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11/16/2017

  • 11/16/2017

    November 16 Daily Markets Update

    LIVESTOCK:

    December live cattle closed down $0.60 at$119.60 today. Prices closed nearer the session low today.The cattle market bulls still have the overall near-termtechnical advantage but it appears a near-term market topis in place. Bulls’ next upside price objective is to pushand close prices above solid resistance at the contracthigh of $127.87. The next downside technical breakoutobjective for the bears is pushing and closing prices belowsolid technical support at $115.00. First resistance isseen at $120.92 and then at this week’s high of $121.72.First support is seen at this week’s low of $118.77 andthen at $118.00.

    January feeder cattle closed down $0.50 at $153.75 today.Prices closed near mid-range. The cattle market bulls havethe overall near-term technical advantage but have fadedrecently. The next upside price objective for the feederbulls is to push and close prices above technicalresistance at the contract high of $162.07. The nextdownside price breakout objective for the bears is to pushand close prices below solid technical support at $155.00.First resistance is seen at $155.00 and then at $156.87.First support is seen at this week’s low of $152.75 andthen at $152.00.

    December lean hogs closed down $1.12 at $60.00 today.Prices closed near the session low today. Bears have theoverall near-term technical advantage. Prices are in asteep three-week old downtrend on the daily bar chart. Thenext upside price breakout objective for the hog bulls isto push and close prices above solid chart resistance at$64.00. The next downside price breakout objective for thebears is pushing prices below solid technical support atthe August low of $55.77. First resistance is seen attoday’s high of $61.55 and then at this week’s high of$62.92. First support is seen at this week’s low of $59.25and then at $58.00.

    GRAINS:

    March corn futures closed down 2 cents at $3.49today. Prices closed near the session low and hit anothercontract low today. The corn bears have the solid overallnear-term technical advantage. There are no early technicalclues that a market bottom is close at hand. The nextupside price objective for the bulls is to push and closeprices above solid technical resistance at $3.60. The nextdownside price breakout objective for the bears is pushingand closing prices below solid support at $3.40. Firstresistance is seen at today’s high of $3.51 1/2 and then at$3.54 3/4. First support is seen at today’s contract low of$3.48 3/4 and then at $3.46.

    January soybeans closed down 5 1/4 cents at $9.71 a busheltoday. Prices closed nearer the session low today. The beanbears have the overall near-term technical advantage. Thenext near-term upside technical breakout objective for thesoybean bulls is pushing and closing prices above solidresistance at $10.00 a bushel. The next downside pricebreakout objective for the bears is pushing and closingprices below solid technical support at the October low of$9.63 1/4. First resistance is seen at today’s high of$9.78 1/4 and then at this week’s high of $9.90 1/4. Firstsupport is seen at this week’s low of $9.67 and then at$9.63 1/4.

    March soybean meal closed down $0.90 at $315.60 today.Prices closed nearer the session low and closed at a seven-

    week low close today. The meal bears have the overall near-

    term technical advantage. The next upside price breakoutobjective for the bulls is to produce a close above solidtechnical resistance at last week’s high of $327.00. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support at$310.00. First resistance comes in at today’s high of$317.90 and then at $320.00. First support is seen at thisweek’s low of $315.00 and then at $312.50.

    March bean oil closed down 25 points at 34.83 cents today.Prices closed nearer the session low today. The bulls havethe overall near-term technical advantage. However, abearish head-and-shoulders top formation has formed on thedaily bar chart. The next upside price breakout objectivefor the bean oil bulls is pushing and closing prices abovesolid technical resistance at the November high of 35.80cents. Bean oil bears’ next downside technical pricebreakout objective is pushing and closing prices belowsolid technical support at 33.50 cents. First resistance isseen at 35.00 cents and then at this week’s high of 35.19cents. First support is seen at 34.75 cents and then atthis week’s low of 34.38 cents.

    March Chicago SRW wheat closed unchanged at $4.37 3/4today. Prices closed nearer the session low. The bears havethe solid overall near-term technical advantage. Wheatbulls’ next upside breakout objective is to push and closeChicago SRW prices above solid technical resistance at$4.65. The next downside price breakout objective for thewheat futures bears is pushing and closing prices belowsolid technical support at $4.25. First resistance is seenat Wednesday’s high of $4.45 1/4 and then at last week’shigh of $4.50 1/4. First support is seen at today’s low of$4.36 1/2 and then at the contract low of $4.33 3/4.

