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10/9/2017

  • 10/9/2017

    October 9 Daily Markets Update

    LIVESTOCK:

    December live cattle closed up $0.17 at $117.10 today. Prices closed near mid-range. The cattle market bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at the July high of $119.85. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $112.00. First resistance is seen at the September high of $117.72 and then at $119.00. First support is seen at $116.00 and then at $115.00.

    November feeder cattle closed down $0.22 at $155.52 today. Prices closed near mid-range. The feeder cattle bulls have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the September high of $158.02. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $148.00. First resistance is seen at today’s high of $156.45 and then at $158.02. First support is seen at today’s low of $154.70 and then at $153.50.

    December lean hogs closed up $0.02 at $60.95 today. Prices closed near mid-range today. Bulls have the slight overall near-term technical advantage, amid very choppy trading. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $63.45. The next downside price breakout objective for the bears is pushing prices below solid technical support at $58.00. First resistance is seen at today’s high of $61.32 and then at $62.00. First support is seen at today’s low of $60.60 and then at $60.00.

    GRAINS:

    December corn futures closed down 1/2 cent at $3.49 1/2 today. Prices closed near mid-range today. Not much new. Corn bears have the firm overall near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.58. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the contract low of $3.44 1/4. First support is seen at last week’s low of $3.46 and then at $3.44 1/4. First resistance is seen at today’s high of $3.51 3/4 and then at $3.55.

    November soybeans closed down 5 cents at $9.67 1/4 a bushel today. Prices closed nearer the session low. The bean bulls and bears are on a level overall near-term technical playing field. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at the September high of $9.87 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $9.37 1/2. First resistance is seen at today’s high of $9.77 and then at $9.87. First support is seen at $9.60 and then at last week’s low of $9.52 1/2.

    December soybean meal closed down $3.50 at $315.70 today. Prices closed nearer the session low today. The meal bulls and bears are on a level overall near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $325.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $305.00. First resistance comes in at $318.50 and then at the September high of $320.90. First support is seen at $315.00 and then at $312.50.

    December bean oil closed up 28 points at 33.23 cents today. Prices closed nearer the session high on short covering. The bears have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 34.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the June low of 31.53 cents. First resistance is seen at last week’s high of 33.45 cents and then at 33.75 cents. First support is seen at 33.00 cents and then at 32.76 cents.

    December Chicago SRW wheat closed down 7 1/2 cents at $4.36 today. Prices closed nearer the session low and closed at a four-week low close today. The bears have the firm overall near-term technical advantage and gained more power today. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the September high of $4.62 3/4. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $4.22 1/2. First resistance is seen at today’s high of $4.45 3/4 and then at last week’s high of $4.50 1/2. First support is seen at $4.35 and then at $4.30.

    December HRW wheat closed down 6 1/4 cents at $4.30 1/2 today. Prices closed nearer the session low and closed at a six-week low close today. The bears have the firm overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the September high of $4.60 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the August low of $4.20. First resistance is seen at today’s high of $4.39 and then at last week’s high of $4.44 3/4. First support is seen at today’s low of $4.30 and then at $4.26.

    December oats closed down 2 1/4 cents at $2.48 3/4 today. Prices closed near mid-range today. Bulls and bears are on a level overall near-term technical playing field. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the September low of $2.30. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $2.65. First resistance lies at $2.50 and then at last week’s high of $2.54 1/4. First support is seen at last week’s low of $2.45 1/2 and then at $2.42.

    SOFTS:

    March sugar closed up 2 points at 14.00 cents today. Prices closed near mid-range. The sugar bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the September high of 15.20 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the June low of 13.50 cents. First resistance is seen at today’s high of 14.18 cents and then at Friday’s high of 14.42 cents. First support is seen at last week’s low of 13.83 cents and then at the September low of 13.72 cents.

    December coffee closed up 75 points at 130.80 cents today. Prices closed near mid-range on more short covering after hitting a three-month low last week. The coffee bears still have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 140.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of 119.10 cents a pound. First resistance is seen at today’s high of 131.90 cents and then at 135.00 cents. First support is seen at 127.50 cents and then at 124.30 cents.

    December cocoa closed down $72 at $2,013 a ton today. Prices closed nearer the session low and saw heavy profit taking from recent gains. The cocoa bulls still have the slight overall near-term technical advantage. Prices are still in a six-week-old uptrend on the daily bar chart, but now just barely. Also, there are stiff resistance layers that lie just above the recent high, which have turned back rallies in recent months. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the June high of $2,127. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $1,900. First resistance is seen at $2,050 and then at $2,075. First support is seen at today’s low of $1,999 and then at $1,975.

