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8/22/2017

  • 8/22/2017

    LIVESTOCK:

    October live cattle closed up $1.87 at $107.72 today. Prices closed nearer the session high today on heavy short covering. Prices last Friday hit a five-month low. The cattle market bears still have the overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $111.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $102.00. First resistance is seen at today’s high of $108.32 and then at $109.70. First support is seen at $107.00 and then at today’s low of $105.85.

    October feeder cattle closed up $2.80 at $142.30 today. Prices closed nearer the session high today on heavy short covering. The feeder cattle bears still have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at last week’s high of $146.70. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $135.00. First resistance is seen at today’s high of $142.95 and then at $145.00. First support is seen at $141.00 and then at $140.00.

    October lean hogs closed down $0.77 at $63.90 today. Prices closed nearer the session low today and hit a four-month low. Bears have the solid overall near-term technical advantage amid the recent steep price downdraft. The market is now well short-term oversold and due for a corrective bounce very soon. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $67.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the April low of $62.42. First resistance is seen at today’s high of $65.15 and then at $66.00. First support is seen at today’s low of $63.35 and then at $62.42.

    GRAINS:

    December corn futures closed down 2 1/2 cents at $3.60 1/2 today. Prices closed nearer the session low, hit a one-year low, and scored a bearish outside day down on the daily bar chart. Corn bears have the solid overall near-term technical advantage. Prices are in a steep six-week-old downtrend on the daily bar chart. The market is now short-term oversold and due for a corrective bounce soon. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.75. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $3.50. First support is seen at today’s low of $3.60 1/4 and then at $3.57. First resistance is seen at today’s high of $3.65 1/4 and then at $3.68.

    November soybeans closed up 2 3/4 cents at $9.39 a bushel today. Prices closed nearer the session high on tepid short covering. The bean bears still have the firm overall near-

    term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at $9.80 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the June low of $9.07. First resistance is seen at today’s high of $9.42 3/4 and then at $9.50. First support is seen at this week’s low of $9.31 and then at last week’s low of $9.21.

    December soybean meal closed steady at $299.00 today. Prices closed near mid-range today. The meal bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $318.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the June low of $295.40. First resistance comes in at $302.20 and then at $304.00. First support is seen at last week’s low of $297.40 and then at $295.40.

    December bean oil closed up 22 points at 34.39 cents today. Prices closed nearer the session high today. The bulls and bears are on a level overall near-term technical playing field. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the July high of 35.58 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the August low of 32.94 cents. First resistance is seen at today’s high of 34.55 cents and then at 35.00 cents. First support is seen at today’s low of 34.06 cents and then at this week’s low of 33.81 cents.

    December Chicago SRW wheat closed down 6 1/2 cents at $4.30 1/2 today. Prices closed nearer the session low and hit another contract low today. The bears have the solid overall near-term technical advantage. Prices are in a steep six-week-old downtrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $4.75. 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 today’s high of $4.40 1/2 and then at this week’s high of $4.45. First support is seen at today’s contract low of $4.28 3/4 and then at $4.25.

    December HRW wheat closed down 8 cents at $4.27 3/4 today. Prices closed nearer the session low and hit another contract low today. The bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $4.00. First resistance is seen at today’s high of $4.39 1/2 and then at this week’s high of $4.43 3/4. First support is seen at today’s contract low of $4.26 1/4 and then at $4.20.

    December oats closed down 4 3/4 cents at $2.45 1/2 today. Prices closed near the session low and hit another nine-week low today. Bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $2.40. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $2.70. First resistance lies at today’s high of $2.50 and then at $2.55. First support is seen at today’s low of $2.44 3/4 and then at $2.42.

    SOFTS:

    October sugar closed down 1 point at 13.51 cents today. Prices closed near the session high. The sugar bears have the overall near-term technical advantage. Prices are not that far above this year’s lows. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 14.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the June low of 12.74 cents. First resistance is seen at this week’s high of 13.65 cents and then at 13.80 cents. First support is seen at today’s low of 13.26 cents and then at the August low of 12.92 cents.

    December coffee closed down 85 points at 129.30 cents today. Prices closed nearer the session low and hit a seven-week low today. The coffee bears have the firm overall near-term technical advantage amid the recent downdraft in prices. Prices are in a steep two-week-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the August high of 147.25 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 this week’s high of 132.60 cents and then at 135.00 cents. First support is seen at 127.50 cents and then at 125.00 cents.

