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10/26/2017

  • 10/26/2017

    October 26 Daily Markets Update

    LIVESTOCK:

    December live cattle closed up $1.70 at$120.77 today. Prices closed nearer the session high andhit a 4.5-month high today. The cattle market bulls havethe solid overall near-term technical advantage. Prices arein a nine-week-old uptrend on the daily bar chart. Bulls’next upside price objective is to push and close pricesabove solid resistance at the June high of $122.85. Thenext downside technical breakout objective for the bears ispushing and closing prices below solid technical support atthis week’s low of $115.00. First resistance is seen at$122.85 and then at $124.00. First support is seen attoday’s low of $118.92 and then at $117.50.

    January feeder cattle closed up $0.72 at $156.32 today.Prices closed nearer the session high and closed at acontract high close today. The feeder cattle bulls have thesolid overall near-term technical advantage. The nextupside price objective for the feeder bulls is to push andclose prices above technical resistance at $160.00. Thenext downside price breakout objective for the bears is topush and close prices below solid technical support at thisweek’s low of $148.17. First resistance is seen at thecontract high of $157.10 and then at $158.00. First supportis seen at Wednesday’s low of $154.57 and then at $153.50.

    December lean hogs closed up $0.60 at $65.07 today. Pricesclosed nearer the session high and hit a nearly four-monthhigh today. Bulls have the solid overall near-termtechnical advantage. The next upside price objective forthe hog bulls is to push and close prices above solid chartresistance at the July high of $65.67. The next downsideprice breakout objective for the bears is pushing pricesbelow solid technical support at $62.00. First resistanceis seen at $65.67 and then at $67.00. First support is seenat today’s low of $64.10 and then at this week’s low of$62.95.

    GRAINS:

    December corn futures closed down 1/2 cent at$3.50 1/2 today. Prices closed near mid-range today. Recentprice action still suggests the market has put in a bottom.But the corn bears still have the overall near-termtechnical advantage. The next upside price objective forthe bulls is to push and close prices above solid technicalresistance at $3.62. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid support at the contract low of $3.42 1/2. Firstsupport is seen at today’s low of $3.49 1/2 and then at$3.46. First resistance is seen at this week’s high of$3.55 1/4 and then at $3.58.

    November soybeans closed down 4 1/4 cents at $9.71 1/4 abushel today. Prices closed near the session low and hit athree-week low today. The bean bulls have lost their slightoverall near-term technical advantage. The next near-termupside technical breakout objective for the soybean bullsis pushing and closing prices above solid resistance at theOctober high of $10.03 1/4 a bushel. The next downsideprice breakout objective for the bears is pushing andclosing prices below solid technical support at the Octoberlow of $9.52 1/2. First resistance is seen at this week’shigh of $9.83 1/4 and then at $9.90. First support is seenat $9.65 and then at $9.60.

    December soybean meal closed down $3.40 at $312.00 today.Prices closed near the session low and hit a three-week lowtoday. The meal bears have gained the slight overall near-

    term technical advantage. The next upside price breakoutobjective for the bulls is to produce a close above solidtechnical resistance at the October high of $329.80. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support at$305.00. First resistance comes in at $315.00 and then atthis week’s high of $317.90. First support is seen attoday’s low of $311.80 and then at $310.00.

    December bean oil closed up 25 points at 34.51 cents today.Prices closed nearer the session high today. The bulls havethe slight overall near-term technical advantage. The nextupside price breakout objective for the bean oil bulls ispushing and closing prices above solid technical resistanceat the September high of 36.06 cents. Bean oil bears’ nextdownside technical price breakout objective is pushing andclosing prices below solid technical support at the Octoberlow of 32.30 cents. First resistance is seen at this week’shigh of 34.69 cents and then at 35.00 cents. First supportis seen at this week’s low of 34.20 cents and then at 34.00cents.

    December Chicago SRW wheat closed down 4 cents at $4.31 1/2today. Prices closed near the session low. The bears havethe firm overall near-term technical advantage. Wheatbulls’ next upside breakout objective is to push and closeChicago SRW prices above solid technical resistance at theSeptember high of $4.62 3/4. The next downside pricebreakout objective for the wheat futures bears is pushingand closing prices below solid technical support at theAugust low of $4.22 1/2. First resistance is seen attoday’s high of $4.37 1/2 and then at this week’s high of$4.43. First support is seen at $4.25 and then at $4.221/2.