    December cotton closed down 33 points at 68.51 cents today. Prices closed near mid-range today. The cotton bears have the overall near-term technical advantage. The next upside price breakout objective for the cotton bulls is to produce a close above solid technical resistance at 71.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at this week’s low of 67.40 cents. First resistance is seen at today’s high of 69.07 cents and then at 69.45 cents. First support is seen at 68.00 cents and then at the October low of 67.40 cents.

    November orange juice closed up 90 points at $1.5805 today. Prices closed nearer the session high today. The FCOJ bulls have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.6800. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4150. First resistance is seen at last week’s high of $1.5980 and then at the September high of $1.6060. First support is seen at today’s low of $1.5500 and then at $1.5300.

    November lumber futures closed up $2.10 at $414.20 today. Prices closed nearer the session high today and hit a six-month high. The bulls have the solid overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $400.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the April high of $418.00. First resistance is seen at today’s high of $415.50 and then at $418.00. First support is seen at $410.00 and then at $405.00.

    METALS:

    December gold futures closed up $9.10 at $1,284.00. Prices closed near mid-range and saw short covering and bargain hunting. Bears still have the overall near-term technical advantage. A four-week-old downtrend is still in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today’s high of $1,288.00 and then at $1,293.00. First support is seen at today’s low of $1,277.70 and then at $1,270.00.

    December silver futures closed up $0.135 at $16.925 today. Prices closed near mid-range today on short covering. The silver bears still have the overall near-term technical advantage. Prices are still in a four-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today’s high of $17.03 and then at $17.295. Next support is seen at today’s low of $16.765 and then at $16.50.

    December N.Y. copper closed up 5 points at 302.95 cents today. Prices closed nearer the session high today. The copper bulls have the firm overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the September high of 317.85 cents. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at last week’s high of 305.60 cents and then at 307.50 cents. First support is seen at 300.00 cents and then at 297.50 cents.

    ENERGIES:

    November Nymex crude oil closed up $0.29 at $49.58 today. Prices closed nearer the session high today. The bulls and bears are back on a level overall level near-

    term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at the September high of $52.86. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at $47.00. First resistance is seen at $50.00 and then at Friday’s high of $50.82. First support is last week’s low of $49.10 and then at $48.50.

    November heating oil closed down 62 points at $1.7377 today. Prices closed nearer the session high today. The bulls still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the September high of $1.8586. Bears’ next downside price breakout objective is producing a close below solid technical support at $1.6500. First support lies at today’s low of $1.7200 and then at $1.7000. First resistance is seen at $1.7500 and then at $1.7750.

    November (RBOB) unleaded gasoline closed up 6 points at $1.5594 today. Prices closed nearer the session high. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of $1.6737. Bears’ next downside price breakout objective is closing prices below solid support at $1.5000. First resistance is seen at $1.5700 and then at $1.5917. First support is seen at the September low of $1.5421 and then at $1.5200.

    November natural gas closed down 3.2 cents at $2.831 today. Prices closed nearer the session low and hit a 1.5-year low today. Bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.10. The next downside price breakout objective for the bears is closing prices below solid technical support at $2.70. First resistance is seen at today’s high of $2.886 and then at $2.95. First support is seen at today’s low of $2.827 and then at $2.80.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Euro currency closed up 20 points at 1.1798 today. Prices closed near the session high today on short covering after hitting a nine-week low last Friday. The bulls and bears are on a level overall near-term technical playing field. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.2000. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.1600. First resistance for the Euro lies at 1.1850 and then at 1.1900. Next support is seen at last week’s low of 1.1712 and then at 1.1650.

    The December Japanese yen closed up 30 points at .89025 today. Prices closed nearer the session low today. Bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at .91000. Bears’ next downside breakout objective is closing prices below solid technical support at the July low of .88002. First resistance is seen at last week’s high of .89320 and then at .89500. First support is seen at .88630 and then at last week’s low of .88280.

    The December Swiss franc closed down 20 points at 1.0247 today. Prices closed nearer the session low today and closed at a 4.5-month low close. The Swissy bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0450. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0100. First resistance is seen at today’s high of 1.0277 and then at 1.0300. First support is seen at last week’s low of 1.0199 and then at 1.0150.

