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9/14/2017

  • 9/14/2017

    September 14, 2017

    Markets Update

    LIVESTOCK:

    December live cattle closed up $0.90 at $112.45 today. Prices closed nearer the session high today. The cattle market bulls and bears are on a level overall near-term technical playing field. Prices are in a choppy three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $116.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the August low of $106.72. First resistance is seen at this week’s high of $113.60 and then at $115.00. First support is seen at $111.00 and then at today’s low of $110.57.

    November feeder cattle closed up $0.67 at $149.92 today. Prices closed near the session high and hit a seven-week high today. The feeder cattle bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the July high of $152.20. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the August low of $139.12. First resistance is seen at today’s high of $142.00 and then at $151.00. First support is seen at $149.00 and then at $148.00.

    December lean hogs closed down $0.20 at $56.90 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 the September high of $60.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at the August low of $55.77. First resistance is seen at today’s high of $57.37 and then at $58.00. First support is seen at today’s low of $56.45 and then at $56.00.

    GRAINS:

    December corn futures closed up 1 1/4 cents at $3.53 today. Prices closed near mid-range. Corn bears have the solid overall near-term technical advantage. While a new low may still occur in the near term, my bias is that all the bearish news has been factored into the corn market and there is not much downside left. 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 $3.44 1/4. First support is seen at today’s low of $3.50 1/4 and then at this week’s low of $3.45 1/2. First resistance is seen at today’s high of $3.56 3/4 and then at this week’s high of $3.59 1/4.

    November soybeans closed up 11 cents at $9.61 1/2 a bushel today. Prices closed nearer the session high. The bean bears have the overall near-term technical advantage. However, it’s still my bias that a “harvest low” is in place. Prices are in a four-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 last week’s high of $9.77 1/2 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 this week’s high of $9.68 1/2 and then at $9.77 1/2. First support is seen at today’s low of $9.46 3/4 and then at this week’s low of $9.37 1/2.

    December soybean meal closed up $5.90 at $305.90 today. Prices closed near the session high today on short covering. The meal bears still have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $310.50. 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 $308.00 and then at $310.50. First support is seen at $303.00 and then at $300.00.

    December bean oil closed down 8 points at 35.11 cents today. Prices closed nearer the session low 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 today’s high of 35.46 cents and then at 35.75 cents. First support is seen at 35.00 cents and then at this week’s low of 34.66 cents.

    December Chicago SRW wheat closed up 1/2 cent at $4.42 1/2 today. Prices closed near the session low today and hit a three-week high early on. The bears still have the firm 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 $4.50 and then at $4.60. First support is seen at $4.35 and then at this week’s low of $4.28 1/4.

    December HRW wheat closed up 3 cents at $4.44 3/4 today. Prices closed near mid-range today. The bears still 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 the September high of $4.50 and then at $4.60. First support is seen at $4.35 and then at this week’s low of $4.26.

    December oats closed up 3 1/2 cents at $2.37 3/4 today. Prices closed nearer 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 this week’s high of $2.38 3/4 and then at $2.40. First support is seen at this week’s low of $2.32 and then at the September low of $2.30.

    SOFTS:

    October sugar closed up 27 points at 14.29 cents today. Prices closed nearer the session high today. The sugar bears have the overall near-term technical advantage. However, recent choppy or even 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 this week’s high of 14.39 cents and then at 14.44 cents. First support is seen at today’s low of 13.99 cents and then at this week’s low of 13.80 cents.

    December coffee closed up 285 points at 137.90 cents today. Prices closed near the session high today and hit a four-week high. A bullish “rounding-bottom” reversal pattern has formed on the daily bar chart, to suggest a market bottom is in place. The coffee bulls and bears are now back on a level overall near-term technical playing field, but the bulls have momentum. 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 September low of 126.75 cents a pound. First resistance is seen at 140.00 cents and then at 142.50 cents. First support is seen at today’s low of 135.05 cents and then at 132.50 cents.

