechnical resistance at the September high of 36.06 cents.Bean oil bears’ next downside technical price breakoutobjective is pushing and closing prices below solidtechnical support at the October low of 32.30 cents. Firstresistance is seen at today’s high of 34.65 cents and thenat 35.00 cents. First support is seen at 34.25 cents andthen at 34.00 cents. 

    December Chicago SRW wheat closed up 2 cents at $4.38 3/4today. Prices closed near the session high. The bears stillhave the firm overall near-term

    technical advantage, butthis week’s price action hints of a market bottom being inplace. Wheat bulls’ next upside breakout objective is topush and close Chicago SRW prices above solid technicalresistance at the September high of $4.62 3/4. The nextdownside price breakout objective for the wheat futuresbears is pushing and closing prices below solid technicalsupport at the August low of $4.22 1/2. First resistance isseen at last week’s high of $4.42 3/4 and then at $4.50.First support is seen at $4.30 and then at $4.25. 

     

    December HRW wheat closed up 1 cent at $4.34 1/2 today.Prices closed nearer the session high. The bears still havethe firm overall near-term

    technical advantage, but thisweek’s price action hints of a market bottom being inplace. The HRW bears still have the firm overall near-termtechnical advantage. Bulls’ next upside price breakoutobjective is pushing and closing prices above solidtechnical resistance at the September high of $4.60 1/4.The bears’ next downside breakout objective is pushing andclosing prices below solid technical support at the Augustlow of $4.20. First resistance is seen at last week’s highof $4.40 3/4 and then at $4.50. First support is seen at$4.25 and then at $4.20. 

    December oats closed up 3 1/4 cents at $2.76 3/4 today.Prices closed near mid-range and hit another 2.5-month hightoday. Bulls have the firm overall

    near-term technicaladvantage. Bears’ next downside price breakout objective ispushing and closing prices below solid technical support atthe October low of $2.45 1/2. Bulls’ next upside pricebreakout objective is pushing and closing prices abovesolid technical resistance at $2.90. First resistance liesat today’s high of $2.78 1/2 and then at $2.82. Firstsupport is seen at today’s low of $2.73 1/2 and then at$2.70. 

    SOFTS: 

    March sugar closed up 40 points at 14.28 centstoday. Prices closed near the session high today on shortcovering after closing at a four-week low

    close on Monday.The sugar bears have the overall near-term technicaladvantage. However, sideways price action the past monthcould be “basing” that puts in a market bottom and kicksoff an uptrend at some point. Bulls’ next upside pricebreakout objective is to push and close prices above solidtechnical resistance at the September high of 15.20 cents.Bears’ next downside price breakout objective is to pushand close prices below solid technical support at the Junelow of 13.50 cents. First resistance is seen at 14.42 centsand then at the October high of 14.57 cents. First supportis seen at 14.00 cents and then at this week’s low of 13.84cents. 

    December coffee closed down 105 points at 123.30 centstoday. Prices closed nearer the session low and hit a four-

    month low today. The coffee bears have the solid overallnear-term technical advantage. The next upside breakoutobjective for the bulls is to close

    prices above solidtechnical resistance at the October high of 132.70 cents.The next downside price breakout objective for the bears isclosing prices below solid technical support at the Junelow of 119.10 cents a pound. First resistance is seen at125.00 cents and then at this week’s high of 126.50 cents.First support is seen at today’s low of 122.85 cents andthen at 120.00 cents. 

    December cocoa closed down $39 at $2,085 a ton today.Prices closed nearer the session low on more profit takingafter hitting a nearly seven-month

    high last Friday. Thecocoa bulls still have the overall near-term technicaladvantage. Prices are in a two-month-old uptrend on thedaily bar chart. The next upside price breakout objectivefor the cocoa bulls is to push and close prices above solidtechnical resistance at the March high of $2,212. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at $2,028.First resistance is seen at $2,100 and then at today’s highof $2,128. First support is seen at today’s low of $2,077and then at $2,050. 

