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11/29/2017

November 29 Daily Markets Update

LIVESTOCK:

February live cattle closed up $1.00 at

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

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

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

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

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

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

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

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

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

GRAINS:

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

$3.50 and then at $3.48 3/4.

January soybeans closed steady at $9.93 a bushel today.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SOFTS:

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

March coffee closed up 245 points at 132.30 cents today.

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

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

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

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

March cotton closed up 110 points at 73.24 cents today.

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

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

term technical advantage and gained more power today.

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

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

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

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

$1.6200.

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

The bulls have the overall near-term technical advantage but have faded recently to still strongly suggest a market top is in place. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $400.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at

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

METALS:

February gold futures closed down $12.00 at

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

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

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

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

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

Prices this week have seen a bearish downside “breakout”

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

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

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

ENERGIES:

January Nymex crude oil closed down $0.58 at

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

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

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

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

January (RBOB) unleaded gasoline closed down 347 points at

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

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

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

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

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

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

STOCKS, FINANCIALS, CURRENCIES:

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

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

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

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

.89500.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GENERAL STOCK MARKET COMMENT:

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

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

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

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

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

* Disclaimer: there is a substantial risk of loss in futures and options trading.

** This newsletter was created by a 3rd party and Go Futures does not endorse, approve, certify, or control these contributions and does not guarantee the accuracy, completeness, efficacy, or timeliness of information located within. Use of any information obtained from such sites is voluntary, and reliance on it should only be undertaken after an independent review by qualified experts. Reference therein to any specific commercial product, process or service does not constitute or imply endorsement.

11/21/2017

November 21 Daily Markets Update

LIVESTOCK:

February live cattle closed up $1.40 at$124.42 today. Prices closed nearer the session high onshort covering after hitting a three-week low on Monday.The cattle market bulls have the overall near-termtechnical advantage but have faded and it appears a near-

term market top is in place. Bulls’ next upside priceobjective is to push and close prices above solidresistance at $128.00. The next downside technical breakoutobjective for the bears is pushing and closing prices belowsolid technical support at $118.00. First resistance isseen at $125.00 and then at $126.00. First support is seenat this week’s low of $122.65 and then at $122.00.

January feeder cattle closed up $1.95 at $151.50 today.Prices closed nearer the session high on short coveringafter hitting a four-week low on Monday. The cattle marketbulls have the overall near-term technical advantage buthave faded recently. The next upside price objective forthe feeder bulls is to push and close prices abovetechnical resistance at $157.50. The next downside pricebreakout objective for the bears is to push and closeprices below solid technical support at the October low of$148.17. First resistance is seen at today’s high of$152.05 and then at $153.00. First support is seen at$150.00 and then at this week’s low of $149.30.

February lean hogs closed down $1.15 at $67.35 today.Prices closed nearer the session low today and scored abearish “outside day” down on the daily bar chart. Bullsand bears are on a level overall near-term technicalplaying field. The next upside price breakout objective forthe hog bulls is to push and close prices above solid chartresistance at the November high of $73.30. The nextdownside price breakout objective for the bears is pushingprices below solid technical support at $64.00. Firstresistance is seen at $68.00 and then at today’s high of$69.30. First support is seen at today’s low of $66.80 andthen at last week’s low of $66.25.

GRAINS:

March corn futures closed down 1/4 cent at $3.561/4 today. Prices closed nearer the session high today. Thecorn bears have the firm overall near-term technicaladvantage. However, after last Friday’s bullish weekly highclose, more price gains this week would hint that a marketbottom is in place. The next upside price objective for thebulls is to push and close prices above solid technicalresistance at $3.65. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid support at the contract low of $3.48 3/4. Firstresistance is seen at this week’s high of $3.57 and then at$3.60. First support is seen at this week’s low of $3.531/4 and then at $3.50.

January soybeans closed down 1 1/2 cents at $9.88 1/2 abushel today. Prices closed near mid-range today. The beanbulls and bears are on a level overall near-term technicalplaying field. The next near-term upside technical breakoutobjective for the soybean bulls is pushing and closingprices above solid resistance at $10.00 a bushel. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at theOctober low of $9.63 1/4. First resistance is seen at lastweek’s high of $9.92 and then at $10.00. First support isseen at this week’s low of $9.83 and then at the Novemberlow of $9.67.

March soybean meal closed down $1.60 at $323.70 today.Prices closed near mid-range today. The meal bulls andbears are on a level overall near-term technical playingfield. The next upside price breakout objective for thebulls is to produce a close above solid technicalresistance at the October high of $334.50. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at$315.00. First resistance comes in at today’s high of$325.30 and then at the November high of $327.00. Firstsupport is seen at today’s low of $322.40 and then at thisweek’s low of $320.70.

March bean oil closed up 19 points at 34.52 cents today.Prices closed near mid-range today. The bulls and bears areon a level overall near-term technical playing field. Abearish head-and-shoulders top formation has formed on thedaily bar chart. The next upside price breakout objectivefor the bean oil bulls is pushing and closing prices abovesolid technical resistance at the November high of 35.80cents. Bean oil bears’ next downside technical pricebreakout objective is pushing and closing prices belowsolid technical support at 33.00 cents. First resistance isseen at this week’s high of 34.77 cents and then at 35.00cents. First support is seen at today’s low of 34.29 centsand then at this week’s low of 34.06 cents.

March Chicago SRW wheat closed up 2 1/4 cents at $4.40 3/4today. Prices closed near mid-range. The bears have thesolid overall near-term technical advantage. Wheat bulls’next upside breakout objective is to push and close ChicagoSRW prices above solid technical resistance at $4.65. Thenext downside price breakout objective for the wheatfutures bears is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen attoday’s high of $4.45 and then at $4.50. First support isseen at this week’s low of $4.36 and then at the contractlow of $4.33 3/4.

March HRW wheat closed up 3 3/4 cents at $4.37 1/2 today.Prices closed near mid-range today. The bears have thesolid overall near-term technical advantage. Bulls’ nextupside price breakout objective is pushing and closingprices above solid technical resistance at the Septemberhigh of $4.77 1/2. The bears’ next downside breakoutobjective is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen attoday’s high of $4.41 1/2 and then at $4.45 3/4. Firstsupport is seen at the contract low of $4.31 1/4 and thenat $4.25.

SOFTS:

March sugar closed down 10 points at 14.88 centstoday. Prices closed near mid-range on more profit takingafter hitting a 3.5-month high last Friday. The sugar bullsstill have the slight overall near-term technicaladvantage. Prices are still in a four-week-old uptrend onthe daily bar chart, but now just barely. Bulls’ nextupside price breakout objective is to push and close pricesabove solid technical resistance at the August high of15.82 cents. Bears’ next downside price breakout objectiveis to push and close prices below solid technical supportat the November low of 14.15 cents. First resistance isseen at today’s high of 15.07 cents and then at this week’shigh of 15.30 cents. First support is seen at today’s lowof 14.73 cents and then at 14.50 cents.

March coffee closed up 95 points at 126.70 cents today.Prices closed near mid-range and saw short covering in abear market. The coffee bears have the solid overall near-

term technical advantage. The next upside breakoutobjective for the bulls is to close prices above solidtechnical resistance at the October high of 135.00 cents.The next downside price breakout objective for the bears isclosing prices below solid technical support at the Junelow of 122.65 cents a pound. First resistance is seen attoday’s high of 128.35 cents and then at 130.00 cents.First support is seen at the November low of 124.80 centsand then at 122.65 cents.

March cocoa closed up $18 at $2,107 a ton today. Pricesclosed nearer the session high. The cocoa bulls have theoverall near-term technical advantage. Prices are in athree-month-old downtrend on the daily bar chart. The nextupside price breakout objective for the cocoa bulls is topush and close prices above solid technical resistance atthe November high of $2,226. The next downside pricebreakout objective for the bears is pushing and closingprices below solid technical support at the November low of$2,032. First resistance is seen at this week’s high of$2,121 and then at $2,150. First support is seen at thisweek’s low of $2,081 and then at $2,050.

March cotton closed down 86 points at 69.99 cents today.Prices closed nearer the session low on profit taking afterhitting a nine-week high early on today. The cotton bullshave the overall near-term technical advantage. Prices arein a four-week-old uptrend on the daily bar chart. The nextupside price breakout objective for the cotton bulls is toproduce a close above solid technical resistance at theSeptember high of 74.20 cents. The next downside pricebreakout objective for the cotton bears is to push andclose prices below solid technical support at last week’slow of 68.62 cents. First resistance is seen at 70.50 centsand then at 71.00 cents. First support is seen at thisweek’s low of 69.41 cents and then at 69.00 cents.

January orange juice closed down 60 points at $1.6670today. Prices closed near mid-range today. Bulls have thesolid overall near-term technical advantage. The nextupside price breakout objective for the COJ bulls ispushing and closing prices above technical resistance atthe November high of $1.6950. The next downside technicalbreakout objective for the FCOJ bears is to produce a closebelow solid technical support at $1.4940. First resistanceis seen at today’s high of $1.6820 and then at $1.6950.First support is seen at $1.6500 and then at $1.6200.

January lumber futures closed up $1.60 at $431.30 today.Prices closed nearer the session high after hitting athree-week low early on. The bulls still have the overallnear-term technical advantage but have faded to suggest amarket top is in place. The next downside technicalbreakout objective for the lumber bears is pushing andclosing prices below solid technical support at $415.00.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat $450.00. First resistance is seen at $435.00 and then at$440.00. First support is seen at today’s low of $425.00and then at $420.00.

METALS:

December gold futures closed up $6.70 at$1,282.00. Prices closed nearer the session high today on acorrective bounce from strong selling pressure seen Monday.Prices are in a sideways and choppy trading range on thedaily bar chart. Bulls and bears are on a level overallnear-term technical playing field. Gold bulls’ next upsidenear-term price breakout objective is to produce a closeabove solid technical resistance at $1,300.00. Bears’ nextnear-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at today’s high of$1,284.50 and then at $1,290.00. First support is seen atMonday’s low of $1,274.10 and then at last week’s low of$1,269.70.

December silver futures closed up $0.123 at $16.965 today.Prices closed near mid-range today on a mild bounce afterstrong selling pressure seen Monday. The silver bulls andbears are on a level overall near-term technical playingfield. Silver bulls’ next upside price breakout objectiveis closing prices above solid technical resistance at$17.50 an ounce. The next downside price breakout objectivefor the bears is closing prices below solid support at theOctober low of $16.345. First resistance is seen at today’shigh of $17.35 and then at $17.25. Next support is seen atMonday’s low of $16.82 and then at $16.60.

December N.Y. copper closed up 330 points at 312.60 centstoday. Prices closed near the session high today. Thecopper bulls have the overall near-term technicaladvantage. Copper bulls’ next upside price objective ispushing and closing prices above solid technical resistanceat the September high of 317.85 cents. The next downsideprice objective for the bears is closing prices below solidtechnical support at 300.00 cents. First resistance is seenat 313.65 cents and then at 315.00 cents. First support isseen at 310.00 cents and then at today’s low of 307.95cents.

ENERGIES:

January Nymex crude oil closed up $0.30 at$56.72 today. Prices closed near mid-range today. The bullshave the overall level near-term technical advantage. Thenext near-term upside price breakout objective for thecrude oil bulls is pushing prices above resistance at theJanuary high of $58.21. The next near-term downside pricebreakout objective for the crude oil bears is to produce aclose below solid technical support at $54.00. Firstresistance is seen at today’s high of $57.22 and then at$57.50. First support is seen at today’s low of $56.32 andthen at $56.00.

January heating oil closed down 32 points at $1.9311 today.Prices closed nearer the session low today. The bulls havethe solid overall near-term technical advantage. The bulls’next upside price breakout objective is closing pricesabove solid technical resistance at $2.0000. Bears’ nextdownside price breakout objective is producing a closebelow solid technical support at $1.8500. First supportlies at this week’s low of $1.9081 and then at last week’slow of $1.8870. First resistance is seen at the contracthigh of $1.9584 and then at $1.9800.

January (RBOB) unleaded gasoline closed up 211 points at$1.7589 today. Prices closed near the session high today.The bulls have the overall near-term technical advantage.The next upside price breakout objective for the bulls isclosing prices above solid technical resistance at $1.9000.Bears’ next downside price breakout objective is closingprices below solid support at $1.7000. First resistance isseen at $1.7744 and then at the November high of $1.8151.First support is seen at the last week’s low of $1.7106 andthen at $1.7000.

January natural gas closed down 3.0 cents at $3.11 today.Prices closed nearer the session low. Bears have the firmoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $3.35. The nextdownside price breakout objective for the bears is closingprices below solid technical support at the November low of$2.983. First resistance is seen at this week’s high of$3.179 and then at $3.20. First support is seen at $3.10and then at $2.95.

STOCKS, FINANCIALS, CURRENCIES:

The December Eurocurrency closed up 12 points at 1.1761 today. Prices closednearer the session high. The bulls and bears are on a leveloverall near-term technical playing field. Euro bulls’ nextupside price breakout objective is pushing and closingprices above solid technical resistance at the October highof 1.1921. The next downside price breakout objective forthe bears is closing prices below solid chart support atthe November low of 1.1578. First resistance for the Eurolies at 1.1800 and then at this week’s high of 1.1826. Nextsupport is seen at today’s low of 1.1728 and then at1.1700.

The December Japanese yen closed up 240 points at .89085today. Prices closed near mid-range today. Bears have theoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen atthis week’s high of .89485 and then at .90000. Firstsupport is seen at this week’s low of .88810 and then at.88500.

The December Swiss franc closed up 15 points at 1.0100today. Prices closed near mid-range. The Swissy bears havethe overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at 1.0300. The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at the November low of .9991. Firstresistance is seen at this week’s high of 1.0140 and thenat the November high of 1.0176. First support is seen attoday’s low of 1.0069 and then at last week’s low of1.0034.

The December Australian dollar closed up 32 points at .7576today. Prices closed nearer the session high and scored abullish “outside day” up after hitting a five-month lowearly on today. The bears have the firm overall near-termtechnical advantage. Prices have been trending lower for2.5 months. Bulls’ next upside price breakout objective isclosing prices above solid chart resistance at .7750. Thenext downside breakout objective for the bears is toproduce a close below solid technical support at .7400.First resistance is seen at today’s high of .7588 and thenat .7600. Next support is seen at today’s low of .7530 andthen at .7500.

The December Canadian dollar closed up 18 points at .7827today. Prices closed nearer the session high today on shortcovering. Bears have the overall near-term technicaladvantage. Prices are in a 2.5-month-old downtrend on thedaily bar chart. Bulls’ next upside price breakoutobjective is producing a close above chart resistance at.8000. The next downside price breakout objective for thebears is closing prices below solid technical support at.7650. First resistance is seen at today’s high of .7845and then at .7900. First support is seen at today’s low of.7792 and then at the November low of .7745.

The December British pound closed down 3 points at 1.3244today. Prices closed near mid-range today. The bulls andbears are on a level overall near-term technical playingfield amid a choppy trading range. The next upside pricebreakout objective for the bulls is closing prices abovesolid technical resistance at the October high of 1.3363.Bears’ next downside technical breakout objective isclosing prices below solid support at 1.2900. Firstresistance is seen at this week’s high of 1.3290 and thenat 1.3338. First support is seen at this week’s low of1.3196 and then at 1.3145.

The December U.S. dollar index closed down 0.107 at 93.890today. Prices closed nearer the session low today. Thebulls and bears are on a level overall near-term technicalplaying field. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at the November high of 95.070. The nextdownside price breakout objective for the bears is toproduce a close below solid technical support at theOctober low of 92.590. Next resistance lies at 94.250 andthen at 94.500. First support is seen at this week’s low of93.485 and the at the November low of 93.305.

December U.S. T-Bonds closed up 18/32 at 154 7/32 today.Prices closed near mid-range. Bond market bulls and bearsare on a level overall near-term technical playing field.The next downside price breakout objective for the T-Bondbears is closing prices below solid technical support atthe October low of 150 10/32. The next upside technicalobjective for the bulls is to produce a close above solidtechnical resistance at the November high of 154 26/32.First resistance is seen at today’s high of 154 22/32 andthen at 154 26/32. First support is seen at this week’s lowof 153 19/32 and then at 153 3/32.

December U.S. T Notes closed up 1.0 (32nds) at 124.23.0today. Prices closed nearer the session low today. Thebears have the overall near-term technical advantage. Thenext upside price breakout objective for the bulls isclosing prices above solid resistance at the October highof 125.25.5. The next downside price breakout objective forthe bears is producing a close below solid technicalsupport at the October low of 124.06.0. First resistance isseen at today’s high of 124.29.5 and then at 125.00.0.First support is seen at today’s low of 124.19.0 and thenat the November low of 124.16.0.

GENERAL STOCK MARKET COMMENT:

The U.S. stock indexes closedhigher and hit record highs today. Many overseas marketswere still reacting somewhat to the failed efforts byGerman Chancellor Angela Merkel to form a coalitiongovernment on Sunday. Reports late Monday said Merkel wouldrather hold another election than form a coalition. Thishas created uncertainty in world markets but especially inthe European markets. The European Union’s largest economyappears to be in leadership crisis. The important outsidemarkets on Tuesday saw the U.S. dollar index slightlylower. The greenback bulls still have the slight overallnear-term technical advantage. Meantime, Nymex crude oilfutures prices were slightly higher. Oil bulls still havethe overall near-term technical advantage, but stiff chartresistance layers lie just above the market. Traders arelooking ahead to next week’s OPEC meeting. Look for tradingactivity in many markets start to taper off later today andthe rest of this week, ahead of the U.S.

The December Nasdaq 100 stock index futures closed up 63.75at 6,379.75. Prices closed near the session high and hit acontract and record high today. The bulls have the solidoverall near-term technical advantage and gained more powertoday. Bulls’ next upside price breakout objective isclosing prices above solid resistance at 6,500.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,230.00. Firstresistance is seen at the contract high of 6,385.25 andthen at 6,400.00. First support is seen at 6,358.50 andthen at today’s low of 6,311.25.

The December e-mini S&P 500 futures stock index futuresclosed up 14.75 at 2,596.75. Prices closed nearer thesession high and hit a contract and record high today. Thebulls have the solid overall near-term technical advantageand gained more power today. Bulls’ next upside priceobjective is closing prices above solid resistance at2,650.00. The next downside price breakout objective forthe bears is closing prices below solid support at theNovember low of 2,555.50. First resistance is seen attoday’s contract high of 2,600.50 and then at 2,615.00.First support is seen at today’s low of 2,579.25 and thenat this week’s low of 2,567.75.

*  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.

11/16/2017

November 16 Daily Markets Update

LIVESTOCK:

December live cattle closed down $0.60 at$119.60 today. Prices closed nearer the session low today.The cattle market bulls still have the overall near-termtechnical advantage but it appears a near-term market topis in place. 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 $115.00. First resistance isseen at $120.92 and then at this week’s high of $121.72.First support is seen at this week’s low of $118.77 andthen at $118.00.

January feeder cattle closed down $0.50 at $153.75 today.Prices closed near mid-range. The cattle market bulls havethe overall near-term technical advantage but have fadedrecently. 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 $155.00 and then at $156.87.First support is seen at this week’s low of $152.75 andthen at $152.00.

December lean hogs closed down $1.12 at $60.00 today.Prices closed near the session low today. Bears have theoverall near-term technical advantage. Prices are in asteep three-week old downtrend on the daily bar chart. Thenext upside price breakout objective for the hog bulls isto push and close prices above solid chart resistance at$64.00. The next downside price breakout objective for thebears is pushing prices below solid technical support atthe August low of $55.77. First resistance is seen attoday’s high of $61.55 and then at this week’s high of$62.92. First support is seen at this week’s low of $59.25and then at $58.00.

GRAINS:

March corn futures closed down 2 cents at $3.49today. Prices closed near the session low and hit anothercontract low today. The corn bears have the solid overallnear-term technical advantage. There are no early technicalclues that a market bottom is close at hand. The nextupside price objective for the bulls is to push and closeprices above solid technical resistance at $3.60. The nextdownside price breakout objective for the bears is pushingand closing prices below solid support at $3.40. Firstresistance is seen at today’s high of $3.51 1/2 and then at$3.54 3/4. First support is seen at today’s contract low of$3.48 3/4 and then at $3.46.

January soybeans closed down 5 1/4 cents at $9.71 a busheltoday. Prices closed nearer the session low today. The beanbears have the overall near-term technical advantage. Thenext near-term upside technical breakout objective for thesoybean bulls is pushing and closing prices above solidresistance at $10.00 a bushel. The next downside pricebreakout objective for the bears is pushing and closingprices below solid technical support at the October low of$9.63 1/4. First resistance is seen at today’s high of$9.78 1/4 and then at this week’s high of $9.90 1/4. Firstsupport is seen at this week’s low of $9.67 and then at$9.63 1/4.

March soybean meal closed down $0.90 at $315.60 today.Prices closed nearer the session low and closed at a seven-

week low close today. The meal bears have the overall near-

term technical advantage. The next upside price breakoutobjective for the bulls is to produce a close above solidtechnical resistance at last week’s high of $327.00. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support at$310.00. First resistance comes in at today’s high of$317.90 and then at $320.00. First support is seen at thisweek’s low of $315.00 and then at $312.50.

March bean oil closed down 25 points at 34.83 cents today.Prices closed nearer the session low today. The bulls havethe overall near-term technical advantage. However, abearish head-and-shoulders top formation has formed on thedaily bar chart. The next upside price breakout objectivefor the bean oil bulls is pushing and closing prices abovesolid technical resistance at the November high of 35.80cents. Bean oil bears’ next downside technical pricebreakout objective is pushing and closing prices belowsolid technical support at 33.50 cents. First resistance isseen at 35.00 cents and then at this week’s high of 35.19cents. First support is seen at 34.75 cents and then atthis week’s low of 34.38 cents.

March Chicago SRW wheat closed unchanged at $4.37 3/4today. Prices closed nearer the session low. The bears havethe solid overall near-term technical advantage. Wheatbulls’ next upside breakout objective is to push and closeChicago SRW prices above solid technical resistance at$4.65. The next downside price breakout objective for thewheat futures bears is pushing and closing prices belowsolid technical support at $4.25. First resistance is seenat Wednesday’s high of $4.45 1/4 and then at last week’shigh of $4.50 1/4. First support is seen at today’s low of$4.36 1/2 and then at the contract low of $4.33 3/4.

March HRW wheat closed down 1 cent at $4.34 1/4 today.Prices closed nearer the session low today. The bears havethe solid overall near-term technical advantage. Bulls’next upside price breakout objective is pushing and closingprices above solid technical resistance at the Septemberhigh of $4.77 1/2. The bears’ next downside breakoutobjective is pushing and closing prices below solidtechnical support at $4.25. First resistance is seen at$4.40 and then at Wednesday’s high of $4.45 3/4. Firstsupport is seen at the contract low of $4.31 1/4 and thenat $4.25.

SOFTS:

March sugar closed up 17 points at 15.26 centstoday. Prices closed near the session high and hit a 3.5-

month high today. The sugar bulls have the overall near-

term technical advantage. Prices are in a three-week-olduptrend on the daily bar chart. Bulls’ next upside pricebreakout objective is to push and close prices above solidtechnical resistance at the August high of 15.82 cents.Bears’ next downside price breakout objective is to pushand close prices below solid technical support at theNovember low of 14.15 cents. First resistance is seen attoday’s high of 15.28 cents and then at 15.50 cents. Firstsupport is seen at 15.00 cents and then at this week’s lowof 14.86 cents.

