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11/29/2017

  • 11/29/2017

    November 29 Daily Markets Update

    LIVESTOCK:

    February live cattle closed up $1.00 at

    $126.67 today. Prices closed near the session high. The cattle market bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at $130.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at

    $120.00. First resistance is seen at $127.00 and then at

    $127.50. First support is seen at today’s low of $125.55 and then at this week’s low of $124.35.

    January feeder cattle closed up $1.30 at $155.80 today.

    Prices closed near the session high today. The cattle market bulls have the overall near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at $159.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $149.30.

    First resistance is seen at $156.00 and then at $157.00.

    First support is seen at today’s low of $154.50 and then at this week’s low of $152.77.

    February lean hogs closed down $0.52 at $71.00 today.

    Prices closed nearer the session low on profit taking after hitting a three-week high on Tuesday. Bulls have the overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the November high of $73.30. The next downside price breakout objective for the bears is pushing prices below solid technical support at $68.00. First resistance is seen at today’s high of $72.25 and then at $73.30. First support is seen at today’s low of $70.62 and then at $70.00.

    GRAINS:

    March corn futures closed up 4 cents at $3.53 3/4 today. Prices closed near the session high on short covering and bargain hunting. The corn bears still have the firm overall near-term technical advantage. More gains this week would suggest prices have put in a bottom. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.65. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the contract low of $3.48 3/4. First resistance is seen at this week’s high of $3.55 1/4 and then at $3.58. First support is seen at

    $3.50 and then at $3.48 3/4.

    January soybeans closed steady at $9.93 a bushel today.

    Prices closed near mid-range today. The bean bulls have the slight overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at the October high of $10.13 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $9.67. First resistance is seen at this week’s high of $10.01 1/2 and then at the November high of

    $10.08 1/4. First support is seen at this week’s low of

    $9.87 1/2 and then at last week’s low of $9.83.

    March soybean meal closed up $1.70 at $331.10 today. Prices closed nearer the session high today. The meal bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of

    $347.70. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $315.00. First resistance comes in at today’s high of $332.60 and then at this week’s high of $335.00.

    First support is seen at this week’s low of $327.90 and then at $325.00.

    March bean oil closed down 10 points at 34.26 cents today.

    Prices closed nearer the session high. The bears have the slight overall near-term technical advantage. A bearish head-and-shoulders top formation has formed on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the November high of 35.80 cents.

    Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 32.72 cents. First resistance is seen at today’s high of 34.39 cents and then at this week’s high of 34.54 cents. First support is seen at 34.00 cents and then at this week’s low of 33.81 cents.

    March Chicago SRW wheat closed up 6 cents at $4.35 1/4 today. Prices closed near the session high and saw short covering. The bears still have the solid overall near-term technical advantage. However, more gains this week would begin to suggest a market bottom is in place. Wheat bulls’

    next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $4.50. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.00. First resistance is seen at

    $4.40 and then at $4.45. First support is seen at today’s low of $4.29 1/4 and then at the contract low of $4.24 1/4.

    March HRW wheat closed up 4 cents at $4.31 3/4 today.

    Prices closed near the session high on short covering after hitting a contract low on Tuesday. The bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the November high of $4.51 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $4.00. First resistance is seen at

    $4.35 and then at $4.40. First support is seen at today’s low of $4.27 1/2 and then at the contract low of $4.22.

    SOFTS:

    March sugar closed up 3 points at 15.07 cents today. Prices closed near mid-range. The sugar bulls have the slight overall near-term technical advantage. Prices are still in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the August high of 15.82 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 14.73 cents. First resistance is seen at today’s high of 15.24 cents and then at Tuesday’s high of 15.38 cents. First support is seen at today’s low of 14.92 cents and then at last week’s low of 14.73 cents.

    March coffee closed up 245 points at 132.30 cents today.

    Prices closed nearer the session high and hit a six-week high today. The coffee bears still have the overall near-

    term technical advantage. However, today’s price action produced a bullish upside “breakout” on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the October high of 135.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of 122.65 cents a pound. First resistance is seen at today’s high of 132.80 cents and then at 135.00 cents. First support is seen at 130.00 cents and then at this week’s low of 126.75 cents.

    March cocoa closed up $57 at $2,106 a ton today. Prices closed nearer the session high on short covering and bargain hunting after recent selling pressure. The cocoa bulls have regained the slight overall near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,150. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of

    $2,032. First resistance is seen at today’s high of $2,118 and then at $2,131. First support is seen at $2,075 and then at $2,050.

    March cotton closed up 110 points at 73.24 cents today.

    Prices closed near the session high today and hit a 2.5-

    month high. The cotton bulls have the firm overall near-

    term technical advantage and gained more power today.