    March HRW wheat closed down 1 cent at $4.34 1/4 today.Prices closed nearer the session low today. The bears havethe solid overall near-term technical advantage. Bulls’next upside price breakout objective is pushing and closingprices above solid technical resistance at the Septemberhigh of $4.77 1/2. The bears’ next downside breakoutobjective is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen at$4.40 and then at Wednesday’s high of $4.45 3/4. Firstsupport is seen at the contract low of $4.31 1/4 and thenat $4.25.

    SOFTS:

    March sugar closed up 17 points at 15.26 centstoday. Prices closed near the session high and hit a 3.5-

    month high today. The sugar bulls have the overall near-

    term technical advantage. Prices are in a three-week-olduptrend on the daily bar chart. Bulls’ next upside pricebreakout objective is to push and close prices above solidtechnical resistance at the August high of 15.82 cents.Bears’ next downside price breakout objective is to pushand close prices below solid technical support at theNovember low of 14.15 cents. First resistance is seen attoday’s high of 15.28 cents and then at 15.50 cents. Firstsupport is seen at 15.00 cents and then at this week’s lowof 14.86 cents.

    December coffee closed down 15 points at 126.60 centstoday. Prices closed near mid-range today. The coffee bearshave the firm overall near-term technical advantage.However, recent price action suggests “basing” at lowerlevels that puts in market bottoms. The next upsidebreakout objective for the bulls is to close prices abovesolid technical resistance at the October high of 132.70cents. The next downside price breakout objective for thebears is closing prices below solid technical support atthe June low of 119.10 cents a pound. First resistance isseen at this week’s high of 129.00 cents and then at 130.00cents. First support is seen at this week’s low of 124.25cents and then at last week’s low of 122.25 cents.

    December cocoa closed down $23 at $2,110 a ton today.Prices closed near the session low on profit taking today.The cocoa bulls still have the overall near-term technicaladvantage. The next upside price breakout objective for thecocoa bulls is to push and close prices above solidtechnical resistance at the January high of $2,275. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support atlast week’s low of $2,035. First resistance is seen attoday’s high of $2,158 and then at $2,200. First support isseen at $2,100 and then at this week’s low of $2,082.

    December cotton closed up 50 points at 69.31 cents today.Prices closed nearer the session high today on shortcovering. The cotton bears have the overall near-termtechnical advantage amid recent choppy and sidewaystrading. The next upside price breakout objective for thecotton bulls is to produce a close above solid technicalresistance at the October high of 70.22 cents. The nextdownside price breakout objective for the cotton bears isto push and close prices below solid technical support atthe October low of 66.84 cents. First resistance is seen atthis week’s high of 69.68 cents and then at 70.00 cents.First support is seen at today’s low of 68.79 cents andthen at 68.50 cents.

    January orange juice closed up 320 points at $1.6620 today.Prices closed nearer the session high and closed at another10-month high close today. Bulls have the solid overallnear-term technical advantage. The next upside pricebreakout objective for the COJ bulls is pushing and closingprices above technical resistance at this week’s high of$1.6950. The next downside technical breakout objective forthe FCOJ bears is to produce a close below solid technicalsupport at $1.4940. First resistance is seen at today’shigh of $1.6700 and then at $1.6950. First support is seenat today’s low of $1.6220 and then at $1.6000.

    January lumber futures closed up $0.30 at $449.70 today.Prices closed near the session low on mild profit taking.Prices hit a contract high last Friday. The bulls have thesolid overall near-term technical advantage. The nextdownside technical breakout objective for the lumber bearsis pushing and closing prices below solid technical supportat $430.00. The next upside price breakout objective forthe bulls is pushing and closing prices above solidtechnical resistance at $475.00. First resistance is seenat today’s high of $455.90 and then at the contract high of$461.90. First support is seen at this week’s low of$444.50 and then at $440.00.

    METALS:

    December gold futures closed up $0.40 at$1,278.20. Prices closed near mid-range today. Prices arestill in a sideways and choppy trading range on the dailybar chart. Bulls and bears are on a level overall near-termtechnical playing field. Gold bulls’ next upside near-termprice breakout objective is to produce a close above solidtechnical resistance at $1,300.00. Bears’ next near-termdownside price breakout objective is pushing prices belowsolid technical support at the October low of $1,262.80.First resistance is seen at $1,285.00 and then at thisweek’s high of $1,290.00. First support is seen at thisweek’s low of $1,269.70 and then at $1,262.80. Wyckoff’sMarket Rating: 5.0

    December silver futures closed up $0.099 at $17.065 today.Prices closed nearer the session high today. The silverbulls and bears are on a level overall near-term technicalplaying field. Silver bulls’ next upside price breakoutobjective 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 this week’s high of $17.205 and thenat last week’s high of $17.27. Next support is seen at thisweek’s low of $16.82 and then at $16.60.

