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11/9/2017

  • 11/9/2017

    November 9 Daily Markets Update

    LIVESTOCK:

    December live cattle closed down $0.57 at$122.35 today. Prices closed near mid-range and saw moreprofit taking after hitting hit a contract high last week.The cattle market bulls still have the overall near-termtechnical advantage but they appear tired now. Prices arestill in a 10-week-old uptrend on the daily bar chart.While there are no strong, early clues that a market top isclose at hand, more selling pressure on Friday wouldsuggest such. 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 $119.00. First resistance isseen at Wednesday’s high of $124.57 and then at $125.60.First support is seen at today’s low of $122.00 and then at$121.62.

    January feeder cattle closed up $0.87 at $157.77 today.Prices closed nearer the session high today. The cattlemarket bulls have the overall near-term technicaladvantage. 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 $159.00 and then at $160.00.First support is seen at today’s low of $155.90 and then at$155.00.

    December lean hogs closed down $0.37 at $63.17 today.Prices closed near mid-range and hit a three-week low onmore profit taking after hitting a contract high last week.Bulls still have the overall near-term technical advantage,but are fading quickly and a market top appears to be inplace. The next upside price objective for the hog bulls isto push and close prices above solid chart resistance atthe contract high of $68.17. The next downside pricebreakout objective for the bears is pushing prices belowsolid technical support at $61.00. First resistance is seenat today’s high of $63.90 and then at this week’s high of$65.15. First support is seen at today’s low of $62.62 andthen at $62.00.

    GRAINS:

    March corn futures closed down 6 1/4 cents at$3.55 today. Prices closed nearer the session low and hit afresh contract low today. A bearish USDA report sunk thecorn market today. Today’s downside breakout from thesideways trading range suggests some more price pressureforthcoming, although I still don’t see a lot of pressure,given the already low prices. The corn bears have the solidoverall near-term technical advantage. The next upsideprice objective for the bulls is to push and close pricesabove solid technical resistance at $3.65. The nextdownside price breakout objective for the bears is pushingand closing prices below solid support at $3.50. Firstresistance is seen at $3.60 and then at today’s high of$3.62 1/2. First support is seen at today’s low of $3.54and then at $3.52.

    January soybeans closed down 14 1/4 cents at $9.84 a busheltoday. Prices closed near the session low today and scoreda big and bearish “outside day” down on the daily barchart, after hitting a four-week high early on. The beanswere pressured by a bearish USDA report today. The beanbulls have lost their slight overall near-term technicaladvantage. The next near-term upside technical breakoutobjective for the soybean bulls is pushing and closingprices above solid resistance at the October high of $10.13a bushel. The next downside price breakout objective forthe bears is pushing and closing prices below solidtechnical support at the October low of $9.63 1/4. Firstresistance is seen at $9.90 and then at $10.00. Firstsupport is seen at $9.81 and then at $9.75.

    March soybean meal closed down $3.70 at $317.20 today.Prices closed nearer the session low and scored a big andbearish “outside day” down on the daily bar chart today.

    The meal bulls and bears are on a level overall near-termtechnical playing field but the bulls faded today. The nextupside price breakout objective for the bulls is to producea close above solid technical resistance at today’s high of$327.00. The next downside price breakout objective for thebears is pushing and closing prices below solid technicalsupport at $310.00. First resistance comes in at $320.00and then at $323.30. First support is seen at $316.20 andthen at $315.00. Wyckoff’s Market Rating: 5.0

    March bean oil closed down 25 points at 35.50 cents today.Prices closed nearer the session low today on profit takingafter hitting a seven-week high early on today. The bullshave the overall near-term technical advantage. Prices arein a five-week-old uptrend on the daily bar chart. The nextupside price breakout objective for the bean oil bulls ispushing and closing prices above solid technical resistanceat the September high of 36.42 cents. Bean oil bears’ nextdownside technical price breakout objective is pushing andclosing prices below solid technical support at 33.00cents. First resistance is seen at today’s high of 35.80cents and then at 36.00 cents. First support is seen at35.29 cents and then at 35.00 cents.

    March Chicago SRW wheat closed up 2 cents at $4.45 3/4today. Prices closed nearer the session high on tepid shortcovering. The bears still have the firm overall near-termtechnical advantage. Wheat bulls’ next upside breakoutobjective is to push and close Chicago SRW prices abovesolid technical resistance at $4.70. The next downsideprice breakout objective for the wheat futures bears ispushing and closing prices below solid technical support at$4.25. First resistance is seen at $4.50 and then at $4.55.First support is seen at today’s low of $4.39 3/4 and thenat the contract low of $4.33 3/4.