    December cocoa closed down $19 at $1,873 a ton today. Prices closed nearer the session low today. The cocoa bears have the firm overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. A bearish pennant pattern has formed on the daily chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,000. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $1,794. First resistance is seen at today’s high of $1,896 and then at this week’s high of $1,908. First support is seen at this week’s low of $1,846 and then at the August low of $1,830.

    December cotton closed up 31 points at 67.87 cents today. Prices closed nearer the session high today on more short covering. 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 70.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the June low of 66.15 cents. First resistance is seen at 68.00 cents and then at 68.50 cents. First support is seen at 67.50 cents and then at this week’s low of 67.17 cents and then at the August low of 66.64 cents.

    November orange juice closed down 490 points at $1.3110 today. Prices closed nearer the session low and hit a three-week low today. The FCOJ bears have firm overall near-term technical advantage and gained more power today. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the August high of $1.4040. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the contract low of $1.2630. First resistance is seen at $1.3250 and then at today’s high of $1.3500. First support is seen at today’s low of $1.3040 and then at $1.2900.

    September lumber futures closed up $2.20 at $367.50 today. Prices closed near mid-range today. The bears have the slight overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $350.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $382.00. First resistance is seen at today’s high of $369.40 and then at $375.00. First support is seen at today’s low of $365.20 and then at this week’s low of $362.90. Wyckoff’s Market Rating: 4.5

    METALS:

    December gold futures closed down $5.60 at $1,291.30 today. Prices closed near mid-range today and saw some profit taking. Prices Monday closed at a 2.5-month high close. The gold bulls still have the solid overall near-term technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this year’s high of $1,307.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,272.70. First resistance is seen at $1,300.00 and then at $1,307.00. First support is seen at this week’s low of $1,286.20 and then at $1,280.00.

    September silver futures closed up $0.005 at $17.02 today. Prices closed near mid-range today. The silver bulls have the overall near-term technical advantage. Prices hit a nine-week high last Friday and are in a six-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the August low of $16.56. First resistance is seen at last week’s high of $17.32 and then at $17.50. Next support is seen at this week’s low of $16.83 and then at $16.56.

    September N.Y. copper closed up 70 points at 298.75 cents today. Prices closed near mid-range and hit a three-year high today. The copper bulls have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 315.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 286.00 cents. First resistance is seen at today’s high of 301.45 cents and then at 305.00 cents. First support is seen at today’s low of 296.70 cents and then at this week’s low of 293.05 cents.

    ENERGIES:

    October Nymex crude oil closed up $0.34 at $47.87 today. Prices closed near mid-range today. The bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at the August high of $50.51. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at $45.00. First resistance is seen at today’s high of $48.21 and then at this week’s high of $48.91. First support is seen at today’s low of $47.36 and then at last week’s low of $46.62.

    October heating oil closed up 186 points at $1.5961 today. Prices closed nearer the session high today. The bulls and bears are on a level overall near-term technical playing field. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $1.6814. Bears’ next downside price breakout objective is producing a close below solid technical support at $1.5000. First support lies today’s low of $1.5737 and then at last week’s low of $1.5550. First resistance is seen at today’s high of $1.6051 and then at this week’s high of $1.6299.

    October (RBOB) unleaded gasoline closed up 113 points at $1.5074 today. Prices closed near mid-range today. The bulls and bears are on a level overall near-term technical playing field. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $1.5616. Bears’ next downside price breakout objective is closing prices below solid support at $1.4000. First resistance is seen at today’s high of $1.5150 and then at last week’s high of $1.5430. First support is seen at this week’s low of $1.4853 and then at 1.4500.

    October natural gas closed down 2.4 cents at $2.968 today. Prices closed nearer the session low today. Bears 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 the June high of $3.142. The next downside price breakout objective for the bears is closing prices below solid technical support at $2.75. First resistance is seen at $3.00 and then at today’s high of $3.035 and then at last week’s high of $3.042. First support is seen at $2.95 and then at $2.90.

    STOCKS, FINANCIALS, CURRENCIES:

    The September Euro currency closed down 62 points at 1.1765 today. Prices closed nearer the session low today. The bulls still have the overall near-term technical advantage. However, prices have been trending lower for three weeks. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of 1.1939. 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 this week’s high of 1.1845 and then at 1.1869. Next support is seen at this week’s low of 1.1748 and then at 1.1700.