December coffee closed down 15 points at 126.60 centstoday. Prices closed near mid-range today. The coffee bearshave the firm overall near-term technical advantage.However, recent price action suggests “basing” at lowerlevels that puts in market bottoms. The next upsidebreakout objective for the bulls is to close prices abovesolid technical resistance at the October high of 132.70cents. The next downside price breakout objective for thebears is closing prices below solid technical support atthe June low of 119.10 cents a pound. First resistance isseen at this week’s high of 129.00 cents and then at 130.00cents. First support is seen at this week’s low of 124.25cents and then at last week’s low of 122.25 cents.

December cocoa closed down $23 at $2,110 a ton today.Prices closed near the session low on profit taking today.The cocoa bulls still have the overall near-term technicaladvantage. The next upside price breakout objective for thecocoa bulls is to push and close prices above solidtechnical resistance at the January high of $2,275. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support atlast week’s low of $2,035. First resistance is seen attoday’s high of $2,158 and then at $2,200. First support isseen at $2,100 and then at this week’s low of $2,082.

December cotton closed up 50 points at 69.31 cents today.Prices closed nearer the session high today on shortcovering. The cotton bears have the overall near-termtechnical advantage amid recent choppy and sidewaystrading. The next upside price breakout objective for thecotton bulls is to produce a close above solid technicalresistance at the October high of 70.22 cents. The nextdownside price breakout objective for the cotton bears isto push and close prices below solid technical support atthe October low of 66.84 cents. First resistance is seen atthis week’s high of 69.68 cents and then at 70.00 cents.First support is seen at today’s low of 68.79 cents andthen at 68.50 cents.

January orange juice closed up 320 points at $1.6620 today.Prices closed nearer the session high and closed at another10-month high close today. 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 this week’s high of$1.6950. 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 $1.6700 and then at $1.6950. First support is seenat today’s low of $1.6220 and then at $1.6000.

January lumber futures closed up $0.30 at $449.70 today.Prices closed near the session low on mild profit taking.Prices hit a contract high last Friday. The bulls have thesolid overall near-term technical advantage. The nextdownside technical breakout objective for the lumber bearsis pushing and closing prices below solid technical supportat $430.00. The next upside price breakout objective forthe bulls is pushing and closing prices above solidtechnical resistance at $475.00. First resistance is seenat today’s high of $455.90 and then at the contract high of$461.90. First support is seen at this week’s low of$444.50 and then at $440.00.

METALS:

December gold futures closed up $0.40 at$1,278.20. Prices closed near mid-range today. Prices arestill in a sideways and choppy trading range on the dailybar chart. Bulls and bears are on a level overall near-termtechnical playing field. Gold bulls’ next upside near-termprice breakout objective is to produce a close above solidtechnical resistance at $1,300.00. Bears’ next near-termdownside price breakout objective is pushing prices belowsolid technical support at the October low of $1,262.80.First resistance is seen at $1,285.00 and then at thisweek’s high of $1,290.00. First support is seen at thisweek’s low of $1,269.70 and then at $1,262.80. Wyckoff’sMarket Rating: 5.0

December silver futures closed up $0.099 at $17.065 today.Prices closed nearer the session high today. The silverbulls and bears are on a level overall near-term technicalplaying field. Silver bulls’ next upside price breakoutobjective is closing prices above solid technicalresistance at $17.50 an ounce. The next downside pricebreakout objective for the bears is closing prices belowsolid support at the October low of $16.345. Firstresistance is seen at this week’s high of $17.205 and thenat last week’s high of $17.27. Next support is seen at thisweek’s low of $16.82 and then at $16.60.

December N.Y. copper closed down 55 points at 304.95 centstoday. Prices closed nearer the session low and closed at afive-week low close today. The copper bulls still have theoverall near-term technical advantage but are fading asprices have been trending lower for four weeks. Copperbulls’ next upside price objective is pushing and closingprices above solid technical resistance at the Septemberhigh of 317.85 cents. The next downside price objective forthe bears is closing prices below solid technical supportat 300.00 cents. First resistance is seen at today’s highof 307.90 cents and then at 310.00 cents. First support isseen at this week’s low of 303.40 cents and then at 302.00cents.

ENERGIES:

December Nymex crude oil closed down $0.24 at$55.09 today. Prices closed near mid-range today on moreprofit taking and weak long liquidation. The bulls stillhave the overall level near-term technical advantage buthave faded this week to suggest a market top is in place.The next near-term upside price breakout objective for thecrude oil bulls is pushing prices above resistance at theJanuary high of $58.44. The next near-term downside pricebreakout objective for the crude oil bears is to produce aclose below solid technical support at $54.00. Firstresistance is seen at today’s high of $55.62 and then at$56.00. First support is seen at today’s low of $55.09 andthen at $54.50.

December heating oil closed down 68 points at $1.9019today. Prices closed nearer the session low today. Thebulls still have the solid overall near-term technicaladvantage. The bulls’ next upside price breakout objectiveis closing prices above solid technical resistance at$2.0000. Bears’ next downside price breakout objective isproducing a close below solid technical support at $1.8000.First support lies at this week’s low of $1.8824 and thenat $1.8500. First resistance is seen at Tuesday’s high of$1.9346 and then at the contract high of $1.9563.

December (RBOB) unleaded gasoline closed down 251 points at$1.7137 today. Prices closed near the session low and hit athree-week low on more profit taking. The bulls still havethe overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $1.9500. Bears’ nextdownside price breakout objective is closing prices belowsolid support at $1.7000. First resistance is seen at$1.7520 and then at $1.7792. First support is seen attoday’s low of $1.7121 and then at $1.7000.

December natural gas closed down 1.9 cents at $3.061 today.Prices closed nearer the session low. Bears have theoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at the September high of$3.353. The next downside price breakout objective for thebears is closing prices below solid technical support atthe November low of $2.847. First resistance is seen attoday’s high of $3.11 and then at $3.153. First support isseen at today’s low of $3.046 and then at $3.00.

STOCKS, FINANCIALS, CURRENCIES:

The December Eurocurrency closed down 30 points at 1.1782 today. Pricesclosed nearer the session low on more short-term profittaking after hitting a three-week high on Wednesday. Thebulls and bears are on a level overall near-term technicalplaying field. However, the bulls still have some momentumon their side. Euro bulls’ next upside price breakoutobjective is pushing and closing prices above solidtechnical resistance at the October high of 1.1921. Thenext downside price breakout objective for the bears isclosing prices below solid chart support at the Novemberlow of 1.1578. First resistance for the Euro lies attoday’s high of 1.1819 and then at this week’s high of1.1881. Next support is seen at 1.1750 and then at 1.1700.

The December Japanese yen closed down 100 points at .88595today. Prices closed near mid-range today. Bears have theoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen atthis week’s high of .89030 and then at .89500. Firstsupport is seen at Wednesday’s low of .88225 and then at.88000.

The December Swiss franc closed down 55 points at 1.0079today. Prices closed nearer the session low. The Swissybears have the overall near-term technical advantage. Thenext upside price breakout objective for the bulls isclosing prices above solid resistance at 1.0300. The nextdownside price breakout objective for the bears is closingprices below solid technical support at the November low of.9991. First resistance is seen at today’s high of 1.0136and then at this week’s high of 1.0176. First support isseen at today’s low of 1.0075 and then at this week’s lowof 1.0034.

The December Australian dollar closed up 6 points at .7587today. Prices closed near mid-range and hit another four-

month low today. The bears 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 .7663 andthen at last week’s high of .7698. Next support is seen attoday’s low of .7566 and then at .7550.

The December Canadian dollar closed up 10 points at .7845today. Prices closed near mid-range today. Bears have theoverall near-term technical advantage. Prices are still ina two-month-old downtrend on the daily bar chart. Bulls’next upside price breakout objective is producing a closeabove chart resistance at .8050. The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at .7650. First resistance is seenat .7876 and then at .7900. First support is seen at thisweek’s low of .7821 and then at last week’s low of .7802.

The December British pound closed up 19 points at 1.3195today. 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 atlast week’s high of 1.3243 and then at 1.3300. Firstsupport is seen at today’s low of 1.3145 and then at thisweek’s low of 1.3074.

The December U.S. dollar index closed up 0.128 at 93.854today. Prices closed nearer the session high today. Thebulls and bears are on a level overall near-term technicalplaying field. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at the November high of 95.070. The nextdownside price breakout objective for the bears is toproduce a close below solid technical support at theOctober low of 92.590. Next resistance lies at 94.000 andthen at this week’s high of 94.545. First support is seenat this week’s low of 93.305 and then at 93.000.

December U.S. T-Bonds closed down 16/32 at 153 16/32 today.Prices closed near the session low on a corrective pullbackfrom this week’s good gains. Bond market bulls and bearsare on a level overall near-term technical playing field.The next downside price breakout objective for the T-Bondbears is closing prices below solid technical support atthe October low of 150 10/32. The next upside technicalobjective for the bulls is to produce a close above solidtechnical resistance at the November high of 154 26/32.First resistance is seen at this week’s high of 154 9/32and then at 154 26/32. First support is seen at Wednesday’slow of 153 1/32 and then at this week’s low of 152 1/32.

December U.S. T Notes closed down 6.5 (32nds) at 124.27.0today. Prices closed nearer the session low today. Thebears have the overall near-term technical advantage.However, a bullish head-and-shoulders bottom reversalpattern has formed on the daily bar chart. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at the October high of 125.25.5. Thenext downside price breakout objective for the bears isproducing a close below solid technical support at theOctober low of 124.06.0. First resistance is seen at125.00. and then at this week’s high of 125.07.0. Firstsupport is seen at Wednesday’s low of 124.24.0 and then at124.20.0.

GENERAL STOCK MARKET COMMENT:

The U.S. stock indexes closedsolidly higher today. The House passage of a tax-reformbill helped to lift the indexes. World stock markets weremostly firmer Thursday on corrective bounces from sellingpressure seen earlier this week. The key outside markets onThursday saw the U.S. dollar index slightly higher on acorrective bounce from good selling pressure seen earlierthis week. The greenback bulls have faded, technically,this week. The Euro currency is lower on a pullback fromthis week’s good gains. Euro bulls have gained technicalstrength this week to suggest at least sideways trading inthe near term. Meantime, Nymex crude oil futures priceswere near steady in afternoon action and trading just above$55.00 a barrel. Prices are well down from the early-

November high and the crude oil market appears to havetopped out for now. Bearish fundamental news this week—

forecast lower worldwide demand from the IEA and a bearishDOE weekly storage report—have helped to pressure oilprices lower.

The December Nasdaq 100 stock index futures closed up 77.25at 6,343.00. Prices closed nearer the session high and hita fresh contract and record high today. The bulls have thesolid overall near-term technical advantage and gained morepower today. Bulls’ next upside price breakout objective isclosing prices above solid resistance at 6,500.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,200.00. Firstresistance is seen at today’s contract high of 6,358.50 andthen at 6,400.00. First support is seen at 6,300.00 andthen at today’s low of 6,260.75.

The December e-mini S&P 500 futures stock index futuresclosed up 19.25 at 2,583.75. Prices closed nearer thesession high. The bulls still have the firm overall near-

term technical advantage and gained fresh power today.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 attoday’s high of 2,589.50 and then at the contract high of2,594.50. First support is seen at today’s low of 2,562.25and then at this week’s low of 2,555.50.

*  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.

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.

10/26/2017

October 26 Daily Markets Update

LIVESTOCK:

December live cattle closed up $1.70 at$120.77 today. Prices closed nearer the session high andhit a 4.5-month high today. The cattle market bulls havethe solid overall near-term technical advantage. Prices arein a nine-week-old uptrend on the daily bar chart. Bulls’next upside price objective is to push and close pricesabove solid resistance at the June high of $122.85. Thenext downside technical breakout objective for the bears ispushing and closing prices below solid technical support atthis week’s low of $115.00. First resistance is seen at$122.85 and then at $124.00. First support is seen attoday’s low of $118.92 and then at $117.50.

January feeder cattle closed up $0.72 at $156.32 today.Prices closed nearer the session high and closed at acontract high close today. The feeder cattle bulls have thesolid overall near-term technical advantage. The nextupside price objective for the feeder bulls is to push andclose prices above technical resistance at $160.00. Thenext downside price breakout objective for the bears is topush and close prices below solid technical support at thisweek’s low of $148.17. First resistance is seen at thecontract high of $157.10 and then at $158.00. First supportis seen at Wednesday’s low of $154.57 and then at $153.50.

December lean hogs closed up $0.60 at $65.07 today. Pricesclosed nearer the session high and hit a nearly four-monthhigh today. Bulls have the solid overall near-termtechnical advantage. The next upside price objective forthe hog bulls is to push and close prices above solid chartresistance at the July high of $65.67. The next downsideprice breakout objective for the bears is pushing pricesbelow solid technical support at $62.00. First resistanceis seen at $65.67 and then at $67.00. First support is seenat today’s low of $64.10 and then at this week’s low of$62.95.

GRAINS:

December corn futures closed down 1/2 cent at$3.50 1/2 today. Prices closed near mid-range today. Recentprice action still suggests the market has put in a bottom.But the corn bears still have the overall near-termtechnical advantage. The next upside price objective forthe bulls is to push and close prices above solid technicalresistance at $3.62. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid support at the contract low of $3.42 1/2. Firstsupport is seen at today’s low of $3.49 1/2 and then at$3.46. First resistance is seen at this week’s high of$3.55 1/4 and then at $3.58.

November soybeans closed down 4 1/4 cents at $9.71 1/4 abushel today. Prices closed near the session low and hit athree-week low today. The bean bulls have lost their slightoverall near-term technical advantage. The next near-termupside technical breakout objective for the soybean bullsis pushing and closing prices above solid resistance at theOctober high of $10.03 1/4 a bushel. The next downsideprice breakout objective for the bears is pushing andclosing prices below solid technical support at the Octoberlow of $9.52 1/2. First resistance is seen at this week’shigh of $9.83 1/4 and then at $9.90. First support is seenat $9.65 and then at $9.60.

December soybean meal closed down $3.40 at $312.00 today.Prices closed near the session low and hit a three-week lowtoday. The meal bears have gained the slight overall near-

term technical advantage. The next upside price breakoutobjective for the bulls is to produce a close above solidtechnical resistance at the October high of $329.80. Thenext downside price breakout objective for the bears ispushing and closing prices below solid technical support at$305.00. First resistance comes in at $315.00 and then atthis week’s high of $317.90. First support is seen attoday’s low of $311.80 and then at $310.00.

December bean oil closed up 25 points at 34.51 cents today.Prices closed nearer the session high today. The bulls havethe slight overall near-term technical advantage. The nextupside price breakout objective for the bean oil bulls ispushing and closing prices above solid technical resistanceat the September high of 36.06 cents. Bean oil bears’ nextdownside technical price breakout objective is pushing andclosing prices below solid technical support at the Octoberlow of 32.30 cents. First resistance is seen at this week’shigh of 34.69 cents and then at 35.00 cents. First supportis seen at this week’s low of 34.20 cents and then at 34.00cents.

December Chicago SRW wheat closed down 4 cents at $4.31 1/2today. Prices closed near the session low. The bears havethe firm overall near-term technical advantage. Wheatbulls’ next upside breakout objective is to push and closeChicago SRW prices above solid technical resistance at theSeptember high of $4.62 3/4. The next downside pricebreakout objective for the wheat futures bears is pushingand closing prices below solid technical support at theAugust low of $4.22 1/2. First resistance is seen attoday’s high of $4.37 1/2 and then at this week’s high of$4.43. First support is seen at $4.25 and then at $4.221/2.

December HRW wheat closed down 5 1/4 cents at $4.28 1/4today. Prices closed nearer the session low. The bears havethe firm overall near-term technical advantage. The HRWbears still have the firm overall near-term technicaladvantage. Bulls’ next upside price breakout objective ispushing and closing prices above solid technical resistanceat the September high of $4.60 1/4. The bears’ nextdownside breakout objective is pushing and closing pricesbelow solid technical support at the August low of $4.20.First resistance is seen at today’s high of $4.35 3/4 andthen at last week’s high of $4.40 3/4. First support isseen at $4.25 and then at $4.20.

December oats closed down 12 1/2 cents at $2.63 3/4 today.Prices closed nearer the session low on heavy profit takinghitting a 2.5-month high on Wednesday. Bulls still have theoverall near-term technical advantage. Bears’ next downsideprice breakout objective is pushing and closing pricesbelow solid technical support at the October low of $2.451/2. Bulls’ next upside price breakout objective is pushingand closing prices above solid technical resistance at thisweek’s high of $2.82 3/4. First resistance lies at $2.68and then at $2.70. First support is seen at today’s low of$2.61 1/4 and then at $2.60.

SOFTS:

March sugar closed down 7 points at 14.11 centstoday. Prices closed near mid-range today. The sugar bearshave the overall near-term technical advantage. However,sideways price action the past month could be “basing” thatputs in a market bottom and kicks off an uptrend at somepoint. Bulls’ next upside price breakout objective is topush and close prices above solid technical resistance atthe September high of 15.20 cents. Bears’ next downsideprice breakout objective is to push and close prices belowsolid technical support at the June low of 13.50 cents.First resistance is seen at this week’s high of 14.37 centsand then at the October high of 14.57 cents. First supportis seen at today’s low of 14.00 cents and then at thisweek’s low of 13.84 cents.

December coffee closed up 30 points at 124.40 cents today.Prices closed nearer the session high on more tepid shortcovering after hitting a four-month low on Tuesday. Thecoffee 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 thisweek’s high of 126.50 cents and then at 128.05 cents. Firstsupport is seen at this week’s low of 122.85 cents and thenat 120.00 cents.

December cocoa closed up $51 at $2,130 a ton today. Pricesclosed near the session high today. The cocoa bulls havethe overall near-term technical advantage. Prices are in anine-week-old uptrend on the daily bar chart. The nextupside price breakout objective for the cocoa bulls is topush and close prices above solid technical resistance atthe March high of $2,212. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid technical support at $2,028. First resistance is seenat this week’s high of $2,134 and then at the October highof $2,160. First support is seen at $2,100 and then attoday’s low of $2,078.

December cotton closed down 91 points at 68.40 cents today.Prices closed nearer the session low today. The cottonbears have the overall near-term technical advantage butrecent choppy and sideways trading suggests a market bottomis in place. The next upside price breakout objective forthe cotton bulls is to produce a close above solidtechnical resistance at this week’s 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 69.27cents. First support is seen at today’s low of 68.23 centsand then at 68.00 cents.

January orange juice closed up 75 points at $1.5345 today.Prices closed nearer the session high today. The FCOJ bullshave the overall near-term technical advantage. The nextupside price breakout objective for the COJ bulls ispushing and closing prices above technical resistance atthe October high of $1.6340. The next downside technicalbreakout objective for the FCOJ bears is to produce a closebelow solid technical support at $1.4140. First resistanceis seen at today’s high of $1.5485 and then at this week’shigh of $1.5700. First support is seen at the October lowof $1.4940 and then at $1.4750.

November lumber futures closed up $1.30 at $441.00 today.Prices closed near the session high and closed at acontract high close today. 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 $418.30.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat $450.00. First resistance is seen at the contract highof $444.40 and then at $450.00. First support is seen atWednesday’s low of $434.60 and then at $430.00.

METALS:

December gold futures closed down $8.10 at$1,270.70. Prices closed nearer the session low, hit athree-week low and scored a bearish “outside day” down onthe daily bar chart. Bears have gained the slight overallnear-term technical advantage. Gold bulls’ next upsidenear-term price breakout objective is to produce a closeabove solid technical resistance at $1,300.00. Bears’ nextnear-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at $1,280.00 and thenat this week’s high of $1,285.30. First support is seen attoday’s low of $1,269.60 and then at $1,262.80.

December silver futures closed down $0.10 at $16.825 today.Prices closed near the session low and hit a three-week lowtoday. The silver bulls and bears are on a level overallnear-term technical playing field, but the bears have somemomentum on their side. Silver bulls’ next upside pricebreakout objective is closing prices above solid technicalresistance at $17.50 an ounce. The next downside pricebreakout objective for the bears is closing prices belowsolid support at the October low of $16.345. Firstresistance is seen at $17.00 and then at this week’s highof $17.17. Next support is seen at $16.75 and then at$16.50.

December N.Y. copper closed down 55 points at 317.75 centstoday. Prices closed near mid-range and saw mild profittaking. The copper bulls have the firm overall near-termtechnical advantage. A bullish symmetrical triangle patternhas formed on the daily bar chart. Copper bulls’ nextupside price objective is pushing and closing prices abovesolid technical resistance at 330.00 cents. The nextdownside price objective for the bears is closing pricesbelow solid technical support at 300.00 cents. Firstresistance is seen at today’s high of 320.00 cents and thenat this week’s high of 323.90 cents. First support is seenat this week’s low of 314.40 cents and then at last week’slow of 311.20 cents.

*. ENERGIES: December Nymex crude oil closed up $0.46 at$52.64 today. Prices closed nearer the session high todayand closed at a six-month high close. The bulls have theoverall level near-term technical advantage. The next near-

term upside price breakout objective for the crude oilbulls is pushing prices above resistance at the Septemberhigh of $53.11. The next near-term downside price breakoutobjective for the crude oil bears is to produce a closebelow solid technical support at the October low of $49.44.First resistance is seen at $53.11 and then at $54.00.First support is seen at $52.00 and then at this week’s lowof $51.55.

December heating oil closed up 239 points at $1.8422 today.Prices closed near the session high and hit a four-weekhigh today. The bulls have the firm overall near-termtechnical advantage. The bulls’ next upside price breakoutobjective is closing prices above solid technicalresistance at the September high of $1.8525. Bears’ nextdownside price breakout objective is producing a closebelow solid technical support at $1.6500. First supportlies at today’s low of $1.8079 and then at this week’s lowof $1.7711. First resistance is seen at $1.8525 and then at$1.8800..

December (RBOB) unleaded gasoline closed up 156 points at$1.7017 today. Prices closed nearer the session high andhit another 27-month high today. The bulls have the solidoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at $1.8000. Bears’ nextdownside price breakout objective is closing prices belowsolid support at $1.5750. First resistance is seen attoday’s high of $1.7077 and then at $1.7300. First supportis seen at today’s low of $1.6658 and then at this week’slow of $1.6340.

December natural gas closed down 3.2 cents at $3.05 today.Prices closed nearer the session low today. Bears have thefirm overall near-term technical advantage. The next upsideprice breakout objective for the bulls is closing pricesabove solid technical resistance at the September high of$3.353. The next downside price breakout objective for thebears is closing prices below solid technical support at$3.00. First resistance is seen at today’s high of $3.103and then at $3.156. First support is seen at today’s low of$3.036 and then at the October low of $3.012.

STOCKS, FINANCIALS, CURRENCIES:

The December Eurocurrency closed down 141 points at 1.1698 today. Pricesclosed near the session low and hit a three-month lowtoday. The bulls have lost their overall near-termtechnical advantage. Prices are in a six-week-old downtrendon the daily bar chart. Euro bulls’ next upside pricebreakout objective is pushing and closing prices abovesolid technical resistance at the October high of 1.1921.The next downside price breakout objective for the bears isclosing prices below solid chart support at 1.1500. Firstresistance for the Euro lies at 1.1750 and then at 1.1800.Next support is seen at 1.1650 and then at 1.1600.

The December Japanese yen closed down 195 points at .87940today. Prices closed nearer the session low today andclosed at an 8.5-month low close. Bears have the solidoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen atthis week’s high of .88520 and then at .88750. Firstsupport is seen at this week’s low of .87680 and then at.87500.