    March HRW wheat closed up 1 1/2 cents at $4.46 1/2 today.Prices closed nearer the session high today on shortcovering. The bears have the firm overall near-termtechnical advantage. Bulls’ next upside price breakoutobjective is pushing and closing prices above solidtechnical resistance at the September high of $4.77 1/2.The bears’ next downside breakout objective is pushing andclosing prices below solid technical support at $4.25.First resistance is seen at $4.50 and then at $4.55. Firstsupport is seen at today’s low of $4.40 and then at thecontract low of $4.31 1/4.

    SOFTS:

    March sugar closed up 4 points at 14.88 centstoday. Prices closed nearer the session high and hitanother six-week high on more short covering. The sugarbulls and bears are on a level overall near-term technicalplaying field but the bulls have momentum. Bulls’ nextupside price breakout objective is to push and close pricesabove solid technical resistance at the September high of15.20 cents. Bears’ next downside price breakout objectiveis to push and close prices below solid technical supportat the September low of 13.72 cents. First resistance isseen at the today’s high of 14.94 cents and then at 15.00cents. First support is seen at today’s low of 14.74 centsand then at 14.62 cents.

    December coffee closed up 45 points at 126.20 cents today.Prices closed near mid-range on more tepid short covering.The coffee 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 lastweek’s high of 127.75 cents and then at 130.00 cents. Firstsupport is seen at 124.20 cents and then at this week’s lowof 122.25 cents.

    December cocoa closed down $26 at $2,190 a ton today.Prices closed nearer the session low on normal profittaking after hitting a more-than 10-month high onWednesday. The cocoa bulls still have the firm overallnear-term technical advantage. The next upside pricebreakout objective for the cocoa bulls is to push and closeprices above solid technical resistance at the January highof $2,275. The next downside price breakout objective forthe bears is pushing and closing prices below solidtechnical support at last week’s low of $2,035. Firstresistance is seen at this week’s high of $2,228 and thenat $2,250. First support is seen at Wednesday’s low of$2,164 and then at $2,150.

    December cotton closed down 21 points at 68.42 cents today.Prices closed nearer the session low today after hitting atwo-week high early on. The cotton bears have the overallnear-term technical advantage amid recent choppy andsideways trading. The next upside price breakout objectivefor the cotton bulls is to produce a close above solidtechnical resistance at the October 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 69.48cents. First support is seen at 68.00 cents and then at67.80 cents.

    January orange juice closed up 25 points at $1.6100 today.Prices closed near the session high and hit another three-

    week high today. The FCOJ 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 the October high of$1.6340. 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 $1.6120 and then at $1.6340. First support is seenat $1.5800 and then at this week’s low of $1.5585.

    January lumber futures closed up $0.10 at $455.90 today.Prices closed nearer the session high. Prices hit acontract high on Tuesday. 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 $430.00.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat $475.00. First resistance is seen at the contract highof $459.60 and then at $465.00. First support is seen atWednesday’s low of $451.60 and then at $449.60.

    METALS:

    December gold futures closed up $4.30 at$1,288.10. Prices closed nearer the session high and hitanother three-week high today. This week’s price action hasproduced a bullish upside “breakout” from a recent sidewaystrading range on the daily bar chart. Bulls have the slightoverall near-term technical advantage. Gold bulls’ nextupside near-term price breakout objective is to produce aclose above solid technical resistance at $1,300.00. Bears’next near-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at $1,292.90 and thenat $1,300.00. First support is seen at today’s low of$1,280.50 and then at Wednesday’s low of $1,276.10.

    December silver futures closed down $0.148 at $16.99 today.Prices closed nearer the session low today. The silverbulls have the slight overall near-term technical advantagebut need to show fresh power soon to keep it. Silver bulls’next upside price breakout objective is closing pricesabove solid technical resistance at $17.50 an ounce. Thenext downside price breakout objective for the bears isclosing prices below solid support at the October low of$16.345. First resistance is seen at today’s high of$17.145 and then at this week’s high of $17.27. Nextsupport is seen at this week’s low of $16.795 and then at$16.60.