    The September Japanese yen closed down 570 points at .91410 today. Prices closed near the session low today. Bulls still have the firm overall near-term technical advantage amid a near-term price uptrend. Bulls’ next upside price breakout objective is closing prices above solid resistance at the April high of .93025. Bears’ next downside breakout objective is closing prices below solid technical support at .90000. First resistance is seen at today’s high of .91940 and then at last week’s high of .92195. First support is seen at today’s low of .91390 and then at .91000.

    The September Swiss franc closed down 73 points at 1.0342 today. Prices closed near the session low today. The Swissy bulls have the slight overall near-term technical advantage. However, recent price action has been choppy and sideways. The next upside price breakout objective for the bulls is closing prices above solid resistance at the July high of 1.0571. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 1.0258. First resistance is seen at 1.0400 and then at this week’s high of 1.0434. First support is seen at 1.0325 and then at 1.0300.

    The September Australian dollar closed down 28 points at .7904 today. Prices closed nearer the session low today. The bulls have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at the July high of .8051. The next downside breakout objective for the bears is to produce a close below solid technical support at the August low of .7805. First resistance is seen at last week’s high of .7960 and then at .8000. Next support is seen at .7866 and then at .7805.

    The September Canadian dollar closed up 5 points at .7965 today. Prices closed nearer the session high and hit another three-week high today. Bulls have the firm overall near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at the July high of .8062. The next downside price breakout objective for the bears is closing prices below solid technical support at .7800. First resistance is seen at today’s high of .7987 and then at .8000. First support is seen at today’s low of .7930 and then at .7900.

    The September British pound closed down 81 points at 1.2830 today. Prices closed nearer the session low today and hit a seven-week low. The bulls have the slight overall near-term technical advantage but have faded recently. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of 1.3287. Bears’ next downside technical breakout objective is closing prices below solid support at the June low of 1.2625. First resistance is seen at 1.2900 and then at 1.2950. First support is seen at 1.2800 and then at 1.2750.

    The September U.S. dollar index closed up 0.473 at 93.485 today. Prices closed near the session high today. The bears still have the firm overall near-term technical advantage, but trading has been choppy and sideways for nearly three weeks. That could be “basing” action that puts in a market bottom. 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 the August low of 92.390. Next resistance lies at 93.685 and then at 94.000. First support is seen at 93.000 and then at 92.830.

    September U.S. T-Bonds closed down 18/32nds at 155 19/32 today. Prices closed nearer the session low on profit taking from recent good gains. Bond market bulls still have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 153 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at the contract high of 157 8/32. First resistance is seen at 156 even and then at last week’s high of 156 12/32. First support is seen at today’s low of 155 17/32 and then at 155 even.

    September U.S. T Notes closed down 9.0 32nds at 126.18.0 today. Prices closed near the session low on profit taking from recent good gains. The bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the contract high of 126.29.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the August low of 125.29.0. First resistance is seen 126.24.0 and then at this week’s high of 126.29.0. First support is seen at 126.15.0 and then at 126.10.0.

    GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed higher today. The highlight of the trading week is the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Highlights of central bank speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets. Early this week has seen a light U.S. economic data slate.

    The September Nasdaq stock index futures closed up 81.25 at 5,875.25. Prices closed nearer the session high. The bulls have the overall near-term technical advantage. However, recent price action, including the higher volatility at higher price levels, is still a warning signal of a market top being in place. Bulls’ next upside price breakout objective is closing prices above solid resistance at the contract high of 5,995.75. The bears’ next downside price breakout objective is closing prices below solid technical support at 5,700.00. First resistance is seen at today’s high of 5,882.00 and then at 5,900.00. First support is seen at 5,850.00 and then at and 5,825.00.

    The September e-mini S&P 500 futures stock index futures closed up 22.75 at 2,450.75. Prices closed nearer the session high today. The bulls have the overall near-term technical advantage. However, there are still early technical clues this market has topped out. Bulls’ next upside price objective is closing prices above solid resistance at the contract high of 2,488.50. The next downside price breakout objective for the bears is closing prices below solid support at 2,400.00. First resistance is seen at today’s high of 2,454.00 and then at 2,465.00. First support is seen at 2,435.00 and then at today’s low of 2,427.50.

    * 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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