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9/11/2017

  • 9/11/2017

    Monday Evening, September 11 Daily Markets Update

    LIVESTOCK:

    October live cattle closed up $0.07 at $107.40 today. Prices closed near mid-range today. The cattle market bears have the overall near-term technical advantage. Prices are in a choppy three-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $111.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $102.50. First resistance is seen at last week’s high of $108.55 and then at $109.75. First support is seen at $105.82 and then at $105.00.

    October feeder cattle closed up $1.27 at $149.70 today. Prices closed near the session high and hit a five-week high today. The feeder cattle 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 the July high of $154.20. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the August low of $138.55. First resistance is seen at $150.00 and then at $151.00. First support is seen at today’s low of $148.32 and then at $147.50.

    October lean hogs closed down $0.45 at $61.70 today. Prices closed near mid-range today. Bears have the solid overall near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $65.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the August low of $59.82. First resistance is seen at today’s high of $62.27 and then at $63.05. First support is seen at last week’s low of $61.07 and then at $59.82.

    GRAINS:

    December corn futures closed up 1 3/4 cents at $3.58 today. Prices closed nearer the session high. There are still technical clues that a market bottom (harvest low) is in place. A minor bullish pennant pattern has formed on the daily chart. Corn bears do still have the overall near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.70. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the contract low of $3.44 1/4. First support is seen at today’s low of $3.54 3/4 and then at $3.50. First resistance is seen at $3.60 and then at the September high of $3.62.

    November soybeans closed down 2 cents at $9.60 a bushel today. Prices closed nearer the session low. The bean bears have the overall near-term technical advantage. However, it appears a “harvest low” is in place. Prices are in a three-week-old uptrend 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 $10.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $9.21. First resistance is seen at today’s high of $9.68 1/2 and then at the September high of $9.77 1/2. First support is seen at $9.50 and then at $9.40. Wyckoff’s Market Rating: 4.0

    December soybean meal closed down $1.50 at $303.70 today. Prices closed nearer the session low today. The meal bears still have the overall near-term technical advantage. But it appears a market bottom is in place. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $323.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $295.10. First resistance comes in at today’s high of $306.80 and then at the September high of $310.50. First support is seen at today’s low of $302.80 and then at $300.00.

    December bean oil closed up 21 points at 35.15 cents today. Prices closed nearer the session high today. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the January high of 35.99 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 34.00 cents. First resistance is seen at 35.50 cents and then at 35.75 cents. First support is seen at today’s low of 34.81 cents and then at 34.50 cents.

    December Chicago SRW wheat closed down 3 cents at $4.34 3/4 today. Prices closed near mid-range today. The bears have the solid overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $4.60. 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 and then at the September high of $4.48. First support is seen at today’s low of $4.31 1/2 and then at $4.25.

    December HRW wheat closed down 6 3/4 cents at $4.34 3/4 today. Prices closed nearer the session low today. The bears have the firm overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.60. 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 $4.42 3/4 and then at the September high of $4.50. First support is seen at today’s low of $4.33 1/4 and then at $4.25.

    December oats closed up 2 1/2 cents at $2.34 1/2 today. Prices closed near the session high today. Bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $2.25. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $2.60. First resistance lies at $2.36 1/2 and then at $2.40. First support is seen at the September low of $2.30 and then at $2.27.

    SOFTS:

    October sugar closed up 20 points at 14.29 cents today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. The sugar bears have the overall near-term technical advantage. However, recent sideways-to-higher price action suggests a market bottom is in place. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the August high of 15.16 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the August low of 12.92 cents. First resistance is seen at today’s high of 14.36 cents and then at 14.44 cents. First support is seen at 14.00 cents and then at today’s low of 13.80 cents.

    December coffee closed up 100 points at 131.65 cents today. Prices closed nearer the session high today and saw more short covering in a bear market. The coffee bears have the overall near-term technical advantage. 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 132.50 cents and then at 135.00 cents. First support is seen at today’s low of 129.75 cents and then at the September low of 126.75 cents.

    December cocoa closed up $3 at $1,936 a ton today. Prices closed nearer the session high today. The cocoa bears have the firm overall near-term technical advantage amid recent choppy trading. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the June high of $2,127. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $1,794. First resistance is seen at $1,950 and last week’s high of $1,982. First support is seen at today’s low of $1,912 and then at $1,900.