    December HRW wheat closed down 5 1/4 cents at $4.28 1/4today. Prices closed nearer the session low. The bears havethe firm overall near-term technical advantage. The HRWbears still have the firm overall near-term technicaladvantage. Bulls’ next upside price breakout objective ispushing and closing prices above solid technical resistanceat the September high of $4.60 1/4. The bears’ nextdownside breakout objective is pushing and closing pricesbelow solid technical support at the August low of $4.20.First resistance is seen at today’s high of $4.35 3/4 andthen at last week’s high of $4.40 3/4. First support isseen at $4.25 and then at $4.20.

    December oats closed down 12 1/2 cents at $2.63 3/4 today.Prices closed nearer the session low on heavy profit takinghitting a 2.5-month high on Wednesday. Bulls still have theoverall near-term technical advantage. Bears’ next downsideprice breakout objective is pushing and closing pricesbelow solid technical support at the October low of $2.451/2. Bulls’ next upside price breakout objective is pushingand closing prices above solid technical resistance at thisweek’s high of $2.82 3/4. First resistance lies at $2.68and then at $2.70. First support is seen at today’s low of$2.61 1/4 and then at $2.60.

    SOFTS:

    March sugar closed down 7 points at 14.11 centstoday. Prices closed near mid-range today. The sugar bearshave the overall near-term technical advantage. However,sideways price action the past month could be “basing” thatputs in a market bottom and kicks off an uptrend at somepoint. Bulls’ next upside price breakout objective is topush and close prices above solid technical resistance atthe September high of 15.20 cents. Bears’ next downsideprice breakout objective is to push and close prices belowsolid technical support at the June low of 13.50 cents.First resistance is seen at this week’s high of 14.37 centsand then at the October high of 14.57 cents. First supportis seen at today’s low of 14.00 cents and then at thisweek’s low of 13.84 cents.

    December coffee closed up 30 points at 124.40 cents today.Prices closed nearer the session high on more tepid shortcovering after hitting a four-month low on Tuesday. Thecoffee bears still have the solid overall near-termtechnical advantage. The next upside breakout objective forthe bulls is to close prices above solid technicalresistance at the October high of 132.70 cents. The nextdownside price breakout objective for the bears is closingprices below solid technical support at the June low of119.10 cents a pound. First resistance is seen at thisweek’s high of 126.50 cents and then at 128.05 cents. Firstsupport is seen at this week’s low of 122.85 cents and thenat 120.00 cents.

    December cocoa closed up $51 at $2,130 a ton today. Pricesclosed near the session high today. The cocoa bulls havethe overall near-term technical advantage. Prices are in anine-week-old uptrend on the daily bar chart. The nextupside price breakout objective for the cocoa bulls is topush and close prices above solid technical resistance atthe March high of $2,212. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid technical support at $2,028. First resistance is seenat this week’s high of $2,134 and then at the October highof $2,160. First support is seen at $2,100 and then attoday’s low of $2,078.

    December cotton closed down 91 points at 68.40 cents today.Prices closed nearer the session low today. The cottonbears have the overall near-term technical advantage butrecent choppy and sideways trading suggests a market bottomis in place. The next upside price breakout objective forthe cotton bulls is to produce a close above solidtechnical resistance at this week’s high of 70.22 cents.The next downside price breakout objective for the cottonbears is to push and close prices below solid technicalsupport at the October low of 66.84 cents. First resistanceis seen at 69.00 cents and then at today’s high of 69.27cents. First support is seen at today’s low of 68.23 centsand then at 68.00 cents.

    January orange juice closed up 75 points at $1.5345 today.Prices closed nearer the session high today. The FCOJ bullshave the overall near-term technical advantage. The nextupside 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 $1.5485 and then at this week’shigh of $1.5700. First support is seen at the October lowof $1.4940 and then at $1.4750.

    November lumber futures closed up $1.30 at $441.00 today.Prices closed near the session high and closed at acontract high close today. The bulls have the solid overallnear-term technical advantage. The next downside technicalbreakout objective for the lumber bears is pushing andclosing prices below solid technical support at $418.30.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat $450.00. First resistance is seen at the contract highof $444.40 and then at $450.00. First support is seen atWednesday’s low of $434.60 and then at $430.00.

    METALS:

    December gold futures closed down $8.10 at$1,270.70. Prices closed nearer the session low, hit athree-week low and scored a bearish “outside day” down onthe daily bar chart. Bears have gained the slight overallnear-term technical advantage. 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 $1,280.00 and thenat this week’s high of $1,285.30. First support is seen attoday’s low of $1,269.60 and then at $1,262.80.