    December cotton closed down 6 points at 69.66 cents today.Prices closed near mid-range today and hit a six-week highearly on. The cotton bears have

    the overall near-termtechnical advantage but the bulls have gained momentumearly this week. The next upside price breakout objectivefor the cotton bulls is to produce a close above solidtechnical resistance at 71.50 cents. The next downsideprice breakout objective for the cotton bears is to pushand close prices below solid technical support at theOctober low of 66.84 cents. First resistance is seen attoday’s high of 70.22 cents and then at 70.50 cents. Firstsupport is seen at 69.00 cents and then at 68.50 cents. 

     

    January orange juice closed down 180 points at $1.5115today. Prices closed near mid-range today. The FCOJ bullsstill have the overall near-term

    technical advantage. Thenext upside price breakout objective for the COJ bulls ispushing and closing prices above technical resistance atthe October high of $1.6340. The next downside technicalbreakout objective for the FCOJ bears is to produce a closebelow solid technical support at $1.4140. First resistanceis seen at today’s high of $1.5265 and then at $1.5500.First support is seen at the October low of $1.4940 andthen at $1.4750. 

    November lumber futures closed up $3.40 at $439.00 today.Prices closed near mid-range and hit another contract hightoday. The bulls have the solid

    overall near-term technicaladvantage. The next downside technical breakout objectivefor the lumber bears is pushing and closing prices belowsolid technical support at $418.30. The next upside pricebreakout objective for the bulls is pushing and closingprices above solid technical resistance at $450.00. Firstresistance is seen at today’s contract high of $444.40 andthen at $450.00. First support is seen at today’s low of$436.10 and then at $430.00. Wyckoff’s Market Rating: 8.5

     

     

    METALS: 

    December gold futures closed down $3.30 at$1,277.70. Prices closed nearer the session low and closedat a three-week low close today. Bulls and bears

    are on alevel overall near-term technical playing field, but thebears have momentum on their side. Gold bulls’ next upsidenear-term price breakout objective is to produce a closeabove solid technical resistance at $1,300.00. Bears’ nextnear-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at today’s high of$1,285.30 and then at $1,292.90. First support is seen atthis week’s low of $1,273.60 and then at $1,270.00. 

     

    December silver futures closed down $0.12 at $16.955 today.Prices closed nearer the session low today. The silverbulls still have the slight overall

    near-term technicaladvantage, but need to show fresh power soon to keep it.Silver bulls’ next upside price breakout objective isclosing prices above solid technical resistance at $17.50an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at theOctober low of $16.345. First resistance is seen at today’shigh of $17.17 and then at $17.315. Next support is seen atthis week’s low of $16.87 and then at $16.765. 

     

    December N.Y. copper closed up 100 points at 319.80 centstoday. Prices closed nearer the session low. The copperbulls have the solid overall near-

    term technical advantage.Copper bulls’ next upside price objective is pushing andclosing prices above solid technical resistance at 330.00cents. The next downside price objective for the bears isclosing prices below solid technical support at 300.00cents. First resistance is seen at today’s high of 323.90cents and then at the October high of 325.95 cents. Firstsupport is seen at this week’s low of 315.20 cents and thenat last week’s low of 311.20 cents. 

     

    ENERGIES: 

    December Nymex crude oil closed up $0.52 at$52.42 today. Prices closed nearer the session high today.The bulls have the overall level near-term

    technicaladvantage. The next near-term upside price breakoutobjective for the crude oil bulls is pushing prices aboveresistance at the September high of $53.11. The next near-

    term downside price breakout objective for the crude oilbears is to produce a close below solid technical supportat the October low of $49.44. First

    resistance is seen atlast week’s high of $52.65 and then at $53.00. Firstsupport is seen at $52.00 and then at today’s low of$51.55. 