    Prices are in a six-week-old uptrend on the daily bar chart. The next upside price breakout objective for the cotton bulls is to produce a close above solid technical resistance at the September high of 74.20 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 70.00 cents. First resistance is seen at today’s high of 73.29 cents and then at 74.00 cents. First support is seen at 72.50 cents and then at 72.00 cents.

    January orange juice closed down 135 points at $1.6395 today. Prices closed nearer the session low today on more profit taking. Bulls still have the firm overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the November high of $1.6950.

    The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4940. First resistance is seen at this week’s high of

    $1.6750 and then at last week’s high of $1.6820. First support is seen at this week’s low of $1.6310 and then at

    $1.6200.

    January lumber futures closed down $5.40 at $420.80 today.

    The bulls have the overall near-term technical advantage but have faded recently to still strongly suggest a market top is in place. 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

    $440.00. First resistance is seen at $425.00 and then at today’s high of $429.70. First support is seen at $415.00 and then at this week’s low of $411.20.

    METALS:

    February gold futures closed down $12.00 at

    $1,287.20. Prices closed nearer the session low today. The bulls still have the slight overall near-term technical advantage, but need to show fresh power soon to keep it.

    Prices are still in a gentle, four-week-old uptrend on the daily bar chart, but just barely. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,325.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the October low of

    $1,267.00. First resistance is seen at $1,294.00 and then at this week’s high of $1,303.40. First support is seen at today’s low of $1,285.10 and then at $1,280.00.

    March silver futures closed down $0.333 at $16.585 today.

    Prices closed near the session low and hit a six-week low today. The silver bears have gained the overall near-term technical advantage with this week’s price downdraft.

    Prices this week have seen a bearish downside “breakout”

    from a choppy trading range on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $17.59 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.435. First resistance is seen at $16.85 and then at $17.00. Next support is seen at today’s low of $16.56 and then at $16.435.

    March N.Y. copper closed down 295 points at 306.90 cents today. Prices closed near the session low again today on more profit taking and weak long liquidation. The copper bulls still have the overall near-term technical advantage,

    but are fading. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 320.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 311.25 cents and then at Tuesday’s high of 315.80 cents. First support is seen at the November low of 305.50 cents and then at 302.50 cents.

    ENERGIES:

    January Nymex crude oil closed down $0.58 at

    $57.41 today. Prices closed near mid-range and saw more profit taking after hitting a nearly 2.5-year high last Friday. The bulls still have the overall level near-term technical advantage. However, my bias is that price levels above $60.00 will not hold. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at $60.00. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at

    $55.00. First resistance is seen at $58.00 and then at today’s high of $58.30. First support is seen at today’s low of $56.75 and then at $55.00.

    January heating oil closed down 250 points at $1.9279 today. Prices closed nearer the session low today on profit taking. The bulls still have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at $1.8500. First support lies at today’s low of

    $1.9160 and then at $1.9000. First resistance is seen at this week’s high of $1.9652 and then at $2.0000.

    January (RBOB) unleaded gasoline closed down 347 points at

    $1.7339 today. Prices closed near the session low today on profit taking. The bulls still have the firm overall near-

    term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $1.9000. Bears’ next downside price breakout objective is closing prices below solid support at

    $1.7000. First resistance is seen at today’s high of 1.7760 and then at this week’s high of $1.7940. First support is seen at today’s low of $1.7283 and then at the November low of $1.7106.

    January natural gas closed up 4.6 cents at $3.174 today.

    Prices closed near mid-range today on more heavy short covering after hitting a 1.5-year low last Friday. Bears still have the overall near-term technical advantage.

    However, this week’s upside price action suggests prices Friday put in a spike low. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the November high of $3.321. The next downside price breakout objective for the bears is closing prices below solid technical support at last Friday’s spike low of $2.903. First resistance is seen at today’s high of $3.218 and then at $3.25. First support is seen at today’s low of $3.127 and then at $3.10.

    STOCKS, FINANCIALS, CURRENCIES:

    The March Euro currency closed up 24 points at 1.1944 today. Prices closed nearer the session high. The bulls have the slight overall near-

    term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the September high of 1.2211. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.1800. First resistance for the Euro lies at today’s high of 1.1965 and then at 1.2000. Next support is seen at today’s low of 1.1900 and then at 1.1850.

    The March Japanese yen closed down 200 points at .89960 today. Prices closed near mid-range on another corrective pullback after hitting a two-month high on Monday. Bulls still have the slight overall near-term technical advantage. Prices are in a three-week-old uptrend. Bulls’

    next upside price breakout objective is closing prices above solid resistance at .91500. Bears’ next downside breakout objective is closing prices below solid technical support at .89000. First resistance is seen at today’s high of .90285 and then at this week’s high of .90730. First support is seen at today’s low of .89700 and then at

    .89500.