    December N.Y. copper closed down 145 points at 308.50 centstoday. Prices closed nearer the session low and hit a four-

    week low today. The copper bulls have the overall near-termtechnical advantage, but are fading as prices have beentrending lower for three weeks. Copper bulls’ next upsideprice objective is pushing and closing prices above solidtechnical resistance at the October high of 325.95 cents.The next downside price objective for the bears is closingprices below solid technical support at 300.00 cents. Firstresistance is seen at 312.00 cents and then at 315.00cents. First support is seen at today’s low of 305.85 centsand then at 303.00 cents.

    ENERGIES:

    December Nymex crude oil closed up $0.35 at$57.16 today. Prices closed near mid-range. The bulls havethe firm overall level near-term technical advantage.However, I still see limited upside in crude oil as pricesapproach $60.00 a barrel. The next near-term upside pricebreakout objective for the crude oil bulls is pushingprices above resistance at the January high of $58.44. Thenext near-term downside price breakout objective for thecrude oil bears is to produce a close below solid technicalsupport at $54.00. First resistance is seen at today’s highof $57.53 and then at this week’s high of $57.92. Firstsupport is seen at today’s low of $56.69 and then at$56.41.

    December heating oil closed up 241 points at $1.9457 today.Prices closed nearer the session high today and hit a 22-

    month high. The bulls have the solid overall near-termtechnical advantage. The bulls’ next upside price breakoutobjective is closing prices above solid technicalresistance at $2.0000. Bears’ next downside price breakoutobjective is producing a close below solid technicalsupport at $1.8000. First support lies at $1.9000 and thenat this week’s low of $1.8814. First resistance is seen attoday’s contract high of $1.9527 and then at $1.9800.

    December (RBOB) unleaded gasoline closed down 16 points at$1.8197 today. Prices closed near mid-range on mild profittaking after hitting a 27-month high on Wednesday. Thebulls have the solid overall near-term technical advantage.The next upside price breakout objective for the bulls isclosing prices above solid technical resistance at $1.9500.Bears’ next downside price breakout objective is closingprices below solid support at $1.7000. First resistance isseen at this week’s high of $1.8402 and then at $1.8500.First support is seen at this week’s low of $1.7875 andthen at $1.7500.

    December natural gas closed up 2.6 cents at $3.201 today.Prices closed nearer the session high again today and hit asix-week high on more short covering and bargain hunting.Bulls and bears are back on a levelt overall near-termtechnical playing field. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at $3.25. The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at the November low of $2.847.First resistance is seen at today’s high of $3.217 and thenat $3.25. First support is seen at today’s low of $3.152and then at $3.114.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Eurocurrency closed up 47 points at 1.1667 today. Prices closednearer the session high on short covering. Prices Tuesdayhit a 3.5-month low. The bears still have the overall near-

    term technical advantage. Prices are in a two-month-olddowntrend on the daily bar chart. Euro bulls’ next upsideprice breakout objective is pushing and closing pricesabove solid technical resistance at the October high of1.1921. The next downside price breakout objective for thebears is closing prices below solid chart support at1.1500. First resistance for the Euro lies at today’s highof 1.1677 and then at 1.1700. Next support is seen attoday’s low of 1.1608 and then at this week’s low of1.1578.

    The December Japanese yen closed up 430 points at .88460today. Prices closed nearer the session high today on shortcovering. Prices Monday hit a contract low. Bears stillhave the firm overall near-term technical advantage. Bulls’next upside price breakout objective is closing pricesabove solid resistance at the October high of .89800.Bears’ next downside breakout objective is closing pricesbelow solid technical support at .80000. First resistanceis seen at .88710 and then at .89000. First support is seenat .88000 and then at today’s low of .87800. Wyckoff’sMarket Rating: 2.0

    The December Swiss franc closed up 67 points at 1.0090today. Prices closed nearer the session high today andscored a bullish “outside day” up, on short covering. TheSwissy bears still have the firm overall near-termtechnical advantage. The next upside price breakoutobjective for the bulls is closing prices above solidresistance at 1.0250. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at .9900. First resistance is seen attoday’s high of 1.0101 and then at 1.0150. First support isseen at 1.0050 and then at today’s low of 1.005.

    The December Australian dollar closed up 7 points at .7681today. Prices closed nearer the session high on tepid shortcovering. The bears still 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 .7698 andthen at last week’s high of .7726. Next support is seen attoday’s low of .7647 and then at the October low of .7621.