    December heating oil closed up 287 points at $1.8183 today.Prices closed near the session high today and scored abullish “outside day” up. The bulls

    have the firm overallnear-term technical advantage. The bulls’ next upside pricebreakout objective is closing prices above solid technicalresistance at the September high of $1.8525. Bears’ nextdownside price breakout objective is producing a closebelow solid technical support at $1.6500. First supportlies at last week’s low of $1.7618 and then at $1.7500.First resistance is seen at the October high of $1.8302 andthen at $1.8500. 

     

    December (RBOB) unleaded gasoline closed up 328 points at$1.6718 today. Prices closed near the session high and hita 27-month high today. The bulls

    have the solid overallnear-term technical advantage. The next upside pricebreakout objective for the bulls is closing prices abovesolid technical resistance at $1.8000. Bears’ next downsideprice breakout objective is closing prices below solidsupport at $1.5750. First resistance is seen at today’shigh of $1.6739 and then at $1.7000. First support is seenat $1.6500 and then at this week’s low of $1.6340. 

     

    December natural gas closed down 2.2 cents at $3.134 today.Prices closed nearer the session low today. Recent priceaction suggests the bears are

    exhausted and a market bottomis in place. Still, bears have the firm overall near-termtechnical advantage. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at the September high of $3.353. Thenext downside price breakout objective for the bears isclosing prices below solid technical support at $3.00.First resistance is seen at this week’s high of $3.198 andthen at $3.25. First support is seen at today’s low of$3.117 and then at $3.10. 

    STOCKS, FINANCIALS, CURRENCIES: 

    The December Eurocurrency closed up 25 points at 1.1797 today. Prices closednear mid-range today. The bulls have the overall near-termtechnical

    advantage. However, prices have been trendinglower for six weeks. Euro bulls’ next upside price breakoutobjective is pushing and closing prices above solidtechnical resistance at the October high of 1.1921. Thenext downside price breakout objective for the bears isclosing prices below solid chart support at the October lowof 1.1712. First resistance for the Euro lies at today’shigh of 1.1812 and then at 1.1850. Next support is seen atthis week’s low of 1.1759 and then at 1.1712. 

     

    The December Japanese yen closed down 120 points at .88020today. Prices closed nearer the session low today andclosed at an 8.5-month low close.

    Bears have the solidoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen at.88260 and then at today’s high of .88520. First support isseen at this week’s low of .87845 and then at .87500. 

     

    The December Swiss franc closed down 31 points at 1.0140today. Prices closed nearer the session low and hit anotherfive-month low today. The Swissy

    bears have the firmoverall near-term technical advantage. Prices are in a six-

    week-old downtrend on the daily bar chart. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at 1.0400.

    The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at 1.0000. First resistance is seenat this week’s high of 1.0206 and then at 1.0250. Firstsupport is seen at today’s low of 1.0132 and then at1.0100. Wyckoff’s Market Rating: 2.0.

     

    The December Australian dollar closed down 28 points at.7773 today. Prices closed nearer the session low and hit atwo-week low today. The bulls have

    the slight overall near-

    term technical advantage. However, prices have beentrending lower for six-weeks. Bulls’ next upside pricebreakout objective is closing prices above

    solid chartresistance at .7900. The next downside breakout objectivefor the bears is to produce a close below solid technicalsupport at the October low of .7725. First resistance isseen at this week’s high of .7829 and then at .7979. Nextsupport is seen at today’s low of .7766 and then at .7750. 

    The December Canadian dollar closed down 26 points at .7886today. Prices closed near the session low and hit anothernine-week low today. Bears have

    the slight overall near-

    term technical advantage. Prices are in a six-week-olddowntrend on the daily bar chart. Bulls’ next upside pricebreakout objective is producing a

    close above chartresistance at .8100. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at the August low of .7836. Firstresistance is seen at this week’s high of .7930 and then at.7950. First support is seen at today’s low of .7884 andthen at the August low of .7836. 