    The March Swiss franc closed up 6 points at 1.0249 today.

    Prices closed near mid-range. The Swissy bears have the slight overall near-term technical advantage. However,

    prices are in a four-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0400.

    The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 1.0144. First resistance is seen at this week’s high of 1.0307 and then at 1.0350. First support is seen at today’s low of 1.0225 and then at 1.0200.

    The March Australian dollar closed down 20 points at .7572 today. Prices closed near mid-range today. The bears have the firm overall near-term technical advantage. Prices have been trending lower for 2.5 months. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .7750. The next downside breakout objective for the bears is to produce a close below solid technical support at .7400. First resistance is seen at today’s high of .7602 and then at this week’s high of

    .7638. Next support is seen at today’s low of .7548 and then at the November low of .7527.

    The March Canadian dollar closed down 21 points at .7791 today. Prices closed near mid-range and hit a four-week low today. Bears have the overall near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at .8000. The next downside price breakout objective for the bears is closing prices below solid technical support at .7700. First resistance is seen at today’s high of .7820 and then at

    .7829. First support is seen at today’s low of .7780 and then at the October low of .7754.

    The March British pound closed up 51 points at 1.3474 today. Prices closed nearer the session high and hit a two-

    month high today. The bulls have the firm overall near-term technical advantage. Prices are in a four-week-old uptrend.

    The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of 1.3666. Bears’ next downside technical breakout objective is closing prices below solid support at 1.3100. First resistance is seen at today’s high of 1.3492 and then at 1.3600. First support is seen at 1.3400 and then at 1.3350.

    The March U.S. dollar index closed down 0.106 at 92.802 today. Prices closed near mid-range. The bears have the overall near-term technical advantage. The bulls’ next upside price breakout objective is to close prices above solid technical resistance at the November high of 95.070.

    The next downside price breakout objective for the bears is to produce a close below solid technical support at the September low of 90.680. Next resistance lies at today’s high of 93.060 and then at 93.500. First support is seen at Tuesday’s low of 92.470 and then at this week’s low of 92.130.

    March U.S. T-Bonds closed down 31/32 at 152 7/32 today.

    Prices closed nearer the session low today. Bond market bulls have lost their slight overall near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 151 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 155 even. First resistance is seen at 153 even and then at this week’s high of 153 24/32. First support is seen at today’s low of 151 24/32 and then at 151 16/32.

    March U.S. T Notes closed down 9.0 (32nds) at 124.14.5 today. Prices closed nearer the session low today. The bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the October high of 125.14.5. The next downside price breakout objective for the bears is producing a close below solid technical support at the October low of 123.27.0. First resistance is seen at 124.20.0 and then at today’s high of 124.27.5.

    First support is seen at today’s low of 124.08.5 and then at 124.06.5.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closed lower on profit taking today. The indexes hit record highs earlier this week. The world marketplace did not react significantly to news late Tuesday that North Korea launched another ballistic missile—one the U.S. military said could reach anywhere in the world. The U.S. has called an emergency meeting of the United Nations Security Council, after the North Korea missile launch. President Trump on Tuesday said of the missile firing: “We will take care of that situation.” Investors and traders are awaiting the results of a U.S. tax-cut plan being pushed through Congress. The Senate is likely to vote on the tax legislation later this week. It is not a clear-cut consensus that this bill will pass the Senate. Federal Reserve Chair Janet Yellen spoke to Congress Wednesday morning on the U.S. economic outlook. It was likely her last appearance before lawmakers. She made no comments that were deemed markets-moving. The OPEC oil cartel meets on Thursday to discuss extending its oil-production quotas.

    Most believe the cartel will indeed stick to its present overall production level.

    The March Nasdaq 100 stock index futures closed down 111.00 at 6,326.00. Prices closed nearer the session low on heavy profit taking after hitting a contract and record high on Tuesday. The bulls still have the firm overall near-term technical advantage. However, good follow-through selling on Thursday or Friday would suggest a market top is in place. Bulls’ next upside price breakout objective is closing prices above solid resistance at 6,500.00. The bears’ next downside price breakout objective is closing prices below solid technical support at 6,200.00. First resistance is seen at 6,350.00 and then at 6,375.00. First support is seen at today’s low of 6,301.00 and then at 6,247.00.

    The March e-mini S&P 500 futures stock index futures closed steady at 2,627.50. Prices closed near mid-range and set another contract and record high today. The bulls have the solid overall near-term technical advantage. There are no early chart clues to suggest a market top is close at hand.

    Bulls’ next upside price objective is closing prices above solid resistance at 2,650.00. The next downside price breakout objective for the bears is closing prices below solid support at the November low of 2,555.50. First resistance is seen at the contract high of 2,636.00 and then at 2,650.00. First support is seen at 2,600.00 and then at 2,590.75.

    * 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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