The December Swiss franc closed down 82 points at 1.0061today. Prices closed nearer the session low and hit anotherfive-month low today. The Swissy bears have the solidoverall near-term technical advantage. Prices are in aseven-week-old downtrend on the daily bar chart. The nextupside price breakout objective for the bulls is closingprices above solid resistance at 1.0300. The next downsideprice breakout objective for the bears is closing pricesbelow solid technical support at 1.0000. First resistanceis seen at 1.0100 and then at today’s high of 1.0157. Firstsupport is seen at today’s low of 1.0057 and then at1.0000.

The December Australian dollar closed down 27 points at.7663 today. Prices closed near the session low and hitanother more-than-three-month low today. The bears havegained the slight overall near-term technical advantage andhave downside momentum. Prices have been trending lower forseven-weeks. Bulls’ next upside price breakout objective isclosing prices above solid chart resistance at the Octoberhigh of .7891. The next downside breakout objective for thebears is to produce a close below solid technical supportat .7500. First resistance is seen at today’s high of .7718and then at .7750. Next support is seen at .7650 and thenat .7600.

The December Canadian dollar closed down 27 points at .7781today. Prices closed near the session low and hit another3.5-month low today. Bears have the overall near-termtechnical advantage. Prices are in a seven-week-olddowntrend on the daily bar chart. Bulls’ next upside pricebreakout objective is producing a close above chartresistance at .8050. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at .7650. First resistance is seen attoday’s high of .7827 and then at .7850. First support isseen at .7775 and then at .7750.

The December British pound closed down 96 points at 1.3178today. Prices closed near the session low today. The bullsand bears are back on a level overall near-term technicalplaying field. The next upside price breakout objective forthe bulls is closing prices above solid technicalresistance at 1.3400. Bears’ next downside technicalbreakout objective is closing prices below solid support atthe October low of 1.3048. First resistance is seen attoday’s high of 1.3298 and then at 1.3363. First support isseen at 1.3107 and then at 1.3048.

The December U.S. dollar index closed up 0.938 at 94.515today. Prices closed near the session high and hit a three-

month high today. The bulls and bears are now on a leveloverall near-term technical playing field. Prices are in asix-week-old uptrend on the daily bar chart. The bulls’next upside price breakout objective is to close pricesabove solid technical resistance at 96.000. The nextdownside price breakout objective for the bears is toproduce a close below solid technical support at theOctober low of 92.590. Next resistance lies at 94.750 andthen at 95.000. First support is seen at 94.100 and then at93.500.

December U.S. T-Bonds closed down 4/32 at 150 25/32 today.Prices closed nearer the session low today and closed at a4.5-month low close. Bond market bears have the overallnear-term technical advantage. Prices are in a seven-week-

old downtrend on the daily bar chart. The next downsideprice breakout objective for the T-Bond bears is closingprices below solid technical support at 149 even. The nextupside technical objective for the bulls is to produce aclose above solid technical resistance at the October highof 154 5/32. First resistance is seen at today’s high of151 22/32 and then at 152 even. First support is seen atthis week’s low of 150 14/32 and then at the July low of150 11/32.

December U.S. T Notes closed down 2.5 32nds at 124.12.0today. Prices closed nearer the session low and closed at a5.5-month-low close today. The bears have the firm overallnear-term technical advantage. The next upside pricebreakout objective for the bulls is closing prices abovesolid resistance at the October high of 125.25.5. The nextdownside price breakout objective for the bears isproducing a close below solid technical support at123.16.0. First resistance is seen at today’s high of124.23.5 and then at 125.00.0. First support is seen atthis week’s low of 124.06.0 and then at 124.00.0.

GENERAL STOCK MARKET COMMENT:

The U.S. stock indexes closedfirmer today. Bulls have the firm overall near-termtechnical advantage. The indexes have recently hit recordhighs. Thursday’s European Central Bank regular monetarypolicy meeting resulted in no interest rate changes fromthe ECB. However, the central bank said it is reducing itsmonthly bond-buying program amount by half, but isextending the timeframe of the bond buying. This outcomewas about what the marketplace expected. However, ECB ChiefMario Draghi’s press conference was deemed to favor thedovish camp on monetary policy, and that allowed the U.S.dollar to rally to a three-month high and sink the Eurocurrency to a three-month low. The most important U.S.economic report of the week is due out Friday morning: theadvance third-quarter GDP estimate. The number is expectedto come in at up 2.7% versus the second-quarter reading ofup 3.1%.

The December Nasdaq 100 stock index futures closed up 9.50at 6,074.00. Prices closed near the session high. The bullshave the firm overall near-term technical advantage but arefading a bit. Bulls’ next upside price breakout objectiveis closing prices above solid resistance at 6,200.00. Thebears’ next downside price breakout objective is closingprices below solid technical support at 6,000.00. Firstresistance is seen at 6,100.00 and then at the contracthigh of 6,132.75. First support is seen at today’s low of6,035.00 and then at this week’s low of 6,011.00.

The December e-mini S&P 500 futures stock index futuresclosed up 3.25 at 2,561.75. Prices closed nearer thesession high. The bulls still have the solid overall near-

term technical advantage. Bulls’ next upside priceobjective is closing prices above solid resistance at2,600.00. The next downside price breakout objective forthe bears is closing prices below solid support at2,515.00. First resistance is seen at Wednesday’s high of2,566.25 and then at the contract high of 2,577.25. Firstsupport is seen at 2,550.00 and then at this week’s low of2,541.50.

*  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.

10/24/2017

Tuesday Evening, October 24 Daily Markets Update

 

 

LIVESTOCK: 

December live cattle closed up $2.75 at$119.50 today. Prices closed nearer the session high andhit a three-month high today. The cattle market bulls

havethe firm overall near-term technical advantage and gainedmore power today. Prices are in a nine-week-old uptrend onthe daily bar chart. Bulls’ next upside price objective isto push and close prices above solid resistance at the Junehigh of $122.85. The next downside technical breakoutobjective for the bears is pushing and closing prices belowsolid technical support at this week’s low of $115.00.First resistance is seen at today’s high of $119.70 andthen at $121.00. First support is seen at $118.00 and thenat $117.50. 

January feeder cattle closed up $4.12 at $155.00 today.Prices closed nearer the session high today and hit acontract high. The feeder cattle bulls

have the solidoverall near-term technical advantage and gained good powertoday. The next upside price objective for the feeder bullsis to push and close prices above technical resistance at$160.00. The next downside price breakout objective for thebears is to push and close prices below solid technicalsupport at this week’s low of $148.17. First resistance isseen at today’s contract high of $155.32 and then at$156.00. First support is seen at $153.50 and then at$152.00. 

December lean hogs closed up $0.60 at $64.12 today. Pricesclosed nearer the session high today. Bulls have the firmoverall near-term technical

advantage. The next upsideprice objective for the hog bulls is to push and closeprices above solid chart resistance at the July high of$65.67. The next downside price breakout objective for thebears is pushing prices below solid technical support at$60.00. First resistance is seen at today’s high of $64.37and then at $65.00. First support is seen at Monday’s lowof $63.45 and then at today’s low of $62.95. 

GRAINS: 

December corn futures closed up 3/4 cent at$3.52 today. Prices closed nearer the session high today.Recent price action suggests the market has put

in abottom. But right now the corn bears still have the overallnear-term technical advantage. The next upside priceobjective for the bulls is to push and close prices abovesolid technical resistance at $3.62. The next downsideprice breakout objective for the bears is pushing andclosing prices below solid support at the contract low of$3.42 1/2. First support is seen at today’s low of $3.491/2 and then at $3.46. First resistance is seen $3.54 andthen at $3.58. 

November soybeans closed down 6 cents at $9.74 3/4 a busheltoday. Prices closed nearer the session low. The bean bullshave the slight overall near-

term technical advantage butneed to show fresh power soon to keep it. Prices are in anine-week-old uptrend on the daily bar chart, but now justbarely. The next near-term upside technical breakoutobjective for the soybean bulls is pushing and closingprices above solid resistance at the October high of $10.031/4 a bushel. The next downside price breakout objectivefor the bears is pushing and closing prices below solidtechnical support at the October low of $9.52 1/2. Firstresistance is seen at today’s high of $9.83 and then at$9.90. First support is seen at today’s low of $9.72 3/4and then at $9.65. 

December soybean meal closed down $1.50 at $314.40 today.Prices closed near mid-range. The meal bulls and bears areon a level overall near-term

technical playing field butthe bears have momentum on their side. The next upsideprice breakout objective for the bulls is to produce aclose above solid technical resistance at the October highof $329.80. The next downside price breakout objective forthe bears is pushing and closing prices below solidtechnical support at $305.00. First resistance comes in atthis week’s high of $317.90 and then at $320.00. Firstsupport is seen at today’s low of $312.70 and then at$310.00. 

December bean oil closed down 25 points at 34.38 centstoday. Prices closed nearer the session low today. Thebulls have the slight overall near-term

technicaladvantage. The next upside price breakout objective for thebean oil bulls is pushing and closing prices above solidtechnical resistance at the September high of 36.06 cents.Bean oil bears’ next downside technical price breakoutobjective is pushing and closing prices below solidtechnical support at the October low of 32.30 cents. Firstresistance is seen at today’s high of 34.65 cents and thenat 35.00 cents. First support is seen at 34.25 cents andthen at 34.00 cents. 

December Chicago SRW wheat closed up 2 cents at $4.38 3/4today. Prices closed near the session high. The bears stillhave the firm overall near-term

technical advantage, butthis week’s price action hints of a market bottom being inplace. Wheat bulls’ next upside breakout objective is topush and close Chicago SRW prices above solid technicalresistance at the September high of $4.62 3/4. The nextdownside price breakout objective for the wheat futuresbears is pushing and closing prices below solid technicalsupport at the August low of $4.22 1/2. First resistance isseen at last week’s high of $4.42 3/4 and then at $4.50.First support is seen at $4.30 and then at $4.25. 

 

December HRW wheat closed up 1 cent at $4.34 1/2 today.Prices closed nearer the session high. The bears still havethe firm overall near-term

technical advantage, but thisweek’s price action hints of a market bottom being inplace. The HRW bears still 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 $4.60 1/4.The bears’ next downside breakout objective is pushing andclosing prices below solid technical support at the Augustlow of $4.20. First resistance is seen at last week’s highof $4.40 3/4 and then at $4.50. First support is seen at$4.25 and then at $4.20. 

December oats closed up 3 1/4 cents at $2.76 3/4 today.Prices closed near mid-range and hit another 2.5-month hightoday. Bulls have the firm overall

near-term technicaladvantage. Bears’ next downside price breakout objective ispushing and closing prices below solid technical support atthe October low of $2.45 1/2. Bulls’ next upside pricebreakout objective is pushing and closing prices abovesolid technical resistance at $2.90. First resistance liesat today’s high of $2.78 1/2 and then at $2.82. Firstsupport is seen at today’s low of $2.73 1/2 and then at$2.70. 

SOFTS: 

March sugar closed up 40 points at 14.28 centstoday. Prices closed near the session high today on shortcovering after closing at a four-week low

close on Monday.The sugar bears have the overall near-term technicaladvantage. However, sideways price action the past monthcould be “basing” that puts in a market bottom and kicksoff an uptrend at some point. Bulls’ next upside pricebreakout objective is to push and close prices above solidtechnical resistance at the September high of 15.20 cents.Bears’ next downside price breakout objective is to pushand close prices below solid technical support at the Junelow of 13.50 cents. First resistance is seen at 14.42 centsand then at the October high of 14.57 cents. First supportis seen at 14.00 cents and then at this week’s low of 13.84cents. 

December coffee closed down 105 points at 123.30 centstoday. Prices closed nearer the session low and hit a four-

month low today. The coffee bears have the solid overallnear-term technical advantage. The next upside breakoutobjective for the bulls is to close

prices above solidtechnical resistance at the October high of 132.70 cents.The next downside price breakout objective for the bears isclosing prices below solid technical support at the Junelow of 119.10 cents a pound. First resistance is seen at125.00 cents and then at this week’s high of 126.50 cents.First support is seen at today’s low of 122.85 cents andthen at 120.00 cents. 

December cocoa closed down $39 at $2,085 a ton today.Prices closed nearer the session low on more profit takingafter hitting a nearly seven-month

high last Friday. Thecocoa bulls still have the overall near-term technicaladvantage. Prices are in a two-month-old uptrend on thedaily bar chart. The next upside price breakout objectivefor the cocoa bulls is to push and close prices above solidtechnical resistance at the March high of $2,212. The nextdownside price breakout objective for the bears is pushingand closing prices below solid technical support at $2,028.First resistance is seen at $2,100 and then at today’s highof $2,128. First support is seen at today’s low of $2,077and then at $2,050. 

December cotton closed down 6 points at 69.66 cents today.Prices closed near mid-range today and hit a six-week highearly on. The cotton bears have

the overall near-termtechnical advantage but the bulls have gained momentumearly this week. The next upside price breakout objectivefor the cotton bulls is to produce a close above solidtechnical resistance at 71.50 cents. The next downsideprice breakout objective for the cotton bears is to pushand close prices below solid technical support at theOctober low of 66.84 cents. First resistance is seen attoday’s high of 70.22 cents and then at 70.50 cents. Firstsupport is seen at 69.00 cents and then at 68.50 cents. 

 

January orange juice closed down 180 points at $1.5115today. Prices closed near mid-range today. The FCOJ bullsstill have the overall near-term

technical advantage. Thenext upside price breakout objective for the COJ bulls ispushing and closing prices above technical resistance atthe October high of $1.6340. The next downside technicalbreakout objective for the FCOJ bears is to produce a closebelow solid technical support at $1.4140. First resistanceis seen at today’s high of $1.5265 and then at $1.5500.First support is seen at the October low of $1.4940 andthen at $1.4750. 

November lumber futures closed up $3.40 at $439.00 today.Prices closed near mid-range and hit another contract hightoday. The bulls have the solid

overall near-term technicaladvantage. The next downside technical breakout objectivefor the lumber bears is pushing and closing prices belowsolid technical support at $418.30. The next upside pricebreakout objective for the bulls is pushing and closingprices above solid technical resistance at $450.00. Firstresistance is seen at today’s contract high of $444.40 andthen at $450.00. First support is seen at today’s low of$436.10 and then at $430.00. Wyckoff’s Market Rating: 8.5

 

 

METALS: 

December gold futures closed down $3.30 at$1,277.70. Prices closed nearer the session low and closedat a three-week low close today. Bulls and bears

are on alevel overall near-term technical playing field, but thebears have momentum on their side. Gold bulls’ next upsidenear-term price breakout objective is to produce a closeabove solid technical resistance at $1,300.00. Bears’ nextnear-term downside price breakout objective is pushingprices below solid technical support at the October low of$1,262.80. First resistance is seen at today’s high of$1,285.30 and then at $1,292.90. First support is seen atthis week’s low of $1,273.60 and then at $1,270.00. 

 

December silver futures closed down $0.12 at $16.955 today.Prices closed nearer the session low today. The silverbulls still have the slight overall

near-term technicaladvantage, but need to show fresh power soon to keep it.Silver bulls’ next upside price breakout objective isclosing prices above solid technical resistance at $17.50an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at theOctober low of $16.345. First resistance is seen at today’shigh of $17.17 and then at $17.315. Next support is seen atthis week’s low of $16.87 and then at $16.765. 

 

December N.Y. copper closed up 100 points at 319.80 centstoday. Prices closed nearer the session low. The copperbulls have the solid overall near-

term technical advantage.Copper bulls’ next upside price objective is pushing andclosing prices above solid technical resistance at 330.00cents. The next downside price objective for the bears isclosing prices below solid technical support at 300.00cents. First resistance is seen at today’s high of 323.90cents and then at the October high of 325.95 cents. Firstsupport is seen at this week’s low of 315.20 cents and thenat last week’s low of 311.20 cents. 

 

ENERGIES: 

December Nymex crude oil closed up $0.52 at$52.42 today. Prices closed nearer the session high today.The bulls have the overall level near-term

technicaladvantage. The next near-term upside price breakoutobjective for the crude oil bulls is pushing prices aboveresistance at the September high of $53.11. The next near-

term downside price breakout objective for the crude oilbears is to produce a close below solid technical supportat the October low of $49.44. First

resistance is seen atlast week’s high of $52.65 and then at $53.00. Firstsupport is seen at $52.00 and then at today’s low of$51.55. 

December heating oil closed up 287 points at $1.8183 today.Prices closed near the session high today and scored abullish “outside day” up. The bulls

have the firm overallnear-term technical advantage. The bulls’ next upside pricebreakout objective is closing prices above solid technicalresistance at the September high of $1.8525. Bears’ nextdownside price breakout objective is producing a closebelow solid technical support at $1.6500. First supportlies at last week’s low of $1.7618 and then at $1.7500.First resistance is seen at the October high of $1.8302 andthen at $1.8500. 

 

December (RBOB) unleaded gasoline closed up 328 points at$1.6718 today. Prices closed near the session high and hita 27-month high today. The bulls

have the solid overallnear-term technical advantage. The next upside pricebreakout objective for the bulls is closing prices abovesolid technical resistance at $1.8000. Bears’ next downsideprice breakout objective is closing prices below solidsupport at $1.5750. First resistance is seen at today’shigh of $1.6739 and then at $1.7000. First support is seenat $1.6500 and then at this week’s low of $1.6340. 

 

December natural gas closed down 2.2 cents at $3.134 today.Prices closed nearer the session low today. Recent priceaction suggests the bears are

exhausted and a market bottomis in place. Still, bears have the firm overall near-termtechnical advantage. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at the September high of $3.353. Thenext downside price breakout objective for the bears isclosing prices below solid technical support at $3.00.First resistance is seen at this week’s high of $3.198 andthen at $3.25. First support is seen at today’s low of$3.117 and then at $3.10. 

STOCKS, FINANCIALS, CURRENCIES: 

The December Eurocurrency closed up 25 points at 1.1797 today. Prices closednear mid-range today. The bulls have the overall near-termtechnical

advantage. However, prices have been trendinglower for six weeks. Euro bulls’ next upside price breakoutobjective is pushing and closing prices above solidtechnical resistance at the October high of 1.1921. Thenext downside price breakout objective for the bears isclosing prices below solid chart support at the October lowof 1.1712. First resistance for the Euro lies at today’shigh of 1.1812 and then at 1.1850. Next support is seen atthis week’s low of 1.1759 and then at 1.1712. 

 

The December Japanese yen closed down 120 points at .88020today. Prices closed nearer the session low today andclosed at an 8.5-month low close.

Bears have the solidoverall near-term technical advantage. Bulls’ next upsideprice breakout objective is closing prices above solidresistance at the October high of .89800. Bears’ nextdownside breakout objective is closing prices below solidtechnical support at .80000. First resistance is seen at.88260 and then at today’s high of .88520. First support isseen at this week’s low of .87845 and then at .87500. 

 

The December Swiss franc closed down 31 points at 1.0140today. Prices closed nearer the session low and hit anotherfive-month low today. The Swissy

bears have the firmoverall near-term technical advantage. Prices are in a six-

week-old downtrend on the daily bar chart. The next upsideprice breakout objective for the bulls is closing pricesabove solid resistance at 1.0400.

The next downside pricebreakout objective for the bears is closing prices belowsolid technical support at 1.0000. First resistance is seenat this week’s high of 1.0206 and then at 1.0250. Firstsupport is seen at today’s low of 1.0132 and then at1.0100. Wyckoff’s Market Rating: 2.0.

 

The December Australian dollar closed down 28 points at.7773 today. Prices closed nearer the session low and hit atwo-week low today. The bulls have

the slight overall near-

term technical advantage. However, prices have beentrending lower for six-weeks. Bulls’ next upside pricebreakout objective is closing prices above

solid chartresistance at .7900. The next downside breakout objectivefor the bears is to produce a close below solid technicalsupport at the October low of .7725. First resistance isseen at this week’s high of .7829 and then at .7979. Nextsupport is seen at today’s low of .7766 and then at .7750. 

The December Canadian dollar closed down 26 points at .7886today. Prices closed near the session low and hit anothernine-week low today. Bears have

the slight overall near-

term technical advantage. Prices are in a six-week-olddowntrend on the daily bar chart. Bulls’ next upside pricebreakout objective is producing a

close above chartresistance at .8100. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at the August low of .7836. Firstresistance is seen at this week’s high of .7930 and then at.7950. First support is seen at today’s low of .7884 andthen at the August low of .7836. 

 

The December British pound closed down 70 points at 1.3151today. Prices closed nearer the session low. The bulls andbears are on a level overall near-

term technical playingfield amid choppy trading. Prices have been trending lowerfor the past month. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at 1.3400. Bears’ next downsidetechnical breakout objective is closing prices below solidsupport at the October low of 1.3048. First resistance isseen at this week’s high of 1.3249 and then at 1.3300.First support is seen at last week’s low of 1.3107 and thenat 1.3048. 

The December U.S. dollar index closed up 0.011 at 93.825today. Prices closed nearer the session high and closed ata three-month high close today. The

bears still have theoverall near-term technical advantage but the bulls gainedsome momentum today. The bulls’ next upside price breakoutobjective is to close prices above solid technicalresistance at 95.000. The next downside price breakoutobjective for the bears is to produce a close below solidtechnical support at 92.000. Next resistance lies at theOctober high of 94.10 and then at 94.500. First support isseen at today’s low of 93.555 and then at 93.250. 

 

December U.S. T-Bonds closed down 22/32 at 151 21/32 today.Prices closed nearer the session low today and closed at athree-month low close. Bond

market bears have the overallnear-term technical advantage. Prices are in a six-week-olddowntrend on the daily bar chart. The next downside pricebreakout objective for the T-Bond bears is closing pricesbelow solid technical support at the October low of 1517/32. The next upside technical objective for the bulls isto produce a close above solid technical resistance at 155even. First resistance is seen at this week’s high of 15220/32 and then at 153 even. First support is seen attoday’s low of 151 15/32 and then at 151 7/32. 

December U.S. T Notes closed down 6.5 32nds at 124.23.0today. Prices closed nearer the session low and hit a 3.5-

month-low today. The bears have the firm overall near-termtechnical advantage. The next upside price breakoutobjective for the bulls is closing

prices above solidresistance at 126.16.0. The next downside price breakoutobjective for the bears is producing a close below solidtechnical support at 124.00.0. First resistance is seen attoday’s high of 125.00.5 and then at 125.08.0. Firstsupport is seen at today’s low of 124.21.0 and then at theJuly low of 124.14.0. 

GENERAL STOCK MARKET COMMENT: 

The U.S. stock indexes closedhigher today. Bulls remain in firm technical command. Theindexes have recently hit record highs. A quieter

worldgeopolitical scene is making for little trader/investorrisk aversion in the marketplace at present. Rallying worldstock markets recently—many of which are at or near recordhighs–are firm evidence risk-on attitudes are pervasive.The U.S. dollar was slightly lower Tuesday. However, theUSDX has been trending higher for around three weeks. Theother key “outside market saw Nymex crude oil futuresprices firmer and trading above $52.00 a barrel. Crude oilbulls have the slight overall near-term technicaladvantage. Traders are looking ahead to Thursday, when theEuropean Central Bank holds its regular monetary policymeeting. Many expect the ECB to announce more details onthe winding down of its bond-buying program.

 

The December Nasdaq 100 stock index futures closed up 10.50at 6,075.25. Prices closed near mid-range. The bulls havethe firm overall near-term

technical advantage. Bulls’ nextupside price breakout objective is closing prices abovesolid resistance at 6,200.00. The bears’ next downsideprice breakout objective is closing prices below solidtechnical support at 6,000.00. First resistance is seen at6,100.00 and then at the contract high of 6,132.75. Firstsupport is seen at last week’s low of 6,051.25 and then at6,025.00. 