    December cocoa closed up $32 at $1,983 a ton today. Prices closed nearer the session high today. The cocoa bears still have the slight overall near-term technical advantage. However, the bulls have some momentum and prices are in a choppy four-week-old uptrend on the daily bar chart. 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 August low of $1,830. First resistance is seen at today’s high of $1,995 and then at $2,009. First support is seen at today’s low of $1,950 and then at this week’s low of $1,912.

    December cotton closed down 44 points at 68.67 cents today. Prices hit a two-week low today. Hurricane Irma did not produce the crop damage many thought it would. The cotton bears have the overall near-term technical advantage amid this week’s steep downdraft. The next upside price breakout objective for the cotton bulls is to produce a close above solid technical resistance at the August high of 71.19 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 today’s high of 69.20 cents and then at 70.00 cents. First support is seen at today’s low of 68.31 cents and then at 68.00 cents.

    November orange juice closed down 95 points at $1.5620 today. Prices closed nearer the session low after hitting a five-month high early on today. The market has been supported on notions of Hurricane Irma severely damaging U.S. orange groves. The FCOJ bulls 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 $1.7000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4000. First resistance is seen at today’s high of $1.6060 and then at $1.6250. First support is seen at $1.5500 and then at Tuesday’s low of $1.5120.

    November lumber futures closed up $3.60 at $379.70 today. Prices closed near mid-range. 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 this week’s high of $382.80 and then at $385.00. First support is seen at today’s low of $378.10 and then at $375.00.

    METALS:

    December gold futures closed down $7.00 at $1,325.80 today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart today. The market saw more profit taking. The gold bulls still have the firm overall near-term technical advantage, but need to show some fresh power soon to avoid near-term technical damage. Prices are still in a nine-week-old uptrend on the daily bar chart, but now just barely. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the September high of $1,362.40. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,340.50 and then at this week’s high of $1,344.60. First support is seen at today’s low of $1,324.50 and then at $1,320.00.

    December silver futures closed down $0.115 at $17.78 today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. More profit taking was featured. The silver bulls still have the 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 today’s high of $18.125. Next support is seen at today’s low of $17.725 and then at $17.50.

    December N.Y. copper closed down 535 points at 298.25 cents today. Prices closed nearer the session low and hit another three-week low today. The copper bulls still have the overall near-term technical advantage, but are fading fast. More selling pressure this week would suggest a near-term market top is in place. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the September high of 317.85 cents. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 300.00 cents and then at today’s high of 304.50 cents. First support is seen at today’s low of 297.10 cents and then at 295.00 cents.

    ENERGIES:

    October Nymex crude oil closed up $1.08 at $49.30 today. Prices closed nearer the session high and closed at a four-week high close today. 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 $49.00 and then at today’s low of $48.12.

    October heating oil closed up 275 points at $1.7681 today. Prices closed nearer the session high. 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 this week’s low of $1.7227 and then at $1.7000. First resistance is seen at today’s high of $1.7739 and then at last week’s high of $1.7983.

    October (RBOB) unleaded gasoline closed down 90 points at $1.6473 today. Prices closed nearer the session low 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 today’s high of $1.6719 and then at $1.6937. First support is seen at $1.6300 and then at this week’s low of $1.6006.

    October natural gas closed up 6.0 cents at $3.061 today. Prices closed near the session high today. Bulls and bears are back 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 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 the September high of $3.088 and then at $3.131. First support is seen at $3.00 and then at $2.95.

    STOCKS, FINANCIALS, CURRENCIES:

    The December Euro currency closed down 78 points at 1.1952 today. Prices closed nearer the session low today and scored a bearish “outside day” down on the daily bar chart. The bulls still have the firm 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 1.1800. First resistance for the Euro lies at 1.2000 and then at this week’s high of 1.2091. Next support is seen at today’s low of 1.1938 and then at 1.1889.

    The December Japanese yen closed down 330 points at .90890 today. Prices closed nearer the session low on more profit taking. Bulls still have the overall near-term technical advantage, but appear exhausted to suggest a market top is in place. Bulls’ next upside price breakout objective is closing prices above solid resistance at the September high of .93595. Bears’ next downside breakout objective is closing prices below solid technical support at .90000. First resistance is seen at today’s high of .91385 and then at .91940. First support is seen at today’s low of .90725 and then at the August low of .90650.