    December silver futures closed down $0.10 at $16.825 today.Prices closed near the session low and hit a three-week lowtoday. The silver bulls and bears are on a level overallnear-term technical playing field, but the bears have somemomentum on their side. Silver bulls’ next upside pricebreakout objective is closing prices above solid technicalresistance at $17.50 an ounce. The next downside pricebreakout objective for the bears is closing prices belowsolid support at the October low of $16.345. Firstresistance is seen at $17.00 and then at this week’s highof $17.17. Next support is seen at $16.75 and then at$16.50.

    December N.Y. copper closed down 55 points at 317.75 centstoday. Prices closed near mid-range and saw mild profittaking. The copper bulls have the firm overall near-termtechnical advantage. A bullish symmetrical triangle patternhas formed on the daily bar chart. Copper bulls’ nextupside price objective is pushing and closing prices abovesolid technical resistance at 330.00 cents. The nextdownside price objective for the bears is closing pricesbelow solid technical support at 300.00 cents. Firstresistance is seen at today’s high of 320.00 cents and thenat this week’s high of 323.90 cents. First support is seenat this week’s low of 314.40 cents and then at last week’slow of 311.20 cents.

    *. ENERGIES: December Nymex crude oil closed up $0.46 at$52.64 today. Prices closed nearer the session high todayand closed at a six-month high close. The bulls have theoverall level near-term technical advantage. The next near-

    term upside price breakout objective for the crude oilbulls is pushing prices above resistance at the Septemberhigh of $53.11. The next near-term downside price breakoutobjective for the crude oil bears is to produce a closebelow solid technical support at the October low of $49.44.First resistance is seen at $53.11 and then at $54.00.First support is seen at $52.00 and then at this week’s lowof $51.55.

    December heating oil closed up 239 points at $1.8422 today.Prices closed near the session high and hit a four-weekhigh today. The bulls have the firm overall near-termtechnical advantage. The bulls’ next upside price breakoutobjective 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 today’s low of $1.8079 and then at this week’s lowof $1.7711. First resistance is seen at $1.8525 and then at$1.8800..

    December (RBOB) unleaded gasoline closed up 156 points at$1.7017 today. Prices closed nearer the session high andhit another 27-month high today. The bulls have the solidoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $1.8000. Bears’ nextdownside price breakout objective is closing prices belowsolid support at $1.5750. First resistance is seen attoday’s high of $1.7077 and then at $1.7300. First supportis seen at today’s low of $1.6658 and then at this week’slow of $1.6340.

    December natural gas closed down 3.2 cents at $3.05 today.Prices closed nearer the session low today. Bears have thefirm overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at the September high of$3.353. The next downside price breakout objective for thebears is closing prices below solid technical support at$3.00. First resistance is seen at today’s high of $3.103and then at $3.156. First support is seen at today’s low of$3.036 and then at the October low of $3.012.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Eurocurrency closed down 141 points at 1.1698 today. Pricesclosed near the session low and hit a three-month lowtoday. The bulls have lost their overall near-termtechnical advantage. Prices are in a six-week-old downtrendon the daily bar chart. Euro bulls’ next upside pricebreakout objective is pushing and closing prices abovesolid technical resistance at the October high of 1.1921.The next downside price breakout objective for the bears isclosing prices below solid chart support at 1.1500. Firstresistance for the Euro lies at 1.1750 and then at 1.1800.Next support is seen at 1.1650 and then at 1.1600.

    The December Japanese yen closed down 195 points at .87940today. 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 atthis week’s high of .88520 and then at .88750. Firstsupport is seen at this week’s low of .87680 and then at.87500.

    The December Swiss franc closed down 82 points at 1.0061today. Prices closed nearer the session low and hit anotherfive-month low today. The Swissy bears have the solidoverall near-term technical advantage. Prices are in aseven-week-old downtrend on the daily bar chart. The nextupside price breakout objective for the bulls is closingprices above solid resistance at 1.0300. The next downsideprice breakout objective for the bears is closing pricesbelow solid technical support at 1.0000. First resistanceis seen at 1.0100 and then at today’s high of 1.0157. Firstsupport is seen at today’s low of 1.0057 and then at1.0000.

    The December Australian dollar closed down 27 points at.7663 today. Prices closed near the session low and hitanother more-than-three-month low today. The bears havegained the slight overall near-term technical advantage andhave downside momentum. Prices have been trending lower forseven-weeks. Bulls’ next upside price breakout objective isclosing prices above solid chart resistance at the Octoberhigh of .7891. The next downside breakout objective for thebears is to produce a close below solid technical supportat .7500. First resistance is seen at today’s high of .7718and then at .7750. Next support is seen at .7650 and thenat .7600.