    December N.Y. copper closed down 55 points at 304.95 centstoday. Prices closed nearer the session low and closed at afive-week low close today. The copper bulls still have theoverall near-term technical advantage but are fading asprices have been trending lower for four weeks. Copperbulls’ next upside price objective is pushing and closingprices above solid technical resistance at the Septemberhigh of 317.85 cents. The next downside price objective forthe bears is closing prices below solid technical supportat 300.00 cents. First resistance is seen at today’s highof 307.90 cents and then at 310.00 cents. First support isseen at this week’s low of 303.40 cents and then at 302.00cents.

    ENERGIES:

    December Nymex crude oil closed down $0.24 at$55.09 today. Prices closed near mid-range today on moreprofit taking and weak long liquidation. The bulls stillhave the overall level near-term technical advantage buthave faded this week to suggest a market top is in place.The next near-term upside price breakout objective for thecrude oil bulls is pushing prices above resistance at theJanuary high of $58.44. The next near-term downside pricebreakout objective for the crude oil bears is to produce aclose below solid technical support at $54.00. Firstresistance is seen at today’s high of $55.62 and then at$56.00. First support is seen at today’s low of $55.09 andthen at $54.50.

    December heating oil closed down 68 points at $1.9019today. Prices closed nearer the session low today. Thebulls still have the solid overall near-term technicaladvantage. The bulls’ next upside price breakout objectiveis closing prices above solid technical resistance at$2.0000. Bears’ next downside price breakout objective isproducing a close below solid technical support at $1.8000.First support lies at this week’s low of $1.8824 and thenat $1.8500. First resistance is seen at Tuesday’s high of$1.9346 and then at the contract high of $1.9563.

    December (RBOB) unleaded gasoline closed down 251 points at$1.7137 today. Prices closed near the session low and hit athree-week low on more profit taking. The bulls still havethe overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $1.9500. Bears’ nextdownside price breakout objective is closing prices belowsolid support at $1.7000. First resistance is seen at$1.7520 and then at $1.7792. First support is seen attoday’s low of $1.7121 and then at $1.7000.

    December natural gas closed down 1.9 cents at $3.061 today.Prices closed nearer the session low. Bears have theoverall 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 atthe November low of $2.847. First resistance is seen attoday’s high of $3.11 and then at $3.153. First support isseen at today’s low of $3.046 and then at $3.00.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Eurocurrency closed down 30 points at 1.1782 today. Pricesclosed nearer the session low on more short-term profittaking after hitting a three-week high on Wednesday. Thebulls and bears are on a level overall near-term technicalplaying field. However, the bulls still have some momentumon their side. 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 Novemberlow of 1.1578. First resistance for the Euro lies attoday’s high of 1.1819 and then at this week’s high of1.1881. Next support is seen at 1.1750 and then at 1.1700.

    The December Japanese yen closed down 100 points at .88595today. Prices closed near mid-range today. Bears have theoverall 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 .89030 and then at .89500. Firstsupport is seen at Wednesday’s low of .88225 and then at.88000.

    The December Swiss franc closed down 55 points at 1.0079today. Prices closed nearer the session low. The Swissybears have the overall near-term technical advantage. Thenext upside price breakout objective for the bulls isclosing prices above solid resistance at 1.0300. The nextdownside price breakout objective for the bears is closingprices below solid technical support at the November low of.9991. First resistance is seen at today’s high of 1.0136and then at this week’s high of 1.0176. First support isseen at today’s low of 1.0075 and then at this week’s lowof 1.0034.

    The December Australian dollar closed up 6 points at .7587today. Prices closed near mid-range and hit another four-

    month low today. The bears have the overall near-termtechnical advantage. Prices have been trending lower fortwo months. Bulls’ next upside price breakout objective isclosing prices above solid chart resistance at .7800. Thenext downside breakout objective for the bears is toproduce a close below solid technical support at .7500.First resistance is seen at this week’s high of .7663 andthen at last week’s high of .7698. Next support is seen attoday’s low of .7566 and then at .7550.