    The December Swiss franc closed down 45 points at 1.0430 today. Prices closed nearer the session low today on more profit taking. The Swissy bulls have the slight overall near-term technical advantage but are fading fast. 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 today’s high of 1.0497 and then at Tuesday’s high of 1.0538. First support is seen at today’s low of 1.0417 and then at 1.0400.

    The December Australian dollar closed down 34 points at .7977 today. Prices closed nearer the session low on more profit taking after hitting a 2.5-year high last Friday. The bulls still 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 this week’s high of .8049 and then at .8100. Next support is seen at today’s low of .7962 and then at .7900.

    The December Canadian dollar closed down 130 points at .82015 today. Prices closed nearer the session low today, on more profit taking. Bulls still 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 today’s high of .8246 and then at last week’s high of .8292. First support is seen at today’s low of .8186 and then at .8174.

    The December British pound closed down 87 points at 1.3246 today. Prices closed nearer the session low on profit taking after hitting a 12-month high on Tuesday. 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 technical resistance at 1.3500. Bears’ next downside technical breakout objective is closing prices below solid support at 1.3000. First resistance is seen at today’s high of 1.3367 and then at 1.3400. First support is seen at 1.3200 and then at 1.3150.

    The December U.S. dollar index closed up 0.509 at 92.135 today. Prices closed near the session high on short covering after hitting a 2.5-year low last 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 the August high of 93.840. 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 today’s high of 92.260 and then at last week’s high of 92.445. First support is seen at today’s low of 91.475 and then at this week’s low of 91.165.

    December U.S. T-Bonds closed down 7/32nds at 155 1/32 today. Prices closed nearer the session low on more profit taking after hitting a contract high last Friday. Bond market bulls still have the overall near-term technical advantage but are fading fast and need to show fresh power soon. 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 today’s high of 155 18/32 and then at 156 even. First support is seen at today’s low of 154 29/32 and then at 154 16/32.

    December U.S. T Notes closed down 3.0 32nds at 126.17.5 today. Prices closed nearer the session low on more more profit taking after hitting a contract high last Friday. The bulls still have the overall near-term technical advantage but are fading fast and they need to show fresh power soon. 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 126.26.5 and then at Tuesday’s high of 127.00.5. First support is seen at today’s low of 126.15.0 and then at 126.10.0.

    GENERAL STOCK MARKET COMMENT:

    The U.S. stock indexes closed higher again today. The key U.S. report of the day was the producer price index for August, which came in at up just 0.2%. That was slightly below market expectations of up 0.3%. The report fell into the camp of the U.S. monetary policy doves, who believe the Fed should not raise interest rates any time soon. The other key U.S. economic data point of the week is Thursday’s consumer price index report for August. That report is expected to show a rise of 0.4%. Notions are growing that low inflation in the U.S. and the Euro zone will keep the Federal Reserve and European Central Bank from tightening their monetary policies as soon as they would like. That’s an underlying bullish element for the precious metals markets. The key outside markets on Wednesday morning saw the U.S. dollar index trade solidly higher, on a short-covering bounce after prices hit a 2.5-year low last week. The dollar index is still in a price downtrend and the bears still have the firm overall near-term technical advantage. Meantime, Nymex crude oil futures were higher. Trading in crude has been choppy and sideways in a range, and will likely continue to be so.

    The December Nasdaq stock index futures closed up 13.75 at 6,004.50. Prices closed nearer the session high and closed at a contract and record high close today. 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 6,012.25 and then at the contract high of 6,025.75. First support is seen at today’s low of 5,975.25 and then at this week’s low of 5,942.00.

    The December e-mini S&P 500 futures stock index futures closed up 8.50 at 2,494.25. Prices closed nearer the session high and hit another 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 2,525.00. The next downside price breakout objective for the bears is closing prices below solid support at 2,450.00. First resistance is seen at today’s contract high of 2,494.75 and then at 2,500.00. First support is seen at today’s low of 2,485.25 and then at 2,475.00.

    * 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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