    December cotton closed down 202 points at 72.57 cents today. Prices closed nearer the session low today. Hurricane Irma did not produce the crop damage many thought it would. The cotton still bulls 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 last week’s high of 75.75 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 73.00 cents and then at 73.50 cents. First support is seen at 72.00 cents and then at today’s low of 71.59 cents.

    November orange juice closed down 225 points at $1.5175 today. Prices closed near mid-range and did hit a five-month high early on. The market had been supported on notions of Hurricane Irma severely damaging U.S. orange groves. However, while crop damage is certain, it may not be as bad as traders reckoned last week. The FCOJ bulls still have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.6000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3500. First resistance is seen at $1.5520 and then at today’s high of $1.5825. First support is seen at $1.5000 and then at $1.4750.

    November lumber futures closed down the $10.00 limit at $378.10 today. Prices solid off as Hurricane Irma was not a severe as traders thought late last week. The bulls still have the overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $365.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at last week’s high of $391.80. First resistance is seen at $380.00 and then at today’s high of $382.80. First support is seen at $375.00 and then at $372.50.

    METALS:

    December gold futures closed down $13.60 at $1,337.60 today. Prices closed nearer the session low and saw some normal profit taking after prices hit a 12-month high last Friday. The gold bulls still have the solid overall near-term technical advantage. Prices are in a steep nine-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 $1,378.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,307.00. First resistance is seen at today’s high of $1,344.60 and then at $1,350.00. First support is seen at today’s low of $1,335.20 and then at $1,331.00.

    December silver futures closed down $0.168 at $17.955 today. Prices closed nearer the session high and saw profit taking after hitting a four-month high last Friday. The silver bulls have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at $18.00 and then at last week’s high of $18.29. Next support is seen at today’s low of $17.77 and then at $17.50.

    December N.Y. copper closed up 260 points at 306.75 cents today. Prices closed nearer the session high today. The copper bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 325.00 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 308.30 cents and then at 310.00 cents. First support is seen at today’s low of 303.25 cents and then at 300.00 cents.

    ENERGIES:

    October Nymex crude oil closed up $0.55 at $48.03 today. Prices closed nearer the session high. The bulls and bears are on an overall level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at the 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 the August low of $45.58. First resistance is seen at the September high of $49.42 and then at $50.00. First support is seen at today’s low of $47.00 and then at $46.00.

    October heating oil closed down 242 points at $1.7415 today. Prices closed near mid-range on profit taking after prices hit a 7.5-month high last Friday. The bulls have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $1.9000. Bears’ next downside price breakout objective is producing a close below solid technical support at $1.6500. First support lies at today’s low of $1.7227 and then at $1.7000. First resistance is seen at today’s high of $1.7693 and then at last week’s high of $1.7983.

    October (RBOB) unleaded gasoline closed down 146 points at $1.6330 today. Prices closed near the session high today. The bulls have the overall near-term technical advantage but recent price action shows the bulls are exhausted and a market top is likely in place. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $1.7825. Bears’ next downside price breakout objective is closing prices below solid support at $1.5000. First resistance is seen at $1.6500 and then at $1.6700. First support is seen at today’s low of $1.6006 and then at $1.5616.

    October natural gas closed up 5.9 cents at $2.949 today. Prices closed near the session high today. Bears have the overall near-term technical advantage amid choppy trading. 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 the August low of $2.799. First resistance is seen at $3.00 and then at $3.05. First support is seen at $2.88 and then at $2.85.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Euro currency closed down 62 points at 1.2028 today. Prices closed nearer the session low today and saw profit taking after hitting a 2.5-year high last week. The bulls still have the solid overall near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.2250. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.1900. First resistance for the Euro lies at today’s high of 1.2091 and then at the September high of 1.2154. Next support is seen at 1.2000 and then at last week’s low of 1.1933.

    The December Japanese yen closed down 1,235 points at .91940 today. Prices closed near the session low on profit taking. Prices Friday hit a 10-month high. Bulls still have the firm overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at last week’s high of .93595. Bears’ next downside breakout objective is closing prices below solid technical support at .90815. First resistance is seen at .92500 and then at today’s high of .92860. First support is seen at .91500 and then at .91000.