    The December Canadian dollar closed up 10 points at .7845today. Prices closed near mid-range today. Bears have theoverall near-term technical advantage. Prices are still ina two-month-old downtrend on the daily bar chart. Bulls’next upside price breakout objective is producing a closeabove chart resistance at .8050. The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at .7650. First resistance is seenat .7876 and then at .7900. First support is seen at thisweek’s low of .7821 and then at last week’s low of .7802.

    The December British pound closed up 19 points at 1.3195today. Prices closed nearer the session high today. Thebulls and bears are on a level overall near-term technicalplaying field. The next upside price breakout objective forthe bulls is closing prices above solid technicalresistance at the October high of 1.3363. Bears’ nextdownside technical breakout objective is closing pricesbelow solid support at 1.2900. First resistance is seen atlast week’s high of 1.3243 and then at 1.3300. Firstsupport is seen at today’s low of 1.3145 and then at thisweek’s low of 1.3074.

    The December U.S. dollar index closed up 0.128 at 93.854today. Prices closed nearer the session high today. Thebulls and bears are on a level overall near-term technicalplaying field. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at the November high of 95.070. 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 94.000 andthen at this week’s high of 94.545. First support is seenat this week’s low of 93.305 and then at 93.000.

    December U.S. T-Bonds closed down 16/32 at 153 16/32 today.Prices closed near the session low on a corrective pullbackfrom this week’s good gains. Bond market bulls and bearsare on a level overall near-term technical playing field.The next downside price breakout objective for the T-Bondbears is closing prices below solid technical support atthe October low of 150 10/32. The next upside technicalobjective for the bulls is to produce a close above solidtechnical resistance at the November high of 154 26/32.First resistance is seen at this week’s high of 154 9/32and then at 154 26/32. First support is seen at Wednesday’slow of 153 1/32 and then at this week’s low of 152 1/32.

    December U.S. T Notes closed down 6.5 (32nds) at 124.27.0today. Prices closed nearer the session low today. Thebears have the overall near-term technical advantage.However, a bullish head-and-shoulders bottom reversalpattern has formed on the daily bar chart. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at the October high of 125.25.5. Thenext downside price breakout objective for the bears isproducing a close below solid technical support at theOctober low of 124.06.0. First resistance is seen at125.00. and then at this week’s high of 125.07.0. Firstsupport is seen at Wednesday’s low of 124.24.0 and then at124.20.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closedsolidly higher today. The House passage of a tax-reformbill helped to lift the indexes. World stock markets weremostly firmer Thursday on corrective bounces from sellingpressure seen earlier this week. The key outside markets onThursday saw the U.S. dollar index slightly higher on acorrective bounce from good selling pressure seen earlierthis week. The greenback bulls have faded, technically,this week. The Euro currency is lower on a pullback fromthis week’s good gains. Euro bulls have gained technicalstrength this week to suggest at least sideways trading inthe near term. Meantime, Nymex crude oil futures priceswere near steady in afternoon action and trading just above$55.00 a barrel. Prices are well down from the early-

    November high and the crude oil market appears to havetopped out for now. Bearish fundamental news this week—

    forecast lower worldwide demand from the IEA and a bearishDOE weekly storage report—have helped to pressure oilprices lower.

    The December Nasdaq 100 stock index futures closed up 77.25at 6,343.00. Prices closed nearer the session high and hita fresh contract and record high today. The bulls have thesolid overall near-term technical advantage and gained morepower today. Bulls’ next upside price breakout objective isclosing prices above solid resistance at 6,500.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,200.00. Firstresistance is seen at today’s contract high of 6,358.50 andthen at 6,400.00. First support is seen at 6,300.00 andthen at today’s low of 6,260.75.

    The December e-mini S&P 500 futures stock index futuresclosed up 19.25 at 2,583.75. Prices closed nearer thesession high. The bulls still have the firm overall near-

    term technical advantage and gained fresh power today.Bulls’ next upside price objective is closing prices abovesolid resistance at 2,600.00. The next downside pricebreakout objective for the bears is closing prices belowsolid support at 2,550.00. First resistance is seen attoday’s high of 2,589.50 and then at the contract high of2,594.50. First support is seen at today’s low of 2,562.25and then at this week’s low of 2,555.50.

    *  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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