     

    The December British pound closed down 70 points at 1.3151today. Prices closed nearer the session low. The bulls andbears are on a level overall near-

    term technical playingfield amid choppy trading. Prices have been trending lowerfor the past month. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at 1.3400. Bears’ next downsidetechnical breakout objective is closing prices below solidsupport at the October low of 1.3048. First resistance isseen at this week’s high of 1.3249 and then at 1.3300.First support is seen at last week’s low of 1.3107 and thenat 1.3048. 

    The December U.S. dollar index closed up 0.011 at 93.825today. Prices closed nearer the session high and closed ata three-month high close today. The

    bears still have theoverall near-term technical advantage but the bulls gainedsome momentum today. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at 95.000. The next downside price breakoutobjective for the bears is to produce a close below solidtechnical support at 92.000. Next resistance lies at theOctober high of 94.10 and then at 94.500. First support isseen at today’s low of 93.555 and then at 93.250. 

     

    December U.S. T-Bonds closed down 22/32 at 151 21/32 today.Prices closed nearer the session low today and closed at athree-month low close. Bond

    market bears have the overallnear-term technical advantage. Prices are in a six-week-olddowntrend on the daily bar chart. The next downside pricebreakout objective for the T-Bond bears is closing pricesbelow solid technical support at the October low of 1517/32. The next upside technical objective for the bulls isto produce a close above solid technical resistance at 155even. First resistance is seen at this week’s high of 15220/32 and then at 153 even. First support is seen attoday’s low of 151 15/32 and then at 151 7/32. 

    December U.S. T Notes closed down 6.5 32nds at 124.23.0today. Prices closed nearer the session low and hit a 3.5-

    month-low today. The bears have the firm overall near-termtechnical advantage. The next upside price breakoutobjective for the bulls is closing

    prices above solidresistance at 126.16.0. The next downside price breakoutobjective for the bears is producing a close below solidtechnical support at 124.00.0. First resistance is seen attoday’s high of 125.00.5 and then at 125.08.0. Firstsupport is seen at today’s low of 124.21.0 and then at theJuly low of 124.14.0. 

    GENERAL STOCK MARKET COMMENT: 

    The U.S. stock indexes closedhigher today. Bulls remain in firm technical command. Theindexes have recently hit record highs. A quieter

    worldgeopolitical scene is making for little trader/investorrisk aversion in the marketplace at present. Rallying worldstock markets recently—many of which are at or near recordhighs–are firm evidence risk-on attitudes are pervasive.The U.S. dollar was slightly lower Tuesday. However, theUSDX has been trending higher for around three weeks. Theother key “outside market saw Nymex crude oil futuresprices firmer and trading above $52.00 a barrel. Crude oilbulls have the slight overall near-term technicaladvantage. Traders are looking ahead to Thursday, when theEuropean Central Bank holds its regular monetary policymeeting. Many expect the ECB to announce more details onthe winding down of its bond-buying program.

     

    The December Nasdaq 100 stock index futures closed up 10.50at 6,075.25. Prices closed near mid-range. The bulls havethe firm overall near-term

    technical advantage. Bulls’ nextupside price breakout objective is closing prices abovesolid resistance at 6,200.00. The bears’ next downsideprice breakout objective is closing prices below solidtechnical support at 6,000.00. First resistance is seen at6,100.00 and then at the contract high of 6,132.75. Firstsupport is seen at last week’s low of 6,051.25 and then at6,025.00. 

    The December e-mini S&P 500 futures stock index futuresclosed up 1.75 at 2,565.25. Prices closed nearer thesession low. The bulls have the solid

    overall near-termtechnical advantage. Bulls’ next upside price objective isclosing prices above solid resistance at 2,600.00. The nextdownside price breakout objective for the bears is closingprices below solid support at 2,515.00. First resistance isseen at today’s contract high of 2,577.25 and then at2,590.00. First support is seen at 2,550.00 and then atlast week’s low of 2,542.50. 

    *  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

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