    The December Swiss franc closed down 95 points at 1.0553 today. Prices closed nearer the session low today on profit taking. The Swissy bulls have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the July high of 1.0696. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 1.0332. First resistance is seen at 1.0600 and then at today’s high of 1.0634. First support is seen at today’s low of 1.0547 and then at 1.0500.

    The December Australian dollar closed down 29 points at .8023 today. Prices closed near mid-range on profit taking after hitting a 2.5-year high on Friday. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .8200. The next downside breakout objective for the bears is to produce a close below solid technical support at .7850. First resistance is seen at today’s high of .8049 and then at .8100. Next support is seen at .8000 and then at .7950.

    The December Canadian dollar closed up 16 points at .8253 today. Prices closed nearer the session high and closed at a 26-month high close today. Bulls have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at .8400. The next downside price breakout objective for the bears is closing prices below solid technical support at .8000. First resistance is seen at last week’s high of .8292 and then at .8350. First support is seen at today’s low of .8219 and then at .8200.

    The December British pound closed down 27 points at 1.3213 today. Prices closed near the session low on profit taking. Prices Friday hit a four-week high. The bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of 1.3310. Bears’ next downside technical breakout objective is closing prices below solid support at the August low of 1.2828. First resistance is seen at last week’s high of 1.3265 and then at 1.3310. First support is seen at 1.3200 and then at 1.3138.

    The December U.S. dollar index closed up 0.514 at 91.620 today. Prices closed near the session high on short covering after hitting a 2.5-year low on Friday. The bears still have the solid overall near-term technical advantage. There are still no early clues that a market bottom is close at hand. The bulls’ next upside price breakout objective is to close prices above solid technical resistance at 93.000. The next downside price breakout objective for the bears is to produce a close below solid technical support at 90.000. Next resistance lies at 92.000 and then at last week’s high of 92.445. First support is seen at today’s low of 91.165 and then at last week’s low of 90.795.

    December U.S. T-Bonds closed down 1 15/32nds at 155 26/32 today. Prices closed near the session low on heavy profit taking after hitting a contract high on Friday. Bond market bulls still have the firm overall near-term technical advantage. Prices are in a nine-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 154 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at the contract high of 158 9/32. First resistance is seen at 156 16/32 and then at 157 even. First support is seen at 155 16/32 and then at 155 even.

    December U.S. T Notes closed down 18.0 32nds at 126.30.0 today. Prices closed near the session low on profit taking after hitting a contract high Friday. The bulls still have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at the contract high of 127.28.5. The next downside price breakout objective for the bears is producing a close below solid technical support at 126.00.0. First resistance is seen at today’s high of 127.10.0 and then at 127.16.0. First support is seen at 126.25.0 and then at 126.20.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closed solidly higher today. Risk assets were back in favor Monday as traders and investors worldwide were assuaged by news that Hurricane Irma, while still devastating much of Florida, was not the catastrophic storm that many weather forecasters thought it would be. Also, North Korea did not launch another missile over the weekend. Saturday was a North Korean holiday and many thought the rogue nation would show its military might by firing another missile. However, odds are high the U.S.-North Korea stare-down will be back on the front burner of the marketplace sooner rather than later. The key outside markets on Monday saw the U.S. dollar index solidly higher on short covering and a corrective technical bounce after hitting a 2.5-year low last week. Meantime, Nymex crude oil futures were higher Monday. There was no major U.S. economic data released Monday.

    The December Nasdaq stock index futures closed up 65.50 at 5,990.00. Prices closed nearer the session high and are back near the recent contract and record high. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at 6,250.00. The bears’ next downside price breakout objective is closing prices below solid technical support at 5,850.00. First resistance is seen at today’s high of 6,025.00 and then at the contract high of 6,025.75. First support is seen at today’s low of 5,942.00 and then at last week’s low of 5,897.00.

    The December e-mini S&P 500 futures stock index futures closed up 24.25 at 2,485.25. Prices closed nearer the session high and hit a contract and record high today. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at 2,500.00. The next downside price breakout objective for the bears is closing prices below solid support at 2,475.00. First resistance is seen at today’s contract high of 2,487.00 and then at 2,500.00. First support is seen at 2,475.00 and then at today’s low of 2,466.75.

    * 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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