    The December Canadian dollar closed up 33 points at .7894today. Prices closed nearer the session high today and hita two-week high on more short covering. Bears still havethe overall near-term technical advantage. Prices are stillin a two-month-old downtrend on the daily bar chart, butnow just barely. Bulls’ next upside price breakoutobjective is producing a close above chart resistance at.8050. The next downside price breakout objective for thebears is closing prices below solid technical support at.7650. First resistance is seen at .7900 and then at .7950.First support is seen at today’s low of .7851 and then atthis week’s low of .7802.

    The December British pound closed up 37 points at 1.3163today. 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 atthis week’s high of 1.3192 and then at 1.3250. Firstsupport is seen at today’s low of 1.3098 and then at theOctober low of 1.3048.

    The December U.S. dollar index closed down 0.403 at 94.365today. Prices closed near the session low, on a correctivepullback after price Tuesday hit a nearly four-month high.The bulls have the slight overall near-term technicaladvantage, but now need to show fresh power soon to keepit. Prices are still in a two-month-old uptrend on thedaily bar chart, but just barely. The bulls’ next upsideprice breakout objective is to close prices above solidtechnical resistance at 96.000. The next downside pricebreakout objective for the bears is to produce a closebelow solid technical support at the October low of 92.590.Next resistance lies at today’s high of 94.865 and then atthis week’s high of 95.070. First support is seen at lastweek’s low of 94.115 and then at 93.800.

    December U.S. T-Bonds closed down 12/32 at 153 31/32 today.Prices closed near mid-range on some profit taking afterhitting a six-week high on Wednesday. Bond market bullsstill have the slight overall near-term technicaladvantage. The next downside price breakout objective forthe T-Bond bears is closing prices below solid technicalsupport at the October low of 150 10/32. The next upsidetechnical objective for the bulls is to produce a closeabove solid technical resistance at 156 even. Firstresistance is seen at today’s high of 154 14/32 and then atthis week’s high of 154 26/32. First support is seen attoday’s low of 153 18/32 and then at 153 even.

    December U.S. T Notes closed up 2.0 (32nds) at 125.07.5today. Prices closed nearer the session high on shortcovering. The bears have the overall near-term technicaladvantage. The next upside price breakout objective for thebulls is closing prices above solid resistance at theOctober high of 125.25.5. The next downside price breakoutobjective for the bears is producing a close below solidtechnical support at the October low of 124.06.0. Firstresistance is seen at today’s high of 125.10.5 and then atthis week’s high of 125.15.0. First support is seen attoday’s low of 125.01.5 and then at 124.28.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closedlower today on profit taking, but finished off their dailylows, after hitting record or multi-year highs recently.World stock markets were also mostly weaker overnight. Theworld and U.S. stock indexes are just seeing normalcorrective, profit-taking pullbacks from recent gains thatput the indexes at or near record or multi-year highs. Moreselling pressure in the stock markets on Friday would beginto suggest near-term market tops are in place.

    The December Nasdaq 100 stock index futures closed down27.00 at 6,314.50. Prices closed nearer the session highand hit another contract and record high today. Prices alsoscored a bearish “outside day” down on the daily bar charttoday. If there is good follow-through selling on Friday,then a more significantly bearish “key reversal” down wouldbe confirmed. That would be a near-term technical clue thata market top is in place. But right now the bulls have thesolid overall near-term technical advantage. Bulls’ nextupside price breakout objective is closing prices abovesolid resistance at 6,500.00. The bears’ next downsideprice breakout objective is closing prices below solidtechnical support at 6,200.00. First resistance is seen attoday’s contract high of 6,351.50 and then at 6,375.00.First support is seen at 6,300.00 and then at 6,268.00.

    The December e-mini S&P 500 futures stock index futuresclosed down 7.50 at 2,583.50. Prices closed nearer thesession high and hit a contract and record high early ontoday. Prices also scored a bearish “outside day” down onthe daily bar chart today. If there is good follow-throughselling on Friday, then a more significantly bearish “keyreversal” down would be confirmed. That would be a near-

    term technical clue that a market top is in place. Butright now the bulls have the solid overall near-termtechnical advantage. The major bull market run rolls on.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 at thecontract high of 2,594.50 and then at 2,600.00. Firstsupport is seen at today’s low of 2,563.25 and then at2,550.00.

    *  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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