The December e-mini S&P 500 futures stock index futuresclosed up 1.75 at 2,565.25. Prices closed nearer thesession low. The bulls have the solid

overall near-termtechnical advantage. Bulls’ next upside price objective isclosing prices above solid resistance at 2,600.00. The nextdownside price breakout objective for the bears is closingprices below solid support at 2,515.00. First resistance isseen at today’s contract high of 2,577.25 and then at2,590.00. First support is seen at 2,550.00 and then atlast week’s low of 2,542.50. 

*  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.

10/17/2017

Weekly Newsletter: October 17, 2017

 

Nymex Crude Oil: See on the weekly continuation chart for nearby crude oil futures that prices have rallied the past couple weeks and are now in the upper boundary of a well-defined, sideways trading range. With prices now just above the key $50.00-a-barrel level, it’s very likely that price advances will be much tougher, as stiff chart resistance levels now lie just above the market. It’s my bias that Nymex crude oil prices will remain trapped in the sideways trading range between $42.00 and $55.00 for at least the next few weeks, and probably longer.

 

 

Copper: Prices have just hit a 3.5-year high and have been trending higher for the past two years. Bulls have the solid longer-term technical advantage and there are no clues to suggest the price uptrend will end any time soon. Copper is an important industrial metal worldwide, the fact that the red metal’s prices are trending solidly higher suggests at least a couple things: World economies are generally on the upswing, and inflationary price pressures are also on the rise.

 

 

U.S. Treasury Bonds: The bond market has backed well down from this year’s high. The specter of rising inflation and higher interest rates around the world have been bearish for the bond market. However, U.S. Treasuries are still highly valued as safe-haven assets during keener geopolitical uncertainty. The above two forces are likely to keep T-Bond and T-Note futures in a choppy and sideways trading posture into the end of the year.

 

S&P 500 Stock Index: The U.S. stock indexes have been trending higher for nearly two years and have just this month set new all-time highs. Why is it that the stock indexes keep moving higher and with little volatility and not even many downside corrections? My take is that the stock market is “the only game in town” for most investors. With inflation being so low, other assets, especially hard assets like raw commodities, have provided little return the past few years. The stock indexes appear to be blowing through the historically turbulent and bearish months of September and October with nary a speedbump hit. There are no strong technical clues to suggest the U.S. stock indexes have topped out or will see bear markets develop any time soon. However, stock market history shows a day of reckoning for the bulls will come—we just don’t know when. The fact that traders and investors have become complacent (evidenced by the low volatility in many markets, including the stock indexes), is a psychological clue that maybe there is not much upside left in this record-setting bull run for stocks.

 

Euro Currency: Since mid-summer the Euro currency has traded choppy and sideways, after hitting a two-year high. The Euro currency bulls still have the longer-term chart advantage, even though the market has paused the past two months. A drop below chart support at the 2016 high, as seen by the line on the  chart, would produce longer-term chart damage to then suggest that a longer-term market top is in place.

 

Corn: The daily chart for December corn futures scored a bullish “key reversal” up last week, for a near-term technical clue the market has bottomed out. The weekly continuation chart for nearby corn futures shows prices are right in the middle of a wide trading range. A bear flag has also formed on the weekly chart, with downside measuring projections of around $3.00 a bushel. However, it’s my bias that will not occur. Grain market traders need to keep a close eye on raw commodity sector leader crude oil. With crude oil back above $50.00 a barrel, that’s also a clue that the downside is limited for grains, at their present price levels.

Soybeans: Like corn, there are near-term technical clues (on the daily chart) that prices can continue to work higher in the coming weeks. The weekly soybean chart shows that nearby futures prices need to push above the summertime high of $10.27 3/4 to gain longer-term technical power to suggest prices can sustain a longer-term uptrend.

 

SRW Wheat: The weekly continuation chart for nearby soft red winter wheat futures shows that prices are trapped in the middle of a wide and choppy trading range. It’s going to take a move in nearby SRW futures above major chart resistance at $5.00 a bushel to provide the bulls with good longer-term technical strength to suggest a longer-term price uptrend can be sustained.

10/9/2017

October 9 Daily Markets Update

LIVESTOCK:

December live cattle closed up $0.17 at $117.10 today. Prices closed near mid-range. The cattle market bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at the July high of $119.85. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $112.00. First resistance is seen at the September high of $117.72 and then at $119.00. First support is seen at $116.00 and then at $115.00.

November feeder cattle closed down $0.22 at $155.52 today. Prices closed near mid-range. The feeder cattle bulls have the firm overall near-term technical advantage. Prices are in a six-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 September high of $158.02. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $148.00. First resistance is seen at today’s high of $156.45 and then at $158.02. First support is seen at today’s low of $154.70 and then at $153.50.

December lean hogs closed up $0.02 at $60.95 today. Prices closed near mid-range today. Bulls have the slight overall near-term technical advantage, amid very choppy trading. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $63.45. The next downside price breakout objective for the bears is pushing prices below solid technical support at $58.00. First resistance is seen at today’s high of $61.32 and then at $62.00. First support is seen at today’s low of $60.60 and then at $60.00.

GRAINS:

December corn futures closed down 1/2 cent at $3.49 1/2 today. Prices closed near mid-range today. Not much new. Corn bears have the firm overall near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.58. 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 last week’s low of $3.46 and then at $3.44 1/4. First resistance is seen at today’s high of $3.51 3/4 and then at $3.55.

November soybeans closed down 5 cents at $9.67 1/4 a bushel today. Prices closed nearer the session low. The bean bulls and bears are on a level overall near-term technical playing field. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at the September high of $9.87 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $9.37 1/2. First resistance is seen at today’s high of $9.77 and then at $9.87. First support is seen at $9.60 and then at last week’s low of $9.52 1/2.

December soybean meal closed down $3.50 at $315.70 today. Prices closed nearer the session low today. The meal bulls and bears are on a level overall near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $325.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $305.00. First resistance comes in at $318.50 and then at the September high of $320.90. First support is seen at $315.00 and then at $312.50.

December bean oil closed up 28 points at 33.23 cents today. Prices closed nearer the session high on short covering. The bears 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 34.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the June low of 31.53 cents. First resistance is seen at last week’s high of 33.45 cents and then at 33.75 cents. First support is seen at 33.00 cents and then at 32.76 cents.

December Chicago SRW wheat closed down 7 1/2 cents at $4.36 today. Prices closed nearer the session low and closed at a four-week low close today. The bears have the firm overall near-term technical advantage and gained more power today. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the September high of $4.62 3/4. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $4.22 1/2. First resistance is seen at today’s high of $4.45 3/4 and then at last week’s high of $4.50 1/2. First support is seen at $4.35 and then at $4.30.

December HRW wheat closed down 6 1/4 cents at $4.30 1/2 today. Prices closed nearer the session low and closed at a six-week low close 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 the September high of $4.60 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the August low of $4.20. First resistance is seen at today’s high of $4.39 and then at last week’s high of $4.44 3/4. First support is seen at today’s low of $4.30 and then at $4.26.

December oats closed down 2 1/4 cents at $2.48 3/4 today. Prices closed near mid-range today. Bulls and bears are on a level overall near-term technical playing field. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the September low of $2.30. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $2.65. First resistance lies at $2.50 and then at last week’s high of $2.54 1/4. First support is seen at last week’s low of $2.45 1/2 and then at $2.42.

SOFTS:

March sugar closed up 2 points at 14.00 cents today. Prices closed near mid-range. The sugar bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the September high of 15.20 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the June low of 13.50 cents. First resistance is seen at today’s high of 14.18 cents and then at Friday’s high of 14.42 cents. First support is seen at last week’s low of 13.83 cents and then at the September low of 13.72 cents.

December coffee closed up 75 points at 130.80 cents today. Prices closed near mid-range on more short covering after hitting a three-month low last week. The coffee bears still have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 140.00 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 today’s high of 131.90 cents and then at 135.00 cents. First support is seen at 127.50 cents and then at 124.30 cents.

December cocoa closed down $72 at $2,013 a ton today. Prices closed nearer the session low and saw heavy profit taking from recent gains. The cocoa bulls still have the slight overall near-term technical advantage. Prices are still in a six-week-old uptrend on the daily bar chart, but now just barely. Also, there are stiff resistance layers that lie just above the recent high, which have turned back rallies in recent months. 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 $1,900. First resistance is seen at $2,050 and then at $2,075. First support is seen at today’s low of $1,999 and then at $1,975.

December cotton closed down 33 points at 68.51 cents today. Prices closed near mid-range today. 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 71.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at this week’s low of 67.40 cents. First resistance is seen at today’s high of 69.07 cents and then at 69.45 cents. First support is seen at 68.00 cents and then at the October low of 67.40 cents.

November orange juice closed up 90 points at $1.5805 today. Prices closed nearer the session high today. The FCOJ bulls 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 $1.6800. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4150. First resistance is seen at last week’s high of $1.5980 and then at the September high of $1.6060. First support is seen at today’s low of $1.5500 and then at $1.5300.

November lumber futures closed up $2.10 at $414.20 today. Prices closed nearer the session high today and hit a six-month high. The bulls have the solid 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 $400.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the April high of $418.00. First resistance is seen at today’s high of $415.50 and then at $418.00. First support is seen at $410.00 and then at $405.00.

METALS:

December gold futures closed up $9.10 at $1,284.00. Prices closed near mid-range and saw short covering and bargain hunting. Bears still have the overall near-term technical advantage. A four-week-old downtrend is still in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today’s high of $1,288.00 and then at $1,293.00. First support is seen at today’s low of $1,277.70 and then at $1,270.00.

December silver futures closed up $0.135 at $16.925 today. Prices closed near mid-range today on short covering. The silver bears still have the overall near-term technical advantage. Prices are still in a four-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today’s high of $17.03 and then at $17.295. Next support is seen at today’s low of $16.765 and then at $16.50.

December N.Y. copper closed up 5 points at 302.95 cents today. Prices closed nearer the session high today. The copper bulls have the firm overall near-term technical advantage. 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 last week’s high of 305.60 cents and then at 307.50 cents. First support is seen at 300.00 cents and then at 297.50 cents.

ENERGIES:

November Nymex crude oil closed up $0.29 at $49.58 today. Prices closed nearer the session high today. The bulls and bears are back on a level 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 September high of $52.86. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at $47.00. First resistance is seen at $50.00 and then at Friday’s high of $50.82. First support is last week’s low of $49.10 and then at $48.50.

November heating oil closed down 62 points at $1.7377 today. Prices closed nearer the session high today. The bulls still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the September high of $1.8586. 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 $1.7200 and then at $1.7000. First resistance is seen at $1.7500 and then at $1.7750.

November (RBOB) unleaded gasoline closed up 6 points at $1.5594 today. Prices closed nearer the session high. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of $1.6737. Bears’ next downside price breakout objective is closing prices below solid support at $1.5000. First resistance is seen at $1.5700 and then at $1.5917. First support is seen at the September low of $1.5421 and then at $1.5200.

November natural gas closed down 3.2 cents at $2.831 today. Prices closed nearer the session low and hit a 1.5-year low today. Bears 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 $3.10. The next downside price breakout objective for the bears is closing prices below solid technical support at $2.70. First resistance is seen at today’s high of $2.886 and then at $2.95. First support is seen at today’s low of $2.827 and then at $2.80.

STOCKS, FINANCIALS, CURRENCIES:

The December Euro currency closed up 20 points at 1.1798 today. Prices closed near the session high today on short covering after hitting a nine-week low last Friday. The bulls and bears are on a level overall near-term technical playing field. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.2000. 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 1.1850 and then at 1.1900. Next support is seen at last week’s low of 1.1712 and then at 1.1650.

The December Japanese yen closed up 30 points at .89025 today. Prices closed nearer the session low today. Bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at .91000. Bears’ next downside breakout objective is closing prices below solid technical support at the July low of .88002. First resistance is seen at last week’s high of .89320 and then at .89500. First support is seen at .88630 and then at last week’s low of .88280.

The December Swiss franc closed down 20 points at 1.0247 today. Prices closed nearer the session low today and closed at a 4.5-month low close. The Swissy bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0450. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0100. First resistance is seen at today’s high of 1.0277 and then at 1.0300. First support is seen at last week’s low of 1.0199 and then at 1.0150.

The December Australian dollar closed down 11 points at .7756 today. Prices closed near mid-range today and closed at a nearly three-month low close. The bulls and bears are on a level overall near-term technical playing field. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .7950. The next downside breakout objective for the bears is to produce a close below solid technical support at .7600. First resistance is seen at .7800 and then at .7850. Next support is seen at last week’s low of .7725 and then at .7700.

The December Canadian dollar closed down 4 points at .7980 today. Prices closed near the session high on tepid short covering after hitting a five-week low on Friday. Bulls have lost their overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is producing a close above chart resistance at .8150. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of .7836. First resistance is seen at .8000 and then at last week’s high of .8036. First support is seen at last week’s low of .7939 and then at .7900.

The December British pound closed up 84 points at 1.3178 today. Prices closed nearer the session high on short covering after hitting a three-week low on Friday. The bulls and bears are back on a level overall near-term technical playing field. Prices are in a three-week-old downtrend on the daily bar chart. 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 1.3211 and then at 1.3278. First support is seen at today’s low of 1.3101 and then at last week’s low of 1.3048.

The December U.S. dollar index closed down 0.146 at 93.495 today. Prices closed near the session low today on a corrective pullback after hitting a 10-week high last Friday. The bears still have the overall near-term technical advantage. However, recent sideways-to-higher price action at suggests a market low is in place. Prices are in a four-week-old uptrend on the daily bar chart. 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 92.000. Next resistance lies at 93.840 and then at last week’s high of 94.100. First support is seen at 93.250 and then at 93.000.

December U.S. T-Bonds closed up 10/32 at 152 7/32 today. Prices closed nearer the session high today, on short covering. Bond market bears have the overall near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the July low of 150 11/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 154 even. First resistance is seen at 152 16/32 and then at 153 even. First support is seen at today’s low of 151 28/32 and then at last week’s low of 151 7/32.

December U.S. T Notes closed up 3.0 32nds at 125.04.0 today. Prices closed nearer the session high on short covering. The bears still have the overall near-term technical advantage. A steep four-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 126.08.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the July low of 124.14.0. First resistance is seen at Friday’s high of 125.07.0 and then at 125.14.0. First support is seen at 125.00.0 and then at last week’s low of 124.22.0.

GENERAL STOCK MARKET COMMENT:

The U.S. stock indexes closed mixed today. There were some significant geopolitical events occurring over the weekend. However, the world stock markets have so far mostly shrugged them off as nothing new or major. Thousands of Spaniards on Sunday protested any secession of Catalonia, after that region voted to be independent recently. The U.S. and Turkey saw a diplomatic row escalate over the weekend when both countries put restrictions on visas for the other country. The Turkish lira dropped sharply Monday on the situation. The U.S.-

North Korea war of words continued during the weekend, with both sides spouting off. President Trump said in a tweet there is only “one thing to do” with North Korea. Trump also got into a Twitter tussle with U.S. Senator Bob Corker. Corker said the White House is like “adult daycare.” There are growing notions that the Trump White House is increasingly chaotic. The U.S. dollar index was lower in early-afternoon U.S. trading, on a normal corrective pullback after hitting a 2.5-month high last Friday. The other key outside market on Monday sees Nymex crude oil futures prices firmer. Oil bulls are fading, however. There are worries recent hurricanes that struck the U.S. will curtail petroleum refining capacity, which means less demand for crude until those refineries are 100% back on line.

The December Nasdaq 100 stock index futures closed steady at 6,064.25. Prices closed nearer the session low and did hit another contract and record high today. The bulls have the solid overall near-term technical advantage. This market is now due for a good downside correction. Bulls’ next upside price breakout objective is closing prices above solid resistance at 6,200.00. The bears’ next downside price breakout objective is closing prices below solid technical support at 5,902.00. First resistance is seen at today’s contract high of 6,084.00 and then at 6,100.00. First support is seen at 6,050.00 and then at 6,034.00.

The December e-mini S&P 500 futures stock index futures closed down 1.50 at 2,543.50. Prices closed near mid-range today. The bulls have the solid overall near-term technical advantage. The market is due for a sizeable corrective pullback soon. Bulls’ next upside price objective is closing prices above solid resistance at 2,575.00. The next downside price breakout objective for the bears is closing prices below solid support at 2,500.00. First resistance is seen at the contract high of 2,550.75 and then at 2,565.00. First support is seen at today’s low of 2,539.25 and then at 2,525.00.

* 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.

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.

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.

8/30/2017

Wednesday, August 30, 2017

Euro zone’s economic sentiment

World stock markets were mostly firmer overnight, on corrective bounces from selling pressure seen Tuesday. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. As has been the case recently, North Korea’s latest provocation to the U.S. by launching a missile over Japan Tuesday has not had a lasting impact on trader and investor risk aversion.

Gold prices are slightly lower on some mild profit taking from recent gains that pushed the yellow metal to an 11-month high on Tuesday.

In overnight news, the Euro zone’s economic sentiment indicator reached its highest reading in over 10 years in August. The number came in at 111.9 compared to 111.2 in July. This report falls into the camp of the Euro zone monetary policy hawks, who want the European Central Bank to wind down its bond-buying (quantitative easing) program that has been in place for years.

The key outside markets on Wednesday see the U.S. dollar index higher on a corrective bounce after hitting a 15-month low Tuesday. Meantime, Nymex crude oil futures are slightly lower. The hurricane and ensuing torrential rains that have flooded the Houston, Texas region, including major gasoline refineries, will reduce supplies of U.S. gasoline, but also reduce demand for crude oil, in the coming weeks, or longer.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, second-quarter gross domestic product, preliminary corporate profits, and the weekly DOE liquid energy stocks report.

The major U.S. data point of the week is Friday’s employment situation report for August from the Labor Department. The key non-farm jobs number is forecast to come in at up around 180,000.

U.S. STOCK INDEXES

S&P 500 December e-mini futures: Prices are slightly higher in early U.S. trading. Prices have been trending lower for three weeks. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the overnight high of 2,451.75 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,430.00 and then at this week’s low of 2,419.25. Sell stops are likely located just below those levels.

Nasdaq index December futures: Prices are firmer in early U.S. trading today. There are still chart clues that signal that a market top is in place. Prices have been trending lower for four weeks. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the overnight high of 5,904.00 and then at 5,930.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,772.75 and then at 5,850.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are higher in early U.S. trading. Prices Tuesday hit a contract high. Bulls have the solid overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 156 28/32 and then at 157 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 155 16/32 and then at 155 even. Sell stops likely reside just below those levels. December U.S. T-Notes: Prices are near steady in early U.S. trading. Prices Tuesday hit a contract high. Bulls have the solid overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 127.00.0 and then at the contract high of 127.10.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 126.25.0 and then at 126.20.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer on short covering after hitting a contract and 15-month low on Tuesday. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at 92.500 and then at 92.750. Shorter-term support is seen at the overnight low of 91.975 and then at Tuesday’s contract low of 91.350.

NYMEX CRUDE OIL

October Nymex crude oil prices are slightly lower. Bears have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $47.00 and then at $47.50. Look for sell stops just below technical support at this week’s low of $45.76 and then at $45.00.

GRAINS

Grain futures markets were narrowly mixed overnight. Grain market bears remain in solid overall near-term technical control. Traders are looking ahead to the U.S. harvest of corn and soybeans, which is just a few weeks away. Traders are also wondering when the grains will put in their “harvest lows.”

* 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.

8/24/2017

Thursday, August 24,2017

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer in quieter trading Thursday. U.S. stock indexes are also pointed toward modestly higher openings when the New York day session begins.

Gold prices are weaker, amid bearish “outside markets” today—firmer stock markets and U.S. dollar index, and weaker crude oil prices.

Stock, currency and financial markets have been quieter this week, ahead of the highly anticipated annual world central bankers meeting in Jackson Hole, Wyoming, that begins today. Featured speakers at the three-day event include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors will closely examine the Jackson Hole speeches for any clues on future monetary policy moves by the world’s major central banks. There are ideas the central bankers will mention very low inflation, which could be extrapolated to mean keeping very accommodative monetary policies in place longer. Draghi’s remarks are likely to impact the Euro currency, especially after the ECB has recently expressed a bit of concern about the appreciation of the Euro. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

The key “outside markets” early Thursday see the U.S. dollar index firmer. The greenback has been trading choppy and sideways at lower levels during the month of August. Meantime, Nymex crude oil futures are weaker. Trading in oil has also been choppy recently.

U.S. economic data due for release Thursday includes the weekly jobless claims report, existing home sales, and the Kansas City Fed manufacturing survey.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly higher in early U.S. trading. There are early chart clues that a near-term market top is in place. The shorter-term moving averages

(4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 2,454.75 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 2,435.25 and then at 2,425.00. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are firmer in early U.S. trading today. There are still early chart clues that signal that a market top is in place. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at this week’s high of 5,884.00 and then at 5,900.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,829.00 and then at 5,800.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are slightly lower in early U.S. trading after poking to a two-month high overnight. Bulls have the firm overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 156 19/32 and then at 157 even. Buy stops likely reside just above those levels. Shorter-term support lies at 156 even and then at this week’s low of 155 16/32. Sell stops likely reside just below those levels. September U.S. T-Notes: Prices are weaker in early U.S. trading. Bulls still have the solid overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 126.30.5 and then at the August high of 127.01.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 126.20.0 and then at this week’s low of 126.16.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is firmer in early U.S. trading. Bears have the overall near-term technical advantage. However trading has been choppy during August. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 93.555 and then at last week’s high of 94.055. Shorter-term support is seen at this week’s low of 92.920 and then at 92.830.

NYMEX CRUDE OIL

October Nymex crude oil prices are slightly lower. Bls and bears are on a level overall near-term technical playing field amid recent choppy trading. Look for buy stops to reside just above technical resistance at Wednesday’s high of $48.50 and then at this week’s high of $48.91. Look for sell stops just below technical support at this week’s low of $47.21 and then at $47.00.

GRAINS

Grain futures markets were slightly up overnight. Traders will closely examine this morning’s weekly USDA export sales report. Grain market bears remain in solid overall near-term technical control. The focus this week is on the annual Pro Farmer crop tour of the Corn Belt. Traders are looking ahead to the U.S. harvest of corn and soybeans, which is just a few weeks away.

* 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.

8/23/2017

WORLD STOCK MARKETS

World stock markets were mostly weaker Wednesday. U.S. stock indexes are also pointed toward lower openings when the New York day session begins. World stock markets are having a tough month of August, heading into the historically even tougher months of September and October.

Gold prices are slightly higher in pre-U.S.-session trading. Gold prices are in a near-term uptrend, but struggle when prices approach the key resistance level of $1,300.00.

In overnight news, the Euro zone Markit composite purchasing managers (PMI) index came in at 55.8 in August from 55.7 in July. The August number beat market expectations. A reading above 50.0 suggests growth in the sector.

The marketplace is awaiting the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Featured speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors 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.

The key “outside markets” early Wednesday see the U.S. dollar index slightly lower. The greenback has been trading choppy and sideways at lower levels during the month of August. Meantime, Nymex crude oil futures are also slightly lower. Trading in oil has also been choppy recently.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the U.S. flash services PMI, the flash manufacturing PMI, new residential sales and the weekly DOE liquid energy stocks report.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are weaker in early U.S. trading. There are early chart clues that a near-term market top is in place. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the overnight high of 2,454.75 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Tuesday’s low of 2,427.50 and then at this week’s low of 2,415.75. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are weaker in early U.S. trading today. There are still early chart clues that signal that a market top is in place. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the overnight high of 5,884.00 and then at 5,900.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,825.00 and then at 5,800.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are slightly higher in early U.S. trading. Bulls have the firm overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 156 even and then at last week’s high of 156 12/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 155 16/32 and then at 155 even. Sell stops likely reside just below those levels.