    The December Canadian dollar closed down 27 points at .7781today. Prices closed near the session low and hit another3.5-month low today. Bears have the overall near-termtechnical advantage. Prices are in a seven-week-olddowntrend on the daily bar chart. Bulls’ next upside pricebreakout objective is producing a close above chartresistance at .8050. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at .7650. First resistance is seen attoday’s high of .7827 and then at .7850. First support isseen at .7775 and then at .7750.

    The December British pound closed down 96 points at 1.3178today. Prices closed near the session low today. The bullsand bears are back on a level overall near-term technicalplaying field. The next upside price breakout objective forthe bulls is closing prices above solid technicalresistance at 1.3400. Bears’ next downside technicalbreakout objective is closing prices below solid support atthe October low of 1.3048. First resistance is seen attoday’s high of 1.3298 and then at 1.3363. First support isseen at 1.3107 and then at 1.3048.

    The December U.S. dollar index closed up 0.938 at 94.515today. Prices closed near the session high and hit a three-

    month high today. The bulls and bears are now on a leveloverall near-term technical playing field. Prices are in asix-week-old uptrend on the daily bar chart. The bulls’next upside price breakout objective is to close pricesabove solid technical resistance at 96.000. The nextdownside price breakout objective for the bears is toproduce a close below solid technical support at theOctober low of 92.590. Next resistance lies at 94.750 andthen at 95.000. First support is seen at 94.100 and then at93.500.

    December U.S. T-Bonds closed down 4/32 at 150 25/32 today.Prices closed nearer the session low today and closed at a4.5-month low close. Bond market bears have the overallnear-term technical advantage. Prices are in a seven-week-

    old downtrend on the daily bar chart. The next downsideprice breakout objective for the T-Bond bears is closingprices below solid technical support at 149 even. The nextupside technical objective for the bulls is to produce aclose above solid technical resistance at the October highof 154 5/32. First resistance is seen at today’s high of151 22/32 and then at 152 even. First support is seen atthis week’s low of 150 14/32 and then at the July low of150 11/32.

    December U.S. T Notes closed down 2.5 32nds at 124.12.0today. Prices closed nearer the session low and closed at a5.5-month-low close today. The bears have the firm overallnear-term technical advantage. The next upside pricebreakout objective for the bulls is closing prices abovesolid resistance at the October high of 125.25.5. The nextdownside price breakout objective for the bears isproducing a close below solid technical support at123.16.0. First resistance is seen at today’s high of124.23.5 and then at 125.00.0. First support is seen atthis week’s low of 124.06.0 and then at 124.00.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closedfirmer today. Bulls have the firm overall near-termtechnical advantage. The indexes have recently hit recordhighs. Thursday’s European Central Bank regular monetarypolicy meeting resulted in no interest rate changes fromthe ECB. However, the central bank said it is reducing itsmonthly bond-buying program amount by half, but isextending the timeframe of the bond buying. This outcomewas about what the marketplace expected. However, ECB ChiefMario Draghi’s press conference was deemed to favor thedovish camp on monetary policy, and that allowed the U.S.dollar to rally to a three-month high and sink the Eurocurrency to a three-month low. The most important U.S.economic report of the week is due out Friday morning: theadvance third-quarter GDP estimate. The number is expectedto come in at up 2.7% versus the second-quarter reading ofup 3.1%.

    The December Nasdaq 100 stock index futures closed up 9.50at 6,074.00. Prices closed near the session high. The bullshave the firm overall near-term technical advantage but arefading a bit. Bulls’ next upside price breakout objectiveis closing prices above solid resistance at 6,200.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,000.00. Firstresistance is seen at 6,100.00 and then at the contracthigh of 6,132.75. First support is seen at today’s low of6,035.00 and then at this week’s low of 6,011.00.

    The December e-mini S&P 500 futures stock index futuresclosed up 3.25 at 2,561.75. Prices closed nearer thesession high. The bulls still have the solid overall near-

    term technical advantage. Bulls’ next upside priceobjective is closing prices above solid resistance at2,600.00. The next downside price breakout objective forthe bears is closing prices below solid support at2,515.00. First resistance is seen at Wednesday’s high of2,566.25 and then at the contract high of 2,577.25. Firstsupport is seen at 2,550.00 and then at this week’s low of2,541.50.

    *  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 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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