    The December Australian dollar closed down 11 points at .7756 today. Prices closed near mid-range today and closed at a nearly three-month low close. The bulls and bears are on a level overall near-term technical playing field. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .7950. The next downside breakout objective for the bears is to produce a close below solid technical support at .7600. First resistance is seen at .7800 and then at .7850. Next support is seen at last week’s low of .7725 and then at .7700.

    The December Canadian dollar closed down 4 points at .7980 today. Prices closed near the session high on tepid short covering after hitting a five-week low on Friday. Bulls have lost their overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is producing a close above chart resistance at .8150. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of .7836. First resistance is seen at .8000 and then at last week’s high of .8036. First support is seen at last week’s low of .7939 and then at .7900.

    The December British pound closed up 84 points at 1.3178 today. Prices closed nearer the session high on short covering after hitting a three-week low on Friday. The bulls and bears are back on a level overall near-term technical playing field. Prices are in a three-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.3500. Bears’ next downside technical breakout objective is closing prices below solid support at 1.3000. First resistance is seen at today’s high of 1.3211 and then at 1.3278. First support is seen at today’s low of 1.3101 and then at last week’s low of 1.3048.

    The December U.S. dollar index closed down 0.146 at 93.495 today. Prices closed near the session low today on a corrective pullback after hitting a 10-week high last Friday. The bears still have the overall near-term technical advantage. However, recent sideways-to-higher price action at suggests a market low is in place. Prices are in a four-week-old uptrend on the daily bar chart. The bulls’ next upside price breakout objective is to close prices above solid technical resistance at 95.000. The next downside price breakout objective for the bears is to produce a close below solid technical support at 92.000. Next resistance lies at 93.840 and then at last week’s high of 94.100. First support is seen at 93.250 and then at 93.000.

    December U.S. T-Bonds closed up 10/32 at 152 7/32 today. Prices closed nearer the session high today, on short covering. Bond market bears have the overall near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the July low of 150 11/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 154 even. First resistance is seen at 152 16/32 and then at 153 even. First support is seen at today’s low of 151 28/32 and then at last week’s low of 151 7/32.

    December U.S. T Notes closed up 3.0 32nds at 125.04.0 today. Prices closed nearer the session high on short covering. The bears still have the overall near-term technical advantage. A steep four-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 126.08.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the July low of 124.14.0. First resistance is seen at Friday’s high of 125.07.0 and then at 125.14.0. First support is seen at 125.00.0 and then at last week’s low of 124.22.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closed mixed today. There were some significant geopolitical events occurring over the weekend. However, the world stock markets have so far mostly shrugged them off as nothing new or major. Thousands of Spaniards on Sunday protested any secession of Catalonia, after that region voted to be independent recently. The U.S. and Turkey saw a diplomatic row escalate over the weekend when both countries put restrictions on visas for the other country. The Turkish lira dropped sharply Monday on the situation. The U.S.-

    North Korea war of words continued during the weekend, with both sides spouting off. President Trump said in a tweet there is only “one thing to do” with North Korea. Trump also got into a Twitter tussle with U.S. Senator Bob Corker. Corker said the White House is like “adult daycare.” There are growing notions that the Trump White House is increasingly chaotic. The U.S. dollar index was lower in early-afternoon U.S. trading, on a normal corrective pullback after hitting a 2.5-month high last Friday. The other key outside market on Monday sees Nymex crude oil futures prices firmer. Oil bulls are fading, however. There are worries recent hurricanes that struck the U.S. will curtail petroleum refining capacity, which means less demand for crude until those refineries are 100% back on line.

    The December Nasdaq 100 stock index futures closed steady at 6,064.25. Prices closed nearer the session low and did hit another contract and record high today. The bulls have the solid overall near-term technical advantage. This market is now due for a good downside correction. Bulls’ next upside price breakout objective is closing prices above solid resistance at 6,200.00. The bears’ next downside price breakout objective is closing prices below solid technical support at 5,902.00. First resistance is seen at today’s contract high of 6,084.00 and then at 6,100.00. First support is seen at 6,050.00 and then at 6,034.00.

    The December e-mini S&P 500 futures stock index futures closed down 1.50 at 2,543.50. Prices closed near mid-range today. The bulls have the solid overall near-term technical advantage. The market is due for a sizeable corrective pullback soon. Bulls’ next upside price objective is closing prices above solid resistance at 2,575.00. The next downside price breakout objective for the bears is closing prices below solid support at 2,500.00. First resistance is seen at the contract high of 2,550.75 and then at 2,565.00. First support is seen at today’s low of 2,539.25 and then at 2,525.00.

    * 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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