September U.S. T-Notes: Prices are steady in early U.S. trading. Bulls have the solid overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 126.20.5 and then at 126.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 126.16.0 and then at 126.10.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in early U.S. trading. Bears have the overall near-term technical advantage. However trading has been choppy during August. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 93.555 and then at last week’s high of 94.055. Shorter-term support is seen at this week’s low of 92.920 and then at 92.830.

NYMEX CRUDE OIL

October Nymex crude oil prices are slightly lower. Bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Look for buy stops to reside just above technical resistance at Tuesday’s high of $48.21 and then at this week’s high of $48.91. Look for sell stops just below technical support at this week’s low of $47.21 and then at $47.00.

GRAINS

Grain futures markets were steady to firmer overnight. Grain market bears remain in solid overall near-term technical control. The focus this week is on the annual Pro Farmer crop tour of the Corn Belt. Traders are looking ahead to the U.S. harvest of corn and soybeans, which is just a few weeks away.

* 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.

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.

7/14/2017

Friday, July 14, 2017

Nymex crude oil futures firmer and trading above $46.00

World stock markets were mixed in quieter trading overnight, as the world markets awaited the readings on a heavy batch of U.S. economic reports due out Friday. There are also some earnings reports from big U.S. financial institutions due out today. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are trading firmer in pre-U.S. session trading. While prices are still in a near-term downtrend, the gold bulls this week were able to at least temporarily stop the downside bleeding in their market.

It is indeed a very busy say for important U.S. economic data Friday. The consumer price index is a headline report. CPI is expected to come in at up 0.1% in June from May. Retail sales data will also be closely scrutinized. Sales in June are seen up 0.1% from May. Also out are industrial production and capacity utilization, manufacturing and trade inventories and the University of Michigan consumer sentiment survey.

The “outside markets” on Friday morning see Nymex crude oil futures firmer and trading above $46.00 a barrel. The oil market bulls have had a good week. A technically bullish weekly high close in Nymex crude oil Friday would suggest a market bottom is in place.

Meantime, the U.S. dollar index is slightly lower early today. The greenback bears have the firm near-term technical advantage amid a solid price downtrend.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly lower in early U.S. trading and near the contract and record high. The bulls have the solid overall near-term technical advantage and have gained power this week. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the contract high of 2,451.50 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Wednesday’s low of 2,422.50 and then at this week’s low of 2,410.25. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are near steady in early U.S. trading today. Bulls have the firm overall near- term technical advantage and have regained upside momentum this week. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 5,812.00 and then at 5,852.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Thursday’s low of 5,777.25 and then at 5,750.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are firmer in early U.S. trading on more short covering and bargain hunting. Shorter- term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 153 even and then at this week’s high of 153 11/32. Buy stops likely reside just above those levels. Shorter-term support lies at 152 even and then at last week’s low of 151 18/32. Sell stops likely reside just below those levels.

September U.S. T-Notes: Prices are slightly firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at this week’s high of 125.23.5 and then at 125.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.10.5 and then at 125.04.4. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in early U.S. trading. Bears have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 95.615 and then at 96.000. Shorter-term support is seen at the June low of 95.225 and then at 95.000.

NYMEX CRUDE OIL

August Nymex crude oil prices are firmer in early U.S. trading. The oil bears have the overall near-term technical advantage, but the bulls are having the better week. Look for buy stops to reside just above technical resistance at $47.00 and then at $47.32. Look for sell stops just below technical support at the overnight low of $45.80 and then at $45.00.

GRAINS

Grain futures markets were higher overnight, on corrective bounces from strong selling pressure seen the past couple days. There were some scattered rains in the U.S. Corn Belt the past 36 hours. However, hot and dry weather is forecast for the Corn Belt next week—right during corn pollination. Look for continued volatile price action in the grains in the near term as a serious weather market continues to play out.

* 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.

8/16/2017

The STOCK INDEXES 8/16/2017

The September NASDAQ 100 closed slightly higher on Tuesday as itextended the rally off last Friday’s low. The mid-range close sets thestage for a steady opening when Wednesday’s night session beginstrading. Stochastics and the RSI are neutral to bullish signaling thatsideways to higher prices are possible near-term. If September extendsthe aforementioned rally, July’s high crossing at 5995.75 is the nextupside target. Closes below last Friday’s low crossing at 5761.00confirmed that a short-term top has been posted. First resistance isJuly’s high crossing at 5995.75. Second resistance is unknown. Firstsupport is last Friday’s low crossing at 5761.00. Second support is the62% retracement level of July’s rally crossing at 5726.15.

The September S&P 500 closed slightly higher on Tuesday as it extendsthe rally off last Friday’s low. The low-range close sets the stage fora steady to lower opening when Wednesday’s night session begins trading.Stochastics and the RSI have turned neutral to bullish signaling thatsideways to higher prices are possible near-term. Closes above the 20-

day moving average crossing at 2467.90 would confirm that a short-termlow has been posted. If September resumes the decline off August’s high,the 38% retracement level of the April-August-rally crossing at 2427.42is the next downside target. First resistance is August’s high crossingat 2487.50. Second resistance is unknown. First support is the 38%retracement level of the April-August-rally crossing at 2427.42. Secondsupport is the 50% retracement level of the April-August-rally crossingat 2408.87.

The Dow closed slightly higher on Tuesday as it extends the rally offlast Friday’s low. Stocks struggled for gains today as investors scaledback buying after two straight sessions of advances amid better-then-

expected retail sales data and abatement of tensions between the U.S.and North Korea. The mid-range close sets the stage for a steady openingwhen Wednesday’s night session begins trading. Stochastics and the RSIare turning neutral to bullish signaling that sideways to higher pricesare possible near-term. If the Dow resumes this year’s rally intouncharted territory, upside targets will be hard to project. Closesbelow the 20-day moving average crossing at 21,861.62 would confirm thata short-term top has been posted. First resistance is last Tuesday’shigh crossing at 22,179.11. Second resistance is unknown. First supportis the 20-day moving average crossing at 21,861.62. Second support isthe reaction low crossing at 21,496.13.

INTEREST RATES

September T-bonds closed down 24/32’s at 154-13. September T-bondsclosed lower on Tuesday as it consolidated some of the rally off July’slow. The mid-range close sets the stage for a steady opening whenWednesday’s night session begins trading. Stochastics and the RSI areoverbought and are turning neutral to bearish signaling that a short-

term top might be in or is near. Closes below the 20-day moving averagecrossing at 154-03 would confirm that a short-term top has been posted.If September extends the rally off July’s low, the reaction highcrossing at 156-05 is the next upside target. First resistance is thereaction high crossing at 156-05. Second resistance is June’s highcrossing at 157-08. First support is the reaction low crossing at 152-

03. Second support is July’s low crossing at 151-18.

September T-notes closed down 130/32’s at 126-045. September T-notesclosed lower on Tuesday and below the 20-day moving average crossing at126.046 confirming that a short-term top has been posted. The low-rangeclose sets the stage for a steady to lower opening when Wednesday’snight session begins trading. Stochastics and the RSI are overbought andare turning neutral to bearish signaling that sideways to lower pricesare possible near-term possible near-term. If September extends therally off July’s low, June’s high crossing at 127.080 is the next upsidetarget. First resistance the reaction high crossing at 126.290. Secondresistance is June’s high crossing at 127.080. First support is thereaction low crossing at 125.155. Second support is July’s low crossingat 124.255.

ENERGY MARKETS

September crude oil closed slightly higher on Tuesday as it consolidatessome of the decline off last Thursday’s high. The high-range close setsthe stage for a steady to higher opening when Wednesday’s night sessionbegins. Stochastics and the RSI are neutral to bearish signaling thatsideways to lower prices are possible near-term. If September extendsthe aforementioned decline, the reaction low crossing at 45.40 is thenext downside target. Closes above Monday’s high crossing at 49.16 wouldtemper the near-term bearish outlook. First resistance is the reactionhigh crossing at 50.70. Second resistance is May’s high crossing at52.38. First support is the 50-day moving average crossing at 46.63.Second support is the reaction low crossing at 45.40.

September heating oil closed lower on Tuesday. The high-range close setsthe stage for a steady to higher opening when Wednesday’s night tradingsession begins. Stochastics and the RSI remain neutral to bearishsignaling that sideways to lower prices are possible near-term. Today’sclose below the 20-day moving average crossing at 161.07 confirms that ashort-term top has been posted. If September renews the rally off June’slow, April’s high crossing at 170.05 is the next upside target. Firstresistance is last Thursday’s high crossing at 167.97. Second resistanceis April’s high crossing at 170.05 is the next upside target. Firstsupport is today’s low crossing at 158.29. Second support is the 50-daymoving average crossing at 151.78.

September unleaded gas closed slightly higher on Tuesday as it reboundsoff the 38% retracement level of the June-August-rally crossing at156.83. The mid-range close sets the stage for a steady to lower openingwhen Wednesday’s night session begins trading. Stochastics and the RSIare neutral to bearish signaling that a short-term top might be in or isnear. If September extends this month’s decline, the 50% retracementlevel of the June-August-rally crossing at 153.22 is the next downsidetarget. Closse above the 10-day moving average crossing at 161.43 wouldconfirm that a short-term low has been posted. First resistance isAugust’s high crossing at 168.46. Second resistance is April’s highcrossing at 172.88. First support is the 38% retracement level of theJune-August-rally crossing at 156.83. Second support is the 50%retracement level of the June-August-rally crossing at 153.22.

September Henry natural gas closed lower on Tuesday as it consolidatessome of this month’s rally. The low-range close sets the stage for asteady to lower opening when Wednesday’s night session begins trading.Stochastics and the RSI are overbought and are turning neutral tobearish signaling that a short-term top might be in or is near. Closesbelow the 10-day moving average crossing at 2.874 would temper the near-

term friendly outlook. If September extends the rally off August’s low,July’s high crossing at 3.101 is the next upside target. Firstresistance is Monday’s high crossing at 3.018. Second resistance isJuly’s high crossing at 3.101. First support is the 75% retracementlevel of the 2016-2017-rally crossing at 2.706. Second support is the87% retracement level of the 2016-2017-rally crossing at 2.563.

CURRENCIES

The September Dollar closed higher on Tuesday and above the 20-daymoving average crossing at 93.42 confirming that a short-term low hasbeen posted. The mid-range close sets the stage for a steady to higheropening when Wednesday’s night session begins trading. Stochastics andthe RSI have turned neutral to bullish signaling that sideways to higherprices are possible near-term. If September extends this month’s rally,the 50-day moving average crossing at 95.09 is the next upside target.If September renews the decline off April’s high, weekly supportcrossing at 91.88 is the next downside target. First resistance is the50-day moving average crossing at 95.09. Second resistance is July’shigh crossing at 96.26. First support is August’s low crossing at 92.39.Second support is weekly support crossing at 91.88.

The September Euro closed lower on Tuesday and below the 20-day movingaverage crossing at 117.69 confirming that a short-term top has beenposted. The mid-range close sets the stage for a steady to lower openingwhen Wednesday’s night session begins trading. Stochastics and the RSIhave turned neutral to bearish signaling that sideways to lower pricesare possible near-term. If September extends today’s decline, the 50-daymoving average crossing at 115.21 is the next downside target. IfSeptember renews the rally off April’s low, the December-2014 gap on theweekly continuation chart crossing at 120.07 is the next upside target.First resistance is August’s high crossing at 119.39. Second resistanceis the December-2014 gap on the weekly continuation chart crossing at120.07. First support is the reaction low crossing at 116.45. Secondsupport is the 50-day moving average crossing at 115.12.

The September British Pound closed lower on Tuesday and below the 50-daymoving average crossing at 1.2962 are it renewed this month’s decline.The low-range close sets the stage for a steady to lower opening whenWednesday’s night session begins trading. Stochastics and the RSI areoversold but remain neutral to bearish signaling that sideways to lowerprices are possible near-term. If September extends today’s decline, thereaction low crossing at 1.2839 is the next downside target. Closesabove the 20-day moving average crossing at 1.3072 would temper thenear-term bearish outlook. First resistance is August’s high crossing at1.3287. Second resistance is weekly resistance crossing at 1.3546. Firstsupport is the reaction low crossing at 1.2839. Second support is June’slow crossing at 1.2625.

The September Swiss Franc closed lower on Tuesday. The mid-range closesets the stage for a steady to lower opening when Wednesday’s nightsession begins trading. Stochastics and the RSI have turned neutral tobearish signaling that sideways to lower prices are possible near-term.If September resumes the decline off July’s high, the 62% retracementlevel of the May-July-rally crossing at 1.0173 is the next downsidetarget. Closes above the 20-day moving average crossing at 1.0415 areneeded to confirm that a short-term low has been posted. Firstresistance is the 20-day moving average crossing at 1.0415. Secondresistance is the reaction high crossing at 1.0519. First support islast Tuesday’s low crossing at 1.0258. Second support is the 62%retracement level of the May-July-rally crossing at 1.0173.

The September Canadian Dollar closed lower on Tuesday and below the 25%retracement level of the May-July-rally crossing at 78.63. The mid-rangeclose sets the stage for a steady to lower opening when Wednesday’snight session begins trading. Stochastics and the RSI are oversold butremain neutral to bearish signaling that sideways to lower prices arepossible near-term. If September extends the decline off July’s high,the 38% retracement level of the May-July-rally crossing at 76.65 is thenext downside target. Closes above the 20-day moving average crossing at79.44 would temper the near-term bearish outlook. First resistance isJuly’s high crossing at 80.62. Second resistance is the June-2015 highcrossing at 81.86. First support is today’s low crossing at 78.29.Second support is the 38% retracement level of the May-July-rallycrossing at 76.65.

The September Japanese Yen closed lower on Tuesday. The low-range closesets the stage for a steady to lower opening when the Wednesday’s nightsession begins trading. Stochastics and the RSI have turned neutral tobearish signaling that sideways to lower prices are possible near-term.Closes below the 20-day moving average crossing at 0.9056 would confirmthat a short-term top has been posted. If September resumes the rallyoff July’s low, June’s high crossing at 0.9228 is the next upsidetarget. First resistance is June’s high crossing at 0.9228. Secondresistance is April’s high crossing at 0.9302. First support is the 20-

day moving average crossing at 0.9056. Second support is the 50-daymoving average crossing at 0.9008.

PRECIOUS METALS

December gold posted its largest one-day loss in nearly six weeks due toprofit taking on Tuesday as it consolidates some of the rally off July’slow. The low-range close sets the stage for a steady to lower openingwhen Wednesday’s night session begins trading. Stochastics and the RSIare turning neutral to bearish signaling that a short-term top might bein or is near. Closes below the 20-day moving average crossing at1270.60 would confirm that a short-term top has been posted. If Decemberresumes the rally off July’s low, June’s high crossing at 1305.50 is thenext upside target. First resistance is June’s high crossing at 1305.50.Second resistance is April’s high crossing at 1307.00. First support isthe 20-day moving average crossing at 1270.60. Second support is thereaction low crossing at 1249.40.

September silver closed lower on Tuesday as it consolidated some of therally off July’s low. The low-range close set the stage for a steady tolower opening when Wednesday’s night session begins trading. Stochasticsand the RSI are overbought and are turning neutral to bearish signalingthat sideways to lower prices are possible near-term. Closes below the20-day moving average crossing at 16.624 would confirm that a short-termtop has been posted. If September resumes the rally off July’s low, thereaction high crossing at 17.405 is the next upside target. Firstresistance is last Thursday’s high crossing at 17.240. Second resistanceis the reaction high crossing at 17.405. First support is the reactionlow crossing at 16.095. Second support is July’s low crossing at 15.145.

September copper closed lower on Tuesday. The low-range close sets thestage for a steady to lower opening when Wednesday’s night sessionbegins trading. Stochastics and the RSI are neutral to bearish signalingthat sideways to lower prices are possible near-term. Closes below the20-day moving average crossing at 285.76 would confirm that a short-termtop has been posted. If September resumes the rally off May’s low, the62% retracement level of the 2013-2016-decline crossing at 303.13 is thenext upside target. First resistance is last Wednesday’s high crossingat 295.50. Second resistance is the 62% retracement level of the 2013-

2016-decline crossing at 303.13. First support is the 20-day movingaverage crossing at 285.76. Second support is the 50-day moving averagecrossing at 272.86.

GRAINS

December Corn closed down 7 1/4-cents at 3.69. December corn closedlower on Tuesday as it extends the decline off July’s high. Today’s selloff was triggered by Monday’s surprising increase in the good/excellentrating by 2%, which now stands at 62% good/excellent. The low-rangeclose sets the stage for a steady to lower opening when Wednesday’snight session begins trading. Stochastics and the RSI are neutral tobearish signaling that sideways to lower prices are possible near-term.If December extends the decline off July’s high, last September’s lowcrossing at 3.65 1/2 is the next downside target. Closes above the 50-

day moving average crossing at 3.89 3/4 are needed to confirm that ashort-term low has been posted. First resistance is the 50-day movingaverage crossing at 3.89 3/4. Second resistance is the reaction highcrossing at 4.06 3/4. First support is today’s low crossing at 3.67 1/2.Second support is last September’s low crossing at 3.65 1/2.

December wheat closed down 12 1/2-cents at 4.55 1/4. December wheatclosed lower on Tuesday and spiked below April’s low crossing at 4.543/4. The low-range close sets the stage for a steady to lower openingwhen Wednesday’s night session begins trading. Stochastics and the RSIare oversold but remain neutral to bearish signaling that sideways tolower prices are possible near-term. If December extends the decline offJuly’s high, last December’s low crossing at 4.53 is the next downsidetarget. Closes above the 20-day moving average crossing at 4.93 3/4would confirm that a short-term low has been posted. First resistance isthe 10-day moving average crossing at 4.77 1/2. Second resistance is the20-day moving average crossing at 4.93 3/4. First support is today’s lowcrossing at 4.54 1/4. Second support is last December’s low crossing at4.53.

December Kansas City Wheat closed down 10 1/4-cents at 4.54. DecemberKansas City wheat closed lower on Tuesday as it extended the decline offJuly’s high and spiked below April’s low crossing at 4.53 3/4. The high-

range close sets the stage for a steady to higher opening on Tuesday.Stochastics and the RSI are oversold but remain neutral to bearishsignaling that sideways to lower prices are possible near-term. IfDecember extends the aforementioned decline, psychological supportcrossing at 4.50 is the next downside target. Closes above the 20-daymoving average crossing at 4.95 1/2 would confirm that a short-term lowhas been posted. First resistance is the 10-day moving average crossingat 4.80 1/4. Second resistance is the 20-day moving average crossing at4.95 1/2. First support is today’s low crossing at 4.52 1/4. Secondsupport is psychological support crossing at 4.50.

November soybeans closed down 13 1/4-cents at 9.25. November soybeansclosed lower on Tuesday as it extends the decline off July’s high. Thelow-range close sets the stage for a steady to lower opening whenWednesday’s night session begins trading. Stochastics and the RSI areoversold but remain neutral to bearish signaling that sideways to lowerprices are possible near-term. If November extends the decline offJuly’s high, June’s low crossing at 9.07 is the next downside target.Closes above the 20-day moving average crossing at 9.81 would confirmthat a low has been posted. First resistance is the 20-day movingaverage crossing at 9.81. Second resistance is the reaction highcrossing at 10.35 1/2. First support is the 87% retracement level of theJune-July-rally crossing at 9.25. Second support is June’s low crossingat 9.07.

December soybean meal closed down $3.40 at 299.30. December soybean mealclosed lower on Tuesday as it extended the decline off July’s high. Thelow-range close sets the stage for a steady to lower opening whenWednesday’s night session begins trading. Stochastics and the RSI areoversold but remain neutral to bearish signaling that sideways to lowerprices are possible near-term. If December extends the decline offJuly’s high, June’s low crossing at 295.40 is the next downside target.Closes above the 20-day moving average crossing at 318.70 would confirmthat a low has been posted. First resistance is the 10-day movingaverage crossing at 308.60. Second resistance is the 20-day movingaverage crossing at 318.70. First support today’s low crossing at298.80. Second support is June’s low crossing at 295.40.

December soybean oil closed down 66-pts. at 33.11. December soybean oilclosed lower on Tuesday as it extends the decline off July’s high. Thelow-range close sets the stage for a steady to lower opening whenWednesday’s night session begins trading. Stochastics and the RSI arebecoming oversold but remain neutral to bearish signaling that sidewaysto lower prices are possible near-term. If December extends the declineoff July’s high, July’s low crossing at 32.48 is the next downsidetarget. Closes above the 20-day moving average crossing at 34.18 wouldtemper the near-term bearish outlook. First resistance is lastThursday’s high crossing at 35.15. Second resistance is July’s highcrossing at 35.58. First support is July’s low crossing at 32.48. Secondsupport is the reaction low crossing at 31.91.

LIVESTOCK

October hogs closed up $1.35 at $70.53. October hogs closed higher onTuesday as it extends the rally off August’s low. The high-range closesets the stage for a steady to higher opening when Wednesday’s sessionbegins trading. Stochastics and the RSI are overbought but remainneutral to bullish signaling that sideways to higher prices are possiblenear-term. If October extends the rally off April’s low, July’s highcrossing at 72.25 is the next upside target. Closes below the 20-daymoving average crossing at 67.41 would temper the near-term bullishoutlook. First resistance is today’s high crossing at 70.90. Secondresistance is July’s high crossing at 72.25. First support is August’slow crossing at 64.12. Second support is April’s low crossing at 62.42.

October cattle closed up $2.45 at 109.05. October cattle posted a keyreversal up on Tuesday as it consolidated some of the decline off June’shigh. The high-range close sets the stage for a steady to higher openingwhen Wednesday’s session begins trading. Stochastics and the RSI areoversold but are turning neutral to bullish signaling that sideways tohigher prices are possible near-term. Closes above the 20-day movingaverage crossing at 112.39 would confirm that a short-term low has beenposted. If October extends the decline off July’s high, April’s lowcrossing at 104.97 is the next downside target. First resistance is the10-day moving average crossing at 110.30. Second resistance is the 20-

day moving average crossing at 112.39. First support is today’s lowcrossing at 105.75. Second support is April’s low crossing at 104.97.

October Feeder cattle closed up $3.98 at $146.30. October Feeder cattleclosed sharply higher due to short covering on Tuesday. The high-rangeclose sets the stage for a steady to higher opening when Wednesday’ssession begins trading. Stochastics and the RSI have turned neutral tobullish signaling that sideways to higher prices are possible near-term.Closes above the 20-day moving average crossing at 147.01 would confirmthat a low has been posted. If October renews the decline off July’shigh, June’s low crossing at 138.92 is the next downside target. Firstresistance is August’s high crossing at 151.00. Second resistance isJuly’s high crossing at 154.20. First support is June’s low crossing at138.92. Second support is April’s low crossing at 129.98.

FOOD & FIBER

December coffee closed sharply lower on Tuesday as it extends thismonth’s decline. The low-range close sets the stage for a steady tolower opening on Wednesday. Closes below the 50-day moving averagecrossing at 13.51 would open the door for additional weakness near-term.Stochastics and the RSI are neutral to bearish signaling that sidewaysto lower prices are possible near-term. If December extends theaforementioned decline, the reaction low crossing at 12.94 is the nextdownside target. Closes above the 10-day moving average crossing at14.31 would confirm that a short-term low has been posted.

December cocoa closed lower on Tuesday as it extends this month’sdecline. The low-range close sets the stage for a steady to loweropening on Wednesday. Stochastics and the RSI are oversold but remainneutral to bearish signaling that sideways to lower prices are possiblenear-term. If December extends the decline off July’s high, July’s lowcrossing at 18.21 is the next downside target. Closes above the 20-daymoving average crossing at 20.07 would confirm that a short-term low hasbeen posted.

October sugar closed lower on Tuesday and the low-range close set thestage for a steady to lower opening on Wednesday. Stochastics and theRSI are oversold but remain neutral to bearish signaling that sidewaysto lower prices are possible near-term. If October extends this month’sdecline, June’s low crossing at 12.74 is the next downside target.Closes above the 20-day moving average crossing at 14.10 would confirmthat a short-term low has been posted.

October cotton gapped down and closed lower on Tuesday as it extendsthis month’s decline. The low-range close sets the stage for a steady tolower opening on Wednesday. Stochastics and the RSI are neutral tobearish signaling that sideways to lower prices are possible near-term.If October extends the aforementioned decline, July’s low crossing at66.28 is the next downside target. Closes above the 10-day movingaverage crossing at 70.39 would temper the near-term bearish outlook.

*  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.

8/14/2017

The Futures Indicis

 

The September NASDAQ 100 closed lower on Thursday as all three indexesclosed lower for three consecutive sessions in a row for the first timesince mid April amid a persistent war of words between the U.S. andNorth Korea. The low-range close sets the stage for a steady to loweropening when Friday’s night session begins trading. Stochastics and theRSI are neutral to bearish signaling that sideways to lower prices arepossible near-term. Today’s close below the reaction low crossing at5844.75 confirms that a short-term top has been posted. Today’s closebelow the 50-day moving average crossing at 5813.31 opens the door foradditional weakness near-term. If September resumes the rally off July’slow to new contract highs, upside targets will be hard to project. Firstresistance is July’s high crossing at 5995.75. Second resistance isunknown. First support is today’s low crossing at 5783.25. Secondsupport is the reaction low crossing at 5641.25.

The September S&P 500 closed sharply lower on Thursday and below thereaction low crossing at 2458.00 confirming that a short-term top hasbeen posted. The low-range close sets the stage for a steady to loweropening when Friday’s night session begins trading. Stochastics and theRSI are neutral to bearish signaling that sideways to lower prices arepossible near-term. Closes below the 50-day moving average crossing at2445.84 would open the door for a possible test of July’s low crossingat 2404.00 later this month. If September renews this year’s rally intouncharted territory, upside targets will be hard to project. Firstresistance is Tuesday’s high crossing at 2487.50. Second resistance isunknown. First support is the reaction low crossing at 2413.50. Secondsupport is July’s low crossing at 2404.00.

The Dow gapped down and closed lower for the third day in a row onThursday as it extended this week’s decline due to increased tensionsbetween North Korea and the United States. The mid-range close sets thestage for a steady opening when Friday’s night session begins trading.Stochastics and the RSI have turned neutral to bearish signaling thatsideways to lower prices are possible near-term. Closes below the 20-daymoving average crossing at 21,815.51 would confirm that a short-term tophas been posted. If the Dow extends this year’s rally into unchartedterritory, upside targets will be hard to project. First resistance isTuesday’s high crossing at 22,179.11. Second resistance is unknown.First support is the 20-day moving average crossing at 21,815.51. Secondsupport is the reaction low crossing at 21,496.13.

 

 

INTEREST RATES

September T-bonds closed up 25/32’s at 155-16. September T-bonds closedhigher on Thursday as it extends the rally off July’s low. The high-

range close sets the stage for a steady to higher opening when Friday’snight session begins trading. Stochastics and the RSI have turnedneutral to bullish signaling that sideways to higher prices are possiblenear-term. If September extends the rally off July’s low, the reactionhigh crossing at 156-05 is the next upside target. Closes below the 20-

day moving average crossing at 153-25 would confirm that a short-termtop has been posted. First resistance is the reaction high crossing at156-05. Second resistance is June’s high crossing at 157-08. Firstsupport is the reaction low crossing at 152-03. Second support is July’slow crossing at 151-18.

September T-notes closed up 95/32’s at 126-205. September T-notes closedhigher on Thursday as it extends the rally off July’s low. The high-

range close sets the stage for a steady to higher opening when Friday’snight session begins trading. Stochastics and the RSI are turningneutral to bullish signaling that sideways to higher prices are possiblenear-term possible near-term. If September extends the rally off July’slow, the reaction high crossing at 126.290 is the next upside target.Closes below the reaction low crossing at 125.155 would confirm that ashort-term top has been posted. First resistance the reaction highcrossing at 126.290. Second resistance is June’s high crossing at127.080. First support is July’s low crossing at 124.255. Second supportis the 50% retracement level of the March-June-rally crossing at124.209.

 

 

ENERGY MARKETS

 

September crude oil posted a key reversal down and closed lower onThursday signaling a possible end to the trading range of the past two-

weeks. The low-range close sets the stage for a steady to lower openingwhen Friday’s night session begins. Stochastics and the RSI are neutralto bearish signaling that sideways to lower prices are possible near-

term. Closes below the 20-day moving average crossing at 48.28 wouldconfirm that a short-term top has been posted. If September resumes therally off June’s low, May’s high crossing at 52.38 is the next upsidetarget. First resistance is the reaction high crossing at 50.70. Secondresistance is May’s high crossing at 52.38. First support is the 20-daymoving average crossing at 48.28. Second support is the 50-day movingaverage crossing at 46.64.

September heating oil posted a downside reversal with Thursday’s low-

range close. The low-range close sets the stage for a steady to loweropening when Friday’s night trading session begins. Stochastics and theRSI are neutral signaling that sideways trading is possible near-term.Closes below the 20-day moving average crossing at 159.56 are needed toconfirm that a short-term top has been posted. If September extends therally off June’s low, April’s high crossing at 170.05 is the next upsidetarget. First resistance is today’s high crossing at 167.97. Secondresistance is April’s high crossing at 170.05 is the next upside target.First support is the 20-day moving average crossing at 159.56. Secondsupport is the 50-day moving average crossing at 151.09.

September unleaded gas closed lower on Thursday and posted a downsidereversal. The low-range close sets the stage for a steady to loweropening when Friday’s night session begins trading. Stochastics and theRSI are neutral to bearish signaling that a short-term top might be inor is near. Closes below the 20-day moving average crossing at 159.88are needed to confirm that a short-term top has been posted. IfSeptember resumes the rally off June’s low, April’s high crossing at172.88 is the next upside target. First resistance is last Tuesday’shigh crossing at 168.46. Second resistance is April’s high crossing at172.88. First support is the 20-day moving average crossing at 159.88.Second support is the 50-day crossing at 152.34.

September Henry natural gas closed sharply higher on Thursday and abovethe 50-day moving average crossing at 2.957 confirming that a short-termlow has been posted. The high-range close sets the stage for a steady tohigher opening when Friday’s night session begins trading. Stochasticsand the RSI are neutral to bullish signaling that sideways to higherprices are possible near-term. If September extends the rally off lastFriday’s low, July’s high crossing at 3.101 is the next upside target.Closes below the 10-day moving average crossing at 2.842 would temperthe near-term friendly outlook. First resistance is today’s highcrossing at 2.995. Second resistance is July’s high crossing at 3.101.First support is the 75% retracement level of the 2016-2017-rallycrossing at 2.706. Second support is the 87% retracement level of the2016-2017-rally crossing at 2.563.

 

 

CURRENCIES

 

The September Dollar closed lower on Thursday. The low-range close setsthe stage for a steady to lower opening when Friday’s night sessionbegins trading. Stochastics and the RSI are neutral to bullish signalingthat a low might be in or is near. Closes above the 20-day movingaverage crossing at 93.63 are needed to confirm that a short-term lowhas been posted. If September renews the decline off April’s high,weekly support crossing at 91.88 is the next downside target. Firstresistance is the 20-day moving average crossing at 93.63. Secondresistance is the 50-day moving average crossing at 95.27. First supportis last Wednesday’s low crossing at 92.39. Second support is weeklysupport crossing at 91.88.

The September Euro closed higher on Thursday as it consolidates some ofthe decline off August’s high. The high-range close sets the stage for asteady to higher opening when Friday’s night session begins trading.Stochastics and the RSI are neutral to bearish signaling that a short-

term top might be in or is near. Closes below the 20-day moving averagecrossing at 117.30 are needed to confirm that a short-term top has beenposted. If September renews the rally off April’s low, the December-2014gap on the weekly continuation chart crossing at 120.07 is the nextupside target. First resistance is August’s high crossing at 119.39.Second resistance is the December-2014 gap on the weekly continuationchart crossing at 120.07. First support is the 20-day moving averagecrossing at 117.30. Second support is the 50-day moving average crossingat 114.92.

The September British Pound closed lower on Thursday as it extends thedecline off August’s high. The mid-range close sets the stage for asteady to lower opening when Friday’s night session begins trading.Stochastics and the RSI are neutral to bearish signaling that sidewaysto lower prices are possible near-term. Closes below the 50-day movingaverage crossing at 1.2960 would open the door for a possible test ofJuly’s low crossing at 1.2839. Closes above the 10-day moving averagecrossing at 1.3116 would temper the near-term bearish outlook. Firstresistance is August’s high crossing at 1.3287. Second resistance isweekly resistance crossing at 1.3546. First support is the 50-day movingaverage crossing at 1.2960. Second support is July’s low crossing at1.2839.

The September Swiss Franc posted an inside day with a higher close onThursday as it consolidates some of the decline off July’s high. Thehigh-range close sets the stage for a steady to higher opening whenFriday’s night session begins trading. Stochastics and the RSI haveturned neutral to bullish signaling that a low might be in or is near.Closes above the 20-day moving average crossing at 1.0432 are needed toconfirm that a short-term low has been posted. If September resumes thedecline off July’s high, the 62% retracement level of the May-July-rallycrossing at 1.0173 is the next downside target. First resistance is the20-day moving average crossing at 1.0432. Second resistance is thereaction high crossing at 1.0519. First support is Tuesday’s lowcrossing at 1.0258. Second support is the 62% retracement level of theMay-July-rally crossing at 1.0173.

The September Canadian Dollar closed lower on Thursday and below the 25%retracement level of the May-July-rally crossing at 78.63 as it extendsthe decline off July’s high. The low-range close sets the stage for asteady to lower opening when Friday’s night session begins trading.Stochastics and the RSI are oversold but remain neutral to bearishsignaling that sideways to lower prices are possible near-term. IfSeptember extends the decline off July’s high, the 38% retracement levelof the May-July-rally crossing at 77.60 is the next upside target.Closes above the 20-day moving average crossing at 79.51 would temperthe near-term bearish outlook. First resistance is July’s high crossingat 80.62. Second resistance is the June-2015 high crossing at 81.86.First support is today’s low crossing at 78.57. Second support is the38% retracement level of the May-July-rally crossing at 77.60.

The September Japanese Yen closed higher on Thursday as they extend therally off July’s low. The high-range close sets the stage for a steadyto higher opening when the Friday’s night session begins trading.Stochastics and the RSI have turned neutral to bullish signaling thatsideways to higher prices are possible near-term. If September extendsthe rally off July’s low, June’s high crossing at 0.9228 is the nextupside target. Closes below the 20-day moving average crossing at 0.9026would confirm that a short-term top has been posted. First resistance isthe reaction high crossing at 0.9204. Second resistance is June’s highcrossing at 0.9228. First support is the 20-day moving average crossingat 0.9026. Second support is the reaction low crossing at 0.8933.

 

 

PRECIOUS METALS

 

December gold closed higher on Thursday as it extends this week’s rallydue to heightened tensions between the United States and North Korea.The high-range close sets the stage for a steady to higher opening whenFriday’s night session begins trading. Stochastics and the RSI areneutral to bullish signaling that sideways to higher prices are possiblenear-term. If December extends the rally off July’s low, June’s highcrossing at 1305.50 is the next upside target. Closes below the 20-daymoving average crossing at 1263.70 would confirm that a short-term tophas been posted. First resistance is June’s high crossing at 1305.50.Second resistance is April’s high crossing at 1307.00. First support isthe 20-day moving average crossing at 1263.70. Second support is thereaction low crossing at 1249.40.

September silver closed higher on Thursday as it extends the rally offJuly’s low. The mid-range close set the stage for a steady to higheropening when Friday’s night session begins trading. Stochastics and theRSI are neutral to bullish signaling that sideways to higher prices arepossible near-term. If September extends the rally off July’s low, thereaction high crossing at 17.405 is the next upside target. Closes belowthe 20-day moving average crossing at 16.495 would confirm that a short-

term top has been posted. First resistance is today’s high crossing at17.240. Second resistance is the reaction high crossing at 17.405. Firstsupport is the reaction low crossing at 16.095. Second support is July’slow crossing at 15.145.

September copper closed lower due to profit taking on Thursday. The low-

range close sets the stage for a steady to lower opening when Friday’snight session begins trading. Stochastics and the RSI are overbought butremain neutral to bullish signaling that sideways to higher prices arepossible near-term. If September extends the rally off May’s low, the62% retracement level of the 2013-2016-decline crossing at 303.13 is thenext upside target. Closes below the 20-day moving average crossing at283.01 would confirm that a short-term top has been posted. Firstresistance is Wednesday’s high crossing at 295.50. Second resistance isthe 62% retracement level of the 2013-2016-decline crossing at 303.13.First support is the 10-day moving average crossing at 289.80. Secondsupport is the 20-day moving average crossing at 283.01.

 

 

GRAINS

 

December Corn closed down 15 1/4-cents at 3.71. December corn closedsharply lower on Thursday as the market was caught off guard by theUSDA’s small cut in the size of this year’s corn crop. The USDA loweredits yield estimate to 169.5 bushel per acre and a crop size of 14.139billion bushels compared to July’s report of 170.7 bushels per acre anda crop size of 14.253 billion bushel. The average trade estimates fortoday’s report numbers pegged the corn yield at 166.2 bu on 83.418 milharvested acres for 13.855 billion bu of production. Harvested acres wasleft unchanged at 83.5 million. US ending carryout at 2.273 bbu comparedto 2.325 bbu July. World ending stocks 7.907 bbu compared to 7.905 July.Stochastics and the RSI are diverging and are turning neutral to bearishsignaling that sideways to lower prices are possible near-term. IfDecember extends the decline off July’s high, last September’s lowcrossing at 3.65 1/2 is the next downside target. Closes above the 50-

day moving average crossing at 3.90 3/4 are needed to temper the near-

term bearish outlook. First resistance is the 50-day moving averagecrossing at 3.90 3/4. Second resistance is the reaction high crossing at4.06 3/4. First support is today’s low crossing at 3.70 1/4. Secondsupport is last September’s low crossing at 3.65 1/2.

December wheat closed down 17-cents at 4.69 3/4. December wheat closedsharply lower on Thursday as it renewed the decline off July’s high. TheUSDA estimated all US wheat production at 1.739 bbu down from 1.760 inJuly. HRW wheat was estimated at 758 mbu, SRW at 306 mbu, and springwheat at 402 mbu compared to July of 423 mbu. World ending stocks 9.725bbu compared to 9.575 bbu July. The average pre-report trade estimateshave all wheat at 1.711 bil bu. The trade was expecting US endingcarryout for all wheat to drop more than the 5 mbu. USDA increasedimports 10 mbu to account for a reduction of 21 mbu of spring wheatproduction. Export bookings have remained strong and this break todayshould be met with end user buying as we are competitive on the worldmarket. The low-range close sets the stage for a steady to lower openingwhen Friday’s night session begins trading. Stochastics and the RSI areoversold but remain neutral to bearish signaling that sideways to lowerprices are possible near-term. If December extends the decline offJuly’s high, June’s low crossing at 4.59 1/4 is the next downsidetarget. Closes above the 20-day moving average crossing at 5.04 wouldconfirm that a short-term low has been posted. First resistance is the10-day moving average crossing at 4.88. Second resistance is the 20-daymoving average crossing at 5.04. First support is June’s low crossing at4.59 1/4. Second support is April’s low crossing at 4.54 3/4.

December Kansas City Wheat closed down 15 1/4-cents at 4.75 3/4.December Kansas City wheat closed sharply lower on Thursday as itextended the decline off July’s high. The low-range close sets the stagefor a steady to lower opening on Friday. Stochastics and the RSI areoversold but remain neutral to bearish signaling that sideways to lowerprices are possible near-term. If December extends the aforementioneddecline, the 87% retracement level of the April-July-rally crossing at4.72 1/2 is the next downside target. Closes above the 20-day movingaverage crossing at 5.06 1/4 would confirm that a short-term low hasbeen posted. First resistance is the 10-day moving average crossing at4.91 3/4. Second resistance is the 20-day moving average crossing at5.06 1/4. First support is the 87% retracement level of the April-July-

rally crossing at 4.72 1/2. Second support is May’s low crossing at4.63.

November soybeans closed down 33-cents at 9.40. November soybeans closedsharply lower on Thursday following today’s bearish supply-demandreport. The USDA raised yield to 49.4 compared to 48 from July.Harvested acres were unchanged at 88.7 million acres. US ending stockswere estimated at 475 mbu compared to 460 mbu July. The 16-17 US stockswere lowered to 370 mbu from 410. World ending stocks at 3.592 bbucompared to 3.436 bbu July. The average pre-report trade estimatespegged this year’s soybean yield at 47.5 bu, on 88.669 million harvestedacres, for 4.212 billion bushels of production. The low-range close setsthe stage for a steady to lower opening when Friday’s night sessionbegins trading. Stochastics and the RSI are oversold but remain neutralto bearish signaling that sideways to lower prices are possible near-

term. If November extends the decline off July’s high, the 87%retracement level of the June-July-rally crossing at 9.25 is the nextdownside target. Closes above the 20-day moving average crossing at 9.901/2 would confirm that a low has been posted. First resistance is the20-day moving average crossing at 9.90 1/2. Second resistance is thereaction high crossing at 10.35 1/2. First support is the 75%retracement level of the June-July-rally crossing at 9.41 3/4. Secondsupport is the 87% retracement level of the June-July-rally crossing at9.25.

December soybean meal closed down $11.20 at 301.70. December soybeanmeal closed sharply lower on Thursday as it extends the decline offJuly’s high. The low-range close sets the stage for a steady to loweropening when Friday’s night session begins trading. Stochastics and theRSI are oversold but remain neutral to bearish signaling that sidewaysto lower prices are possible near-term. If December extends the declineoff July’s high, June’s low crossing at 295.40 is the next downsidetarget. Closes above the 20-day moving average crossing at 322.9 wouldconfirm that a low has been posted. First resistance is the 10-daymoving average crossing at 314.70. Second resistance is the 20-daymoving average crossing at 322.90. First support today’s low crossing at299.90. Second support is June’s low crossing at 295.40.

December soybean oil closed down 37-pts. at 34.16. December soybean oilposted a key reversal down as it closed lower on Thursday. The low-rangeclose sets the stage for a steady to lower opening when Friday’s nightsession begins trading. Stochastics and the RSI are turning neutral tobearish signaling that sideways to lower prices are possible near-term.If December renews the decline off July’s high, the reaction lowcrossing at 33.24 is the next downside target. If December extends thisweek’s rally, July’s high crossing at 35.58 is the next upside target.First resistance is today’s high crossing at 35.15. Second resistance isJuly’s high crossing at 35.58. First support is the 50-day movingaverage crossing at 33.37. Second support is the reaction low crossingat 32.48.

 

LIVESTOCK

 

October hogs closed down $0.28 at $67.98. October hogs closed lower onThursday. The low-range close sets the stage for a steady to loweropening when Friday’s session begins trading. Stochastics and the RSIare neutral to bullish signaling that a low might be in or is near.Closes above the 50-day moving average crossing at 68.30 would confirmthat a short-term low has been posted. If October resumes the declineoff July’s high, April’s low crossing at 62.42 is the next downsidetarget. First resistance is the reaction high crossing at 69.55. Secondresistance is the reaction high crossing at 70.53. First support is lastWednesday’s low crossing at 64.12. Second support is April’s lowcrossing at 62.42.

October cattle closed down $1.45 at 106.60. October cattle closed loweron Thursday as it extends the decline off June’s high. The low-rangeclose sets the stage for a steady to lower opening when Friday’s sessionbegins trading. Stochastics and the RSI are oversold but remain neutralto bearish signaling that sideways to lower prices are possible near-

term. If October extends the decline off July’s high, April’s lowcrossing at 104.97 is the next downside target. Closes above the 50-daymoving average crossing at 115.17 would confirm that a short-term lowhas been posted. First resistance is the July 24th gap crossing at116.85. Second resistance is July’s high crossing at 119.30. Firstsupport is today’s low crossing at 106.40. Second support is April’s lowcrossing at 104.97.

October Feeder cattle closed down $0.50 at $140.48. October Feedercattle closed lower on Thursday. The low-range close sets the stage fora steady to lower opening when Friday’s session begins trading.Stochastics and the RSI are oversold but remain neutral to bearishsignaling that sideways to lower prices are possible near-term. IfOctober extends the decline off July’s high, June’s low crossing at138.92 is the next downside target. Closes above the 20-day movingaverage crossing at 148.31 would confirm that a low has been posted.First resistance is August’s high crossing at 151.00. Second resistanceis July’s high crossing at 154.20. First support is June’s low crossingat 138.92. Second support is April’s low crossing at 129.98.

 

 

FOOD & FIBER

 

December coffee closed lower on Thursday as it consolidated some of therally off June’s low. The low-range close sets the stage for a steady tolower opening on Friday. Stochastics and the RSI are overbought and areturning neutral to bearish signaling that a short-term top might be inor is near. Closes below the 20-day moving average crossing at 14.81would confirm that a short-term top has been posted. If December extendsthe rally off June’s low, April’s high crossing at 15.20 is the nextupside target.

December cocoa closed lower on Thursday. The low-range close sets thestage for a steady to lower opening on Friday. Stochastics and the RSIare neutral to bearish signaling that sideways to lower prices arepossible near-term. If December extends the decline off July’s high,July’s low crossing at 18.21 is the next downside target. Closes abovethe 10-day moving average crossing at 20.48 would confirm that a short-

term low has been posted.

October sugar closed lower on Thursday as it extended the decline offAugust’s high. The low-range close set the stage for a steady to loweropening on Friday. Stochastics and the RSI are oversold but remainneutral to bearish signaling that sideways to lower prices are possiblenear-term. If October extends this month’s decline, June’s low crossingat 12.74 is the next downside target. Closes above the 20-day movingaverage crossing at 14.23 would confirm that a short-term low has beenposted.

October cotton closed limit down following a bearish supply-demandreport on Thursday. The low-range close sets the stage for a steady tolower opening on Friday. Stochastics and the RSI are overbought and areturning neutral to bearish signaling that sideways to lower prices arepossible near-term. If October extends today’s decline, July’s lowcrossing at 66.28 is the next downside target. Closes above the 10-daymoving average crossing at 69.90 would temper the near-term bearishoutlook.

*  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.

8/2/2017

Wednesday, August 2

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. However,technology shares worldwide were supported by upbeatearnings released Tuesday afternoon from technology leaderApple. U.S. stock indexes are pointed toward firmer openingswhen the New York day session begins.

Gold prices are moderately lower in pre-U.S.-session tradingtoday. The market is seeing some profit taking from recentgains and is pressured a bit as the U.S. dollar hasstabilized at mid-week, after its recent sell off.

In overnight news, India’s central bank lowered its keyinterest rate by 0.25%, to 6.0%. The move was notunexpected.

The Euro zone producer price index was reported down 0.1% inJune from May, and was up 2.5%, year-on-year. Those numberswere in line with market expectations.

The important “outside markets” early Wednesday find theU.S. dollar index slightly lower. The index is trying tostabilize at mid-week after hitting a 13-month low Monday.Meantime, Nymex crude oil futures are near steady andtrading just above $49.00 a barrel. Oil prices hit a two-

month high Tuesday and remain in an uptrend on the dailychart.

U.S. economic data due for release Wednesday includes theweekly MBA mortgage applications survey, the ADP nationalemployment report, the ISM New York report on business andthe weekly DOE liquid energy stocks report.

The big U.S. data point of the week is the monthlyemployment situation report released by the Labor Departmenton Friday morning. The key non-farm payrolls component ofthat report is forecast to show a rise of 180,000 workers.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly up inearly U.S. trading and just below last week’s contract andrecord high. The bulls have the solid overall near-termtechnical advantage and there are no strong chart clues thata market top is close at hand. The shorter-term movingaverages (4-, 9- and 18-day) are neutral early today. The 4-

day moving average is even with the 9-day. The 9-day isabove the 18-day moving average. Short-term oscillators(RSI, slow stochastics) are neutral to bearish early today.Today, shorter-term technical resistance comes in at thecontract high of 2,480.50 and then at 2,490.00. Buy stopslikely reside just above those levels. Downside support foractive traders today is located at this week’s low of2,465.25 and then at last week’s low of 2,457.00. Sell stopsare likely located just below those levels.

Nasdaq index September futures: Prices are solidly higher inearly U.S. trading today. The bulls have the firm overallnear-term technical advantage. Shorter-term moving averages(4- 9-and 18-day) are neutral early today. The 4-day movingaverage is below the 9-day. The 9-day average is above the18-day. Short-term oscillators (RSI, slow stochastics) areneutral early today. Shorter-term technical resistance isseen at the overnight high of 5,947.50 and then at 5,975.00.Buy stops likely reside just above those levels. On thedownside, short-term support is seen at 5,900.00 and then atthis week’s low of 5,870.25. Sell stops are likely locatedjust below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are weaker in early U.S.trading. Bulls still have the overall near-term technicaladvantage but trading has been choppy recently. Shorter-termmoving averages (4- 9- 18-day) are neutral early today. The4-day moving average is below the 9-day. The 9-day is abovethe 18-day moving average. Oscillators (RSI, slowstochastics) are neutral to bearish early today. Shorter-

term technical resistance is seen at the overnight high of153 30/32 and then at this week’s high of 154 3/32. Buystops likely reside just above those levels. Shorter-termsupport lies at 153 10/32 and then at 153 even. Sell stopslikely reside just below those levels.

September U.S. T-Notes: Prices are weaker in early U.S.trading. Bulls still have the overall near-term technicaladvantage but trading has turned choppy. Shorter-termmoving averages (4- 9- 18-day) are bullish early today. The4-day moving average is above the 9-day. The 9-day is abovethe 18-day moving average. Oscillators (RSI, slowstochastics) are neutral to bearish early today. Shorter-

term resistance lies at this week’s high of 126.08.0 andthen at 126.12.0. Buy stops likely reside just above thoselevels. Shorter-term technical support lies at 126.00.0 andthen at 125.24.0. Sell stops likely reside just below thoselevels.

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in earlyU.S. trading. Prices Monday hit a 13-month low. Bears havethe solid overall near-term technical advantage. Theshorter-term moving averages for the dollar index arebearish early today as the 4-day is below the 9-day. The 9-

day is below the 18-day moving average. Short-termoscillators for the dollar index are neutral to bearishearly today. The dollar index finds shorter-term technicalresistance at 93.000 and then at this week’s high of 93.385.Shorter-term support is seen at this week’s low of 92.635and then at 92.500.

NYMEX CRUDE OIL

September Nymex crude oil prices are near steady in earlyU.S. trading. Prices have been trending higher for sixweeks. Look for buy stops to reside just above technicalresistance at $50.00 and then at this week’s high of $50.43.Look for sell stops just below technical support at thisweek’s low of $48.37 and then at $48.00.

GRAINS

Grain futures markets were firmer overnight on a shortcovering and technical bounce following recent strongselling pressure. The weather market that had played outover the past few weeks has now fizzled out. That’s bearish.The damage that has occurred to the crops over the past fewweeks has now been factored into grain prices. Bulls needsome fresh, positive news to fuel more upside price action.

*  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.

07/21/2017

Friday, July 21

OVERNIGHT DEVELOPMENTS

Global equity markets were steady to narrowly mixedovernight, in quieter dealings amid a lack of fresh, majorfundamental news to drive the markets. A lazy, hazysummertime trading atmosphere has enveloped U.S. andEuropean stock markets. U.S. stock indexes are pointedtoward slightly lower openings when the New York day sessionbegins.

Gold prices are firmer and hit a three-week high overnight.Prices are in a two-week-old uptrend and bulls havemomentum.

It appears the “take away” from this week’s news events andmarkets’ price action is growing notions the major centralbanks of the world are not in a big hurry at all to tightentheir monetary policies, with a major reason being very tameprice inflation expectations. European Central BankPresident Mario Draghi on Thursday sounded a surprisinglydovish tone on ECB money policy. The Bank of Japan onThursday lowered its inflation expectations. And the weekbefore, Fed Chair Janet Yellen spoke before the U.S.Congress and suggested the Fed will only very graduallyraise U.S. interest rates.

The aftermath of less hawkish rhetoric coming from worldcentral bankers has seen U.S. stock indexes hit recordhighs, world government bond yields have dropped, the Eurocurrency has rallied to a 14-month high, and the U.S. dollarindex has hit a 13-month low. Gold has also seen a decentrally the past couple weeks.

In overnight news, a poll of Euro zone forecasters predicteda 1.5% annual inflation rate for the Euro zone, which iswell below the 2.0% annual inflation target the ECB wants.

The important “outside markets” on Friday morning see Nymexcrude oil futures slightly higher and trading above $47.00 abarrel. Recent upside price action suggests a market bottomis in place for oil. However, my bias is that crude oilprices will remain trapped in a choppy and sideways tradingrange between $40 and $50 a barrel in the coming months.Meantime, the U.S. dollar index is lower and hit a 13-monthlow overnight. The greenback bears remain in firm near-termtechnical command as prices have been trending lower sincethe beginning of this year.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly lowerin early U.S. trading. Prices Thursday hit a contract andrecord high. The bulls have the solid overall near-termtechnical advantage. The shorter-term moving averages (4-,9- and 18-day) are bullish early today. The 4-day movingaverage is above the 9-day and 18-day. The 9-day is abovethe 18-day moving average. Short-term oscillators (RSI, slowstochastics) are neutral to bearish early today. Today,shorter-term technical resistance comes in at the contracthigh of 2,476.25 and then at 2,490.00. Buy stops likelyreside just above those levels. Downside support for activetraders today is located at 2,457.75 and then at this week’slow of 2,448.00. Sell stops are likely located just belowthose levels.

Nasdaq index September futures: Prices are weaker in earlyU.S. trading today. Prices Thursday hit a record high. Bullshave the solid overall near-term technical advantage.Shorter-term moving averages (4- 9-and 18-day) are bullishearly today. The 4-day moving average is above the 9-day and18-day. The 9-day average is above the 18-day. Short-termoscillators (RSI, slow stochastics) are neutral to bearishearly today. Shorter-term technical resistance is seen atthe contract high of 5,938.50 and then at 5,950.00. Buystops likely reside just above those levels. On thedownside, short-term support is seen at 5,900.00 and then at5,889.00. Sell stops are likely located just below thoselevels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are higher and hit a three-

week high in early U.S. trading. Bulls are having a verygood week. Shorter-term moving averages (4- 9- 18-day) areneutral early today. The 4-day moving average is above the9-day and 18-day. The 9-day is below the 18-day movingaverage. Oscillators (RSI, slow stochastics) are bullishearly today. Shorter-term technical resistance is seen at155 even and then at 155 16/32. Buy stops likely reside justabove those levels. Shorter-term support lies at 154 evenand then at 153 20/32. Sell stops likely reside just belowthose levels.September U.S. T-Notes: Prices are higher and hit a three-

week high in early U.S. trading. Shorter-term movingaverages (4- 9- 18-day) are bullish early today. The 4-daymoving average is above the 9-day and 18-day. The 9-day isabove the 18-day moving average. Oscillators (RSI, slowstochastics) are bullish early today. Shorter-termresistance lies at 126.12.0 and then at 126.16.0. Buy stopslikely reside just above those levels. Shorter-termtechnical support lies at 126.00.0 and then at 125.21.5.Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is lower and hit a 13-monthlow in early U.S. trading. Bears have the solid overallnear-term technical advantage. The shorter-term movingaverages for the dollar index are bearish early today as the4-day is below the 9-day. The 9-day is below the 18-daymoving average. Short-term oscillators for the dollar indexare bearish early today. The dollar index finds shorter-termtechnical resistance at the overnight high of 94.170 andthen at 94.500. Shorter-term support is seen at theovernight low of 93.830 and then at 93.500.

NYMEX CRUDE OIL

September Nymex crude oil prices are lower in early U.S.trading, on profit taking from recent good gains. It stillappears a near-term market bottom is in place. Look for buystops to reside just above technical resistance at thisweek’s high of $47.74 and then at $48.00. Look for sellstops just below technical support at $46.00 and then at$45.50.

GRAINS

Grain futures markets were steady to lower overnight—cornand soybeans lower and wheat steady. A serious weathermarket is at work in the grains. Some spotty rains overnighthave the corn and soybean markets weaker. However, theextended weather forecasts still do not look promising forany significant rains in the Corn Belt. That will continueto limit selling interest in the grains.

07/17/2017

Friday, July 14, 2017

Nymex crude oil futures firmer and trading above $46.00

World stock markets were mixed in quieter trading overnight, as the world markets awaited the readings on a heavy batch of U.S. economic reports due out Friday. There are also some earnings reports from big U.S. financial institutions due out today. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are trading firmer in pre-U.S. session trading. While prices are still in a near-term downtrend, the gold bulls this week were able to at least temporarily stop the downside bleeding in their market.

It is indeed a very busy say for important U.S. economic data Friday. The consumer price index is a headline report. CPI is expected to come in at up 0.1% in June from May. Retail sales data will also be closely scrutinized. Sales in June are seen up 0.1% from May. Also out are industrial production and capacity utilization, manufacturing and trade inventories and the University of Michigan consumer sentiment survey.

The “outside markets” on Friday morning see Nymex crude oil futures firmer and trading above $46.00 a barrel. The oil market bulls have had a good week. A technically bullish weekly high close in Nymex crude oil Friday would suggest a market bottom is in place.

Meantime, the U.S. dollar index is slightly lower early today. The greenback bears have the firm near-term technical advantage amid a solid price downtrend.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly lower in early U.S. trading and near the contract and record high. The bulls have the solid overall near-term technical advantage and have gained power this week. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the contract high of 2,451.50 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Wednesday’s low of 2,422.50 and then at this week’s low of 2,410.25. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are near steady in early U.S. trading today. Bulls have the firm overall near-term technical advantage and have regained upside momentum this week. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 5,812.00 and then at 5,852.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Thursday’s low of 5,777.25 and then at 5,750.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are firmer in early U.S. trading on more short covering and bargain hunting. Shorter-

term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 153 even and then at this week’s high of 153 11/32. Buy stops likely reside just above those levels. Shorter-term support lies at 152 even and then at last week’s low of 151 18/32. Sell stops likely reside just below those levels. September U.S. T-Notes: Prices are slightly firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at this week’s high of 125.23.5 and then at 125.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.10.5 and then at 125.04.4. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in early U.S. trading. Bears have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 95.615 and then at 96.000. Shorter-term support is seen at the June low of 95.225 and then at 95.000.

NYMEX CRUDE OIL

August Nymex crude oil prices are firmer in early U.S. trading. The oil bears have the overall near-term technical advantage, but the bulls are having the better week. Look for buy stops to reside just above technical resistance at $47.00 and then at $47.32. Look for sell stops just below technical support at the overnight low of $45.80 and then at $45.00.

GRAINS

Grain futures markets were higher overnight, on corrective bounces from strong selling pressure seen the past couple days. There were some scattered rains in the U.S. Corn Belt the past 36 hours. However, hot and dry weather is forecast for the Corn Belt next week—right during corn pollination. Look for continued volatile price action in the grains in the near term as a serious weather market continues to play out.

* 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.

6/28/2017

Wednesday, June 28 2017

Euro currency sharply higher

World stock markets were mostly weaker overnight, following the lead of Wall Street’s losses Tuesday.

The gold market is moderately higher in pre-U.S.-session trading Wednesday, supported in part by the slumping U.S.dollar index and on short covering from recent selling pressure.

The world marketplace is still digesting big news events that occurred Tuesday. A more hawkish tone on monetary policy in a speech delivered by European Central Bank President Mario Draghi on Tuesday pushed the Euro currency sharply higher, to a seven-month high, and saw the biggest one-day gains in over a year. Draghi’s comments have also pushed European bond market yields higher the past two days.Meantime, the U.S. Senate decided to postpone until after its July Fourth holiday recess an attempt to push through legislation on health care reforms. That news helped to sink the U.S. stock market Tuesday.

The key “outside markets” on Wednesday morning see Nymex crude oil futures prices slightly lower. The oil market bears have the solid overall near-term technical advantage as prices are trading around $44.00 a barrel. Meantime, the U.S. dollar index is modestly lower early today and hit as even-month low overnight, on follow-through selling pressure after strong losses seen Tuesday. The greenback bears have the firm overall near-term technical advantage.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the advance economic indicators report, pending home sales and the weekly DOE liquid energy stocks report.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly higher in early U.S. trading after hitting a two-week low over night. The bulls still have the solid overall near-term technical advantage. The shorter-term moving averages (4-,9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI,slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at Tuesday’s high of2,437.25 and then at the contract high of 2,451.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at the over night low of 2,413.75 and then at 2,400.00. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are lower and hit a six-week low in early U.S. trading today. Bulls are fading.Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day.The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today.Shorter-term technical resistance is seen at the over night high of 5,678.50 and then at 5,700.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,632.00 and then at 5,600.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are solidly lower in early U.S. trading, on more profit taking after hitting a contract high on Monday. Bulls still have the overall near-term technical advantage, but are now fading fast. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 155 even and then at the over night high of 155 22/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 154 9/32 and then at 154 even. Sell stops likely reside just below those levels.

September U.S. T-Notes: Prices are lower and hit a fourweek low in early U.S. trading. Bulls still have the overall near-term technical advantage, but are now fading fast. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the9-day. The 9-day is even with the 18-day moving average.Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 126.10.5 and then at 126.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.28.0 and then at 125.24.0.Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is lower again and hit as even-month low in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the over night high of 96.175 and then at 96.500. Shorter-term support is seen at the overnight low of 95.855 and then at 95.500.

NYMEX CRUDE OIL

August Nymex crude oil prices are slightly lower in early U.S. trading. The bears have the solid overall near-term technical advantage. Look for buy stops to reside just above technical resistance at this week’s high of $44.44 and then at $45.00. Look for sell stops just below technical support at the overnight low of $43.67 and then at $43.32.

GRAINS

Grain futures markets were firmer overnight, on more short covering from recent selling pressure. Weather in the U.S.Corn Belt is bearish, with cooler temps and plenty of rain in the near-term forecasts. Traders are looking forward to Friday’s updated U.S. planted acreage and quarterly stocks figures from USDA. That report is one of the most important of the year for the grain markets.

* 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.

6/19/2017

Monday, June 19 2017

The U.S. dollar index is near steady early today.

World stock markets were mostly higher overnight. U.S. stock indexes are also pointed toward firmer openings when the New York day session begins.

Gold prices are weaker and hit a four-week low overnight.Gold bulls have faded the past two weeks, on ideas of a more hawkish U.S. Federal Reserve and amid a quieter geopolitical front.

In overnight news, there was another potential terror attack in London Sunday when a car rammed a crowd of people and killed at least one. The markets were not impacted by the event.

European stock markets were supported by French elections Sunday that favored the French centrist president, Macron.Recent elections in the U.K. also saw voters tend to move away from right wing nationalist candidate Theresa May.

The key “outside markets” on Monday morning see Nymex crude oil futures prices slightly higher on short covering following recent selling pressure. The oil market bears still have the solid overall near-term technical advantage as prices are trading bear $45.00 a barrel. There continue to be notions of a worldwide oil supply glut that will continue to depress prices for some time to come.

Meantime, the U.S. dollar index is near steady early today.The greenback bears still hold the overall near-term technical advantage as prices last week hit a seven-month low.

There is no major U.S. economic data due for release Monday,and it will be a quieter week, overall, for U.S. reports.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are firmer in early U.S. trading, and not far below the contract and record high. The bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 2,443.50 and then at 2,450.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,425.00 and then at last week’s low of 2,416.25. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are higher in early U.S. trading. Bulls have the overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day)are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day.Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the overnight high of 5,728.50 and then at 5,750.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,700.00 and then at the overnight low of 5,683.25. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are firmer in early U.S.trading. Prices hit a contract high last week. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today.The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the contract high of 156 5/32 and then at 156 16/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 155 19/32 and then at 155 5/32. Sell stops likely reside just below those levels.

September U.S. T-Notes: Prices are firmer in early U.S.trading. Prices hit a contract high last week. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI,slow stochastics) are neutral early today. Shorter-term resistance lies at 127.00.0 and then at the contract high of 127.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 126.22.0 and then at 126.16.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower in early U.S. trading. Bears still have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators for the dollar index are neutral to bearish early today. The dollar index finds shorter-term technical resistance at 97.000 and then at last week’s high of 97.265. Shorter-term support is seen at 96.500 and then at 96.215.

NYMEX CRUDE OIL

July Nymex crude oil prices are slightly higher in early U.S. trading, on short covering after hitting a five-week low late last week. The bears still have the firm overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $46.00 and then at$47.00. Look for sell stops just below technical support at the May low of $44.13 and then at $44.00.

GRAINS

Grain futures markets were mixed. Weather in the U.S. Corn Belt has moderated a bit. Today’s extended weather forecasts for the U.S. Corn Belt will be critical for price direction in the grains heading into the July Fourth holiday time frame. My bias is that there will be more weather-market volatility in the grain in the coming weeks.

* 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.

6/15/2017

Thursday, June 15, 2017

The Federal Reserve on Wednesday afternoon raised U.S.interest rates by 0.25%

World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins.

The news reports late Wednesday that special prosecutor Robert Mueller will investigate U.S. President Donald Trump for obstruction of justice has thrown more uncertainty into the world marketplace.

Gold prices are solidly lower in pre-U.S.-session trading Thursday. The yellow metal is pressured by the hawkish reading the marketplace gave this week’s FOMC meeting.

The Federal Reserve on Wednesday afternoon raised U.S.interest rates by 0.25%, as expected by most. The Fed said it will also fairly aggressively reduce its big balance sheet of government securities in the coming months. The FOMC statement also said U.S. inflationary pressures have eased a bit recently. However, Fed Chair Janet Yellen at her press conference sounded a more hawkish tone on inflation.After digesting the FOMC statement and Yellen’s remarks, the marketplace deemed this latest Fed meeting as more hawkish on U.S. monetary policy.

The Bank of England held its monetary policy meeting Thursday and left interest rates unchanged. The Bank of Japan also held its regular monetary policy meeting Thursday. The Swiss National Bank left its monetary policy unchanged at its meeting. The Hong Kong Monetary Authority raised its key interest rate by 0.25% on Thursday.

The key “outside markets” on Thursday morning see Nymex crude oil futures prices slightly lower, following another bearish weekly U.S. energy stocks report Wednesday. The oil market bears have the firm overall near-term technical advantage as prices trade well below $50.00 a barrel.Meantime, the U.S. dollar index is higher and is supported on the more hawkish Fed tone on U.S. monetary policy. The greenback bears hold the firm near-term technical advantage.

U.S. economic data due for release Thursday includes the weekly jobless claims report, import and export prices, the Empire State manufacturing survey, the Philadelphia Fed business survey, industrial production and capacity utilization, the NAHB housing market index, and Treasury international capital data.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are lower in early U.S. trading, on profit taking. The bulls still have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today.Today, shorter-term technical resistance comes in at overnight high of 2,434.50 and then at the contract high of 2,443.50. Buy stops likely reside just above those levels.Downside support for active traders today is located at last week’s low of 2,412.50 and then at 2,400.00. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are lower in early U.S. trading, on profit taking. Shorter-term moving averages(4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 5,700.00 and then at the overnight high of 5,732.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,658.75 and then at last week’s low of 5,643.25. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are slightly lower in early U.S. trading, on profit taking after hitting a contract highon Wednesday. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18- day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 155 31/32 and then at the contract high of 156 5/32. Buy stops likely reside just above those levels. Shorter-term support lies at 155 even and then at 154 16/32. Sell stops likely reside just below those levels.September U.S. T-Notes: Prices are weaker in early U.S.trading, on profit taking after hitting a contract high on Wednesday. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average.Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 127.02.0 and then at the contract high of 127.08.0.Buy stops likely reside just above those levels. Shorter-term technical support lies at 126.20.0 and then at 126.16.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is higher in early U.S.trading. Bears still have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at this week’s high of 97.020 and then at last week’s high of 97.225. Shorter-term support is seen at the overnight low of 96.515 and then at 96.215.

NYMEX CRUDE OIL

July Nymex crude oil prices are weaker in early U.S. trading and hit a five-week low overnight. The bears have the firm overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $45.00 and then at$46.00. Look for sell stops just below technical support at the May low of $44.13 and then at $44.00.

GRAINS

Grain futures markets were weaker overnight. Weather in the U.S. Corn Belt is forecast to moderate in the coming days,and there was some decent rainfall in some of the region the past 48 hours. That’s bearish for grains for now. However,it’s only mid-June. My bias is that there will be more weather-market volatility in the grain in the coming weeks.

* 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.

6/1/2017

Thursday, June 1 2017

Gold prices are lower in pre-U.S. session trading.

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

Gold prices are lower in pre-U.S. session trading.

In overnight news, China saw some downbeat economic data Thursday. The unofficial China manufacturing purchasing managers index (PMI) came in at 49.6 in May versus the forecasts for a reading of 50.1. Meantime, the Euro zone May manufacturing PMI came in at 57.0, which was right in line with market expectations.

The important “outside markets” on Thursday morning find Nymex crude oil futures prices near steady. The oil market bears have regained downside momentum this week and the bears have the overall near-term technical advantage.Meantime, the U.S. dollar index is higher today. The greenback bears are still in near-term technical control as dollar index prices are in a nearly three-month-old downtrend.

Traders and investors are looking forward to Friday’s U.S.employment report for May from the Labor Department. That report is arguably the most important U.S. economic data point of the month. The key non-farm payrolls number for May is forecast to come in at up around 210,000.

It’s a very busy day for U.S. economic data releases Thursday. Reports include the weekly jobless claims report,the Challenger job cuts report, the ADP national employment report, the U.S. manufacturing PMI, construction spending,the ISM manufacturing report on business, the global manufacturing PMI, the weekly DOE liquid energy stocks report, monthly chain store sales, and domestic auto industry sales.

U.S. STOCK INDEXES

S&P 500 September e-mini futures: Prices are slightly higher in early U.S. trading. Prices are very close to the contract and record high last set week. The bulls have the strong near-term technical advantage. There are no early technical clues that a market top is close at hand. The shorter-termmoving averages (4-, 9- and 18-day) are bullish early today.The 4-day moving average is above the 9-day and 18-day. The9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at the contract high of 2,414.75 and then at 2,425.00.Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,400.00 and then at 2,385.00. Sell stops are likely located just below those levels.

Nasdaq index September futures: Prices are firmer in early U.S. trading. Prices Wednesday hit another record and contract high. Bulls have the strong overall near-term technical advantage and there are no early chart clues a market top is close at hand. Shorter-term moving averages(4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neural early today. Shorter-term technical resistance is seen at the contract high of 5,824.50 and then at 5,850.00.Buy stops likely reside just above those levels. On the downside, short-term support is seen at this week’s low of 5,770.00 and then at 5,750.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices are weaker in early U.S.trading. Bulls still have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s May high of 153 28/32 and then at the contract high of 154 1/32. Buy stops likely reside just above those levels. Shorter-term support lies at Wednesday’s low of 153 1/32 and then at this week’s low of 152 14/32. Sell stops likely reside just below those levels.

September U.S. T-Notes: Prices are weaker in early U.S.trading. Bulls still have the firm overall near-term technical advantage. Shorter-term moving averages (4- 9-18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at this week’s high of 126.10.0 and then at the contract high of 126.13.0. Buy stops likely reside just above those levels.Shorter-term technical support lies at the overnight low of 126.03.5 and then at this week’s low of 125.31.5. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The September U.S. dollar index is higher in early U.S.trading. Bears still have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is even with the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at Wednesday’s high of 97.200 and then at this week’s high of 97.480. Shorter-term support is seen at the overnight low of 96.660 and then at the May low of 96.500.

NYMEX CRUDE OIL

July Nymex crude oil prices are near steady in early U.S.trading. The bears have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at the overnight high of $49.07 and then at$50.00. Look for sell stops just below technical support at this week’s low of $47.73 and then at $47.50.

GRAINS

Grain futures markets were higher overnight on more short covering. Not much new. Trading remains choppy in corn.Soybeans and wheat are firmly bearish. Weather in the U.S.Corn Belt remains mostly non-threatening at present, which is bearish. But weather in the Corn Belt this time of year can “change on a dime.” It’s going to take a weather scare in the U.S. Corn Belt to jump start any significant rallies in the grains in the coming weeks. The odds are good that a weather scare will develop in the next six weeks.

5/24/2017

Wednesday, May 24 2017

OVERNIGHT DEVELOPMENTS

World stock markets were narrowly mixed in overnight trading. U.S. stock indexes are pointed toward near-steady openings when the New York day session begins.

Gold prices are modestly weaker again in pre-U.S. trading Wednesday, amid a lack of fresh, bullish fundamental news to support the safe-haven metal.

In overnight news, Moody’s credit rating service has lower edits sovereign credit rating for China for the first time in about 30 years, citing China’s rising debt and slowing rate of economic growth. China’s stock market saw selling pressure on the Moody’s news. Other markets worldwide did not show significant reactions to the surprise move by Moody’s.

In focus Wednesday is the Federal Reserve’s FOMC minutes from the early-May meeting, which will be released early in the afternoon. Traders and investors will closely examine the minutes for clues on the timing of the next monetary policy move by the U.S. central bank. More slight interest rate increases are expected from the Fed this year. The Fed made its last interest rate increase in March.

The key outside markets on Wednesday morning find the U.S.dollar index near steady. The greenback bulls are trying to stabilize the index after it hit a six-month low Monday. The dollar index bears remain in firm near-term technical control. Meantime, Nymex crude oil futures prices are also near steady. Crude oil prices have trended solidly higher recently, to suggest sideways, or sideways-to-higher, price action in the near term. Thursday’s OPEC meeting is expected to see the cartel continue its lower production quotas that were implemented last fall.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the quarterly house price index, existing home sales, and the weekly DOE liquid energy stocks report.

–Go Futures

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are near steady in early U.S. trading. The bulls have shown good power since last week’s sell-off and prices are right back near the recent contract high. Bulls have the solid near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today,shorter-term technical resistance comes in at the contract high of 2,404.50 and then at 2,420.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at this week’s low of 2,378.25 and then at 2,365.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly higher in early U.S. trading and near the contract and record high scored last week. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the contract high of 5,727.25 and then at 5,750.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday’s low of 5,688.50 and then at this week’s low of 5,648.75. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly higher in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the overnight high of 153 17/32 and then at 154 even. Buy stops likely reside just above those levels.Shorter-term support lies at this week’s low of 153 5/32 and then at 153 even. Sell stops likely reside just below those levels.June U.S. T-Notes: Prices are slightly higher in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at 126.00.0 and then at 126.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 125.26.0 and then at 125.20.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly higher in early U.S.trading. Bears still have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below with the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 97.370 and then at 97.740. Shorter-term support is seen at this week’s low of 96.700 and then at 96.500.

NYMEX CRUDE OIL

July Nymex crude oil prices are slightly higher and hit af ive-week high overnight. Bulls have technical momentum.Look for buy stops to reside just above technical resistance at the overnight high of $51.88 and then at $52.50. Look for sell stops just below technical support at $51.00 and then at this week’s low of $50.57.

GRAINS

Grain futures markets were narrowly mixed overnight. Trading remains choppy in corn. Soybeans and wheat are firmly bearish. Weather in the U.S. Corn Belt remains mostly non-threatening, which is bearish. It’s going to take a weather scare in the U.S. Corn Belt to jump start any significant rallies in the grains in the coming weeks.

* 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.

5/19/2017

Friday, May 19 2017

Gold prices are trading near steady

World stock markets were mostly firmer overnight. The political drama in Washington, D.C., has died down a little bit, for now, which has allowed global stock markets to stabilize and focus more on recent upbeat economic data coming out of the U.S. and the European Union. U.S. stock indexes are heading toward firmer openings when the New York day session begins.

Gold prices are trading near steady in pre-U.S. day trading,as the anxiety levels among most traders and investors have receded the past 24 hours.

Maybe the world marketplace was somewhat assuaged by remarks from U.S. President Donald Trump to the press on Thursday.He said he had nothing to do with collusion with the Russians regarding the last U.S. presidential election, and did not ask the fired former FBI director to back off on his investigation of Trump’s former national security advisor.

The key outside markets on Friday morning find the U.S.dollar index lower again and continuing its downside trek after Thursday’s brief bounce. The dollar index is hovering near this week’s six-month low. Meantime, Nymex crude oil futures prices are higher. Oil prices have trended solidly higher just recently, to suggest prices have put in a market bottom.

There is no major U.S. economic data due for release Friday.President Trump begins his first overseas trip as he heads for Israel, Saudi Arabia and Italy.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are firmer on a corrective bounce after hitting a four-week low Thursday.The bulls have faded this week, to begin to suggest a market top is in place. The shorter-term moving averages (4-, 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI,slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at Thursday’s high of 2,375.00 and then at 2,390.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 2,361.00 and the nat 2,350.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are firmer in early U.S.trading. Bulls have the overall near-term technical advantage, but have faded a bit this week. Shorter-term moving averages (4- 9-and 18-day) are neutral early today.The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI,slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 5,650.00 and then at 5,675.00. Buy stops likely reside just above those levels.On the downside, short-term support is seen at the over night low of 5,622.00 and then at 5,600.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly lower in early U.S.trading, on a mild corrective pullback after hitting a four-week high on Thursday. Shorter-term moving averages (4- 9-18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the overnight high of 153 30/32 and then at this week’s high of 154 13/32. Buy stops likely reside just above those levels. Shorter-term support lies at 153 16/32 and then at Thursday’s low of 153 6/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are weaker in early U.S. trading,on mild profit taking after prices hit a six-month high on Thursday. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at the over night high of 126.11.5 and then at 126.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 126.00.0 and then at 125.24.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is lower and close to this week’s six-month low in early U.S. trading. Bears have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below with the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 97.740 and then at 98.000. Shorter-term support is seen at this week’s low of 97.275 and then at 97.000.

NYMEX CRUDE OIL

June Nymex crude oil prices are higher and hit a three-week high above $50.00 a barrel in early U.S. trading. Look for buy stops to reside just above technical resistance at$50.50 and then at $51.00. Look for sell stops just below technical support at the overnight low of $49.28 and then at$49.00.

GRAINS

Grain futures markets were higher overnight, on a short-

covering bounce from this week’s selling pressure. Trading remains choppy to lower in corn. Soybean and wheat price shave slumped badly this week. Weather in the U.S. Corn Belt remains mostly non-threatening, which is bearish. It’s going to take a weather scare in the U.S. Corn Belt to jump start any significant rallies in the grains in the coming weeks.

* 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.

5/18/2017

Thursday, May 18 2017

S&P 500 June e-mini futures

World stock markets were mostly lower overnight, on growing tensions in the White House that could cripple the Trump presidency in the coming months, or worse. News that a special counselor has been procured by Congress to investigate Russia’s involvement in the last U.S.presidential election is the latest shoe to drop on a Trump presidency that is now in crisis mode.

The U.S. stock market sold off sharply Wednesday and had its worst day in several months, following reports Trump asked the just-fired FBI director James Comey to drop his investigation of Trump’s former national security advisor Michael Flynn.

Many market watchers now fear Trump’s administration is paralyzed and won’t be able to enact its pro-business legislation. U.S. stock indexes are pointed toward further losses when the U.S. day session begins Thursday.

Safe-haven assets gold and U.S. Treasuries have seen their prices spike up on the keen political uncertainty in the U.S. Gold, T-Bond and T-Note futures prices are firmer Thursday morning, following their sharp gains Wednesday.Look for the safe-haven markets to continue to see buying support in the near term. The Trump crisis will not fade anytime soon.

The U.S. dollar index hit another six-month low overnight and has been pressured in large part recently by the Trump Administration turmoil. Up to this week, the marketplace had been mostly ignoring the politics in Washington, D.C.

Nymex crude oil futures prices are lower in early U.S.trading today, on a corrective pullback from recent good gains.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey and leading economic indicators.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are lower and hit a four-week low in early U.S. trading. The bulls are fading fast, to begin to suggest a market top is in place. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below with the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 2,367.00 and then at 2,375.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 2,344.50 and then at 2,335.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are lower and hit a three-week low in early U.S. trading. Bulls still have the overall near-term technical advantage, but are fading fast now.Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day.The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today.Shorter-term technical resistance is seen at the overnight high of 5,604.75 and then at 5,625.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,550.50 and then at 5,525.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher and hit a four-week high in early U.S. trading, on more safe-haven demand.Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average.Oscillators (RSI, slow stochastics) are bullish early today.Shorter-term technical resistance is seen at the overnight high of 154 13/32 and then at 155 even. Buy stops likely reside just above those levels. Shorter-term support lies at 154 even and then at 153 16/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are higher and hit a six-month high in early U.S. trading. Safe-haven demand is propelling notes. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at the overnight high of 126.23.0 and then at 126.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 126.16.0 and then at 126.10.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower and hit another six-month low in early U.S. trading. Bears have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below with the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 97.675 and then at 98.000. Shorter-term support is seen at the overnight low of 97.275 and then at 97.000.

NYMEX CRUDE OIL

June Nymex crude oil prices are lower in early U.S. trading.Look for buy stops to reside just above technical resistance at the overnight high of $49.13 and then at this week’s high of $49.66. Look for sell stops just below technical support at $48.00 and then at $47.50.

GRAINS

Grain futures markets were lower overnight, pressured by a sharp drop in the value of the Brazilian real. Traders will closely examine this morning’s weekly USDA export sales report. Trading remains choppy to lower in corn and soybeans, while wheat prices are trending solidly lower.Weather in the U.S. Corn Belt remains mostly non-threatening, which is also bearish. Grain market bears have the overall near-term technical advantage.

* 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.

5/17/2017

Wednesday, May 17 2017

U.S. TREASURY BONDS AND NOTES

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. A feature in the marketplace at mid-week is the slumping U.S. dollar against the major world currencies. The dollar index hit a six-month low over night and has been pressured in part recently by what many trader sand investors see as increasing turmoil in the Trump Administration that could delay or prevent his pro-business and other initiatives from succeeding.

The latest reports on the Trump turmoil say the U.S.President may have asked the FBI to back off investigating ousted national security advisor Michael Flynn. Up to now,the marketplace had been mostly ignoring the politics in Washington, D.C. However, markets are now thinking Trump could be in some real trouble.

Gold prices are posting solid gains and hit a two-week high in pre-U.S. day trading, boosted by a faltering U.S. dollar index.

Nymex crude oil futures prices firmer in early U.S. trading today. Oil bulls still have some upside momentum as Nymex futures prices have rallied around $6.00 a barrel from the May low.

In other overnight news, the Euro zone April consumer price index came in at up 0.4% from March and up 1.9%, year-on-year. Those numbers were in line with market expectations.The annual inflation rate in the Euro zone is now just about what the European Central Bank wants it to be.

U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are weaker in early U.S.trading, on profit taking. The bulls still have the solid overall near-term technical advantage as prices hover not far below the contract and record high. There are still no early clues that a market top is close at hand. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today.Today, shorter-term technical resistance comes in at Tuesday’s contract high of 2,404.50 and then at 2,425.00.Buy stops likely reside just above those levels. Down side support for active traders today is located at the over night low of 2,379.25 and then at 2,350.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are lower in early U.S.trading, on profit taking after hitting another contract and record high Tuesday. Bulls still have the solid overall near-term technical advantage. Shorter-term moving averages(4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the contract high of 5,727.25 and then at 5,750.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,683.70 and then at 5,656.50.Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher in early U.S. trading,on short covering and some safe-haven demand. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the overnight high of 152 11/32 and then at 153 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 151 20/32 and then at 151 even. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are higher and hit a four-week high in early U.S. trading. Shorter-term moving averages(4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at the overnight high of 125.29.5 and then at 126.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 125.20.0 and then at the overnight low of 125.17.5. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is lower and hit another six-

month low in early U.S. trading. Bears have the firm overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 98.010 and then at 98.355. Shorter-term support is seen at the overnight low of 97.755 and then at 97.500.

NYMEX CRUDE OIL

June Nymex crude oil prices are modestly higher in early U.S. trading. Bulls still have some upside momentum to suggest a market bottom is in place. Look for buy stops to reside just above technical resistance at this week’s high of $49.66 and then at $50.00. Look for sell stops just below technical support at the overnight low of $48.03 and then at$47.50.

GRAINS

Grain futures markets were firmer overnight, supported by the slumping U.S. dollar. Trading remains choppy to lower in corn and soybeans, while wheat prices are trending solidly lower and are near the recent contract lows. Weather in the U.S. Corn Belt remains non-threatening, which is bearish.Grain market bears have the overall near-term technical advantage.

* 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.

5/10/2017

Wednesday, May 10 2017

NYMEX CRUDE OIL

World stock markets were mostly weaker in overnight trading,on some profit taking and corrective technical pull backs from recent gains. U.S. stock indexes are pointed towards lightly lower openings when the New York day session begins. U.S. stock indexes this week have hit record highs.

Gold prices are posting decent gains in pre-U.S. trading Tuesday, on some short covering in the futures market and bargain hunting in the cash market, following recent selling pressure that drove prices to a seven-week low on Tuesday.

The world marketplace is so far not paying much attention to the surprise move by U.S. President Donald Trump to fire FBI Director James Comey Tuesday afternoon.

In overnight news, China’s consumer price index in April was up 1.2%, year-on-year, versus a reading of up 0.9% in March.The April number was slightly higher than market expectations. China’s April producer price index was up 6.4%versus up 7.6% in March. The April PPI was slightly below forecasts.

The key outside markets early Wednesday see the U.S. dollar index trading slightly lower following a couple days of good gains. The greenback bears have the overall near-term technical advantage. Nymex crude oil futures are higher early Wednesday, on short covering following recent down side price action. Oil bears remain in firm near-term technical control.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export prices, the monthly Treasury budget statement and the weekly DOE liquid energy stocks report.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly lower in early U.S. trading, on mild profit taking after hitting a contract and record high on Monday. The bulls still have the solid overall near-term technical advantage. There are no early clues that a market top is close at hand. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today.Today, shorter-term technical resistance comes in at the contract high of 2,403.75 and then at 2,415.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,375.00 and then at 2,360.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly lower in early U.S. trading. Prices Tuesday hit a contract and record high. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day)are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the contract high of 5,687.75 and then at 5,700.00.Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday’s low of 5,650.75 and then at this week’s low of 5,634.50. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher on short covering after hitting a five-week low on Tuesday. Prices are in a three-week-old downtrend on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI,slow stochastics) are bullish early today. Shorter-term technical resistance is seen at 152 even and then at this week’s high of 152 13/32. Buy stops likely reside just above those levels. Shorter-term support lies at 151 even and then at this week’s low of 150 19/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are higher in early U.S. trading.Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average.Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at 125.10.0 and then at this week’s high of 125.13.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124.28.0 and then at this week’s low of 124.24.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is weaker in early U.S. trading.Bears still have the slight overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 99.565 and then at 100.000. Shorter-term support is seen at the overnight low of 98.250 and then Tuesday’s low of at 98.960.

NYMEX CRUDE OIL

June Nymex crude oil prices are higher in early U.S.trading, on short covering. Bears still have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at this week’s high of$46.98 and then at $47.50. Look for sell stops just below technical support at $46.00 and then at $45.53.

GRAINS

Grain futures markets were mixed overnight. Traders are awaiting this morning’s monthly USDA supply and demand report. Trading has been choppy recently. Weather in the Corn Belt is non-threatening at present, which is bearish.Grain market bears still have the overall near-term technical advantage.

* 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.

5/5/2017

Friday, May 5 2017

Nymex crude oil futures prices are weaker early Friday morning.

Global equity markets were mostly weaker overnight. A feature in the marketplace late this week is the steep drop in crude oil prices. Nymex crude oil futures prices are weaker early Friday morning, but well off the overnight low of $43.76 a barrel, which is a 12.5-month low. Stock and commodity markets are feeling downside pressure late this week as the crude oil market became unhinged. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Fears of slowing economic growth in China, the world’s second-largest economy and world’s largest raw commodity importer, have also hit the raw commodity sector this week.

Gold prices are moderately higher in pre-U.S. trading, on some short covering and bargain hunting after prices hit a six-week low on Thursday.

Traders are awaiting Friday morning’s U.S. jobs report for April from the Labor Department. The key non-farm payrolls number is forecast to come in at up around 190,000. Trading could become more active and volatile if the jobs report is a miss from forecasts.

Traders and investors are also awaiting this weekend’s French presidential elections. A surprise win by the right-wing candidate Marine Le Pen would likely roil many stock and financial markets. However, centrist candidate Emmanuel Macron fared pretty well in a televised debate Wednesday,which assuaged European market watchers. Macron is heavily favored to win Sunday’s election. However, big elections on the world stage have not turned out as expected over the past many months.

The other key outside markets early Friday morning sees the U.S. dollar index trading slightly higher. The green back bears still have the slight overall near-term technical advantage.

Other U.S. economic data due for release Friday includes the consumer installment credit report.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly higher in early U.S. trading and hovering just below the contract and record high. The recent “collapse in volatility” in the index makes me suspect a bigger price move is right on the horizon. That big move could come today. The bulls have the solid overall near-term technical advantage. There are no early clues that a market top is close at hand. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today.Today, shorter-term technical resistance comes in at the contract high of 2,397.25 and then at 2,410.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at this week’s low of 2,375.50 and then at 2,365.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly higher in early U.S. trading and near this week’s contract and record high. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day)are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 5,641.75 and then at 5,660.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,600.00 and then at this week’s low of 5,573.50. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are near steady in early U.S.trading. Market action has been choppy this week. Shorter-term moving averages (4- 9- 18-day) are bearish early today.The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI,slow stochastics) are neutral to bearish early today.Shorter-term technical resistance is seen at the over night high of 152 4/32 and then at 152 20/32. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 151 11/32 and then at 151 even. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are slightly lower in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the over night high of 125.11.0 and then at 125.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 125.02.0 and then at 125.00.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly higher in early U.S.trading. Bears have the slight overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at 99.000 and then at this week’s high of 99.340.Shorter-term support is seen at this week’s low of 98.560 and then at 98.250.

NYMEX CRUDE OIL

June Nymex crude oil prices are firmer in early U.S. trading and did spike to a 12.5-month low overnight. Bears have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $46.00 and then at$47.00. Look for sell stops just below technical support at$45.00 and then at $44.00.

GRAINS

Grain futures markets were mixed to firmer overnight on short covering. Trading has been choppy this week. Corn and soybean bears still have the overall near-term technical advantage. Wheat bulls have lost their momentum late this week, too. My bias is still that market bottoms are in place for the grains heading into the critical planting and growing seasons in the U.S.

* 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.

5/2/2017

Tuesday, May 2 2017

Gold prices are slightly higher in pre-U.S. market trading.

Global stock markets were mostly firmer overnight. Corporate earnings reports are presently garnering attention of equities traders. Reports said the Volatility Index (VIX) has dropped to its lowest level in a decade early this week.In technical jargon, this is called a collapse in volatility, which precedes bigger price moves forthcoming.In layman’s terms it’s called the calm before the storm.U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Gold prices are slightly higher in pre-U.S. market trading.

In overnight news, the Euro zone unemployment rate for Marchwas reported at 9.5%, which is unchanged from the February figure and in line with market expectations.

The markets’ data-point highlights of the week are the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement, and Friday morning’s U.S. jobs report from the Labor Department. No change in U.S. monetary policy is expected at this week’s FOMC meeting. However, as usual, the wording of the FOMC statement released early Wednesday afternoon will be parsed for any clues on future U.S.monetary policy moves.

European market watchers are focusing on a debate between French presidential candidates Marine Le Pen and Emmanuel Macron. Polls show Macron with a comfortable lead but the televised debate could change some voters’ minds.

The key outside markets on Tuesday morning see the U.S.dollar index trading slightly lower. The greenback bears still have the overall near-term technical advantage.Meantime, Nymex crude oil prices are slightly higher but the bears have the near-term technical advantage.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the ISM New York report on business, the global manufacturing PMI, and domestic auto industry sales.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly lower in early U.S. trading and hovering not far below the contract and record high. The bulls have the solid overall near-term technical advantage. There are no early clues that a market top is close at hand. The shorter-term moving averages (4-,9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the contract high of 2,397.25 and then at 2,410.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Monday’s low of 2,377.00 and then at2,365.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly higher in early U.S. trading and hit another contract and record high overnight. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day)are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at 5,650.00 and then at 5,675.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,600.00 and then at Monday’s low of 5,573.50. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly lower in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at152 16/32 and then at 153 even. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’slow of 151 21/32 and then at 151 even. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are weaker in early U.S. trading.Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average.Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 125.18.0 and then at Monday’s high of 125.25.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at Monday’s low of 125.10.5 and then at 125.06.5. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower in early U.S.trading. Bears have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at last week’s high of 99.240 and then at 99.560. Shorter-term support is seen at last week’s low of 98.565 and then at 98.250.

NYMEX CRUDE OIL

June Nymex crude oil prices are firmer in early U.S.trading. Bears still have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $50.00 and then at last week’s high of $50.22.Look for sell stops just below technical support at the overnight low of $48.54 and then at last week’s low of$48.20.

GRAINS

Grain futures markets were mixed overnight. Wet conditions in the U.S. Corn Belt and winter wheat regions are bullish.Corn and soybean bears still have the overall near-term technical advantage. However, wheat bulls have gained good upside momentum. My bias is that market bottoms are in place for the grains heading into the critical planting and growing seasons in the U.S.

* 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.

4/27/2017

Thursday, April 27 2017

S&P 500 E-Mini Futures

Asian stock markets were mixed overnight, while European shares were mostly lower. U.S. stock indexes are headed toward slightly higher openings when the New York day session begins.

Gold prices are slightly higher early Thursday as bulls are trying to recover from solid selling pressure seen most of this week. The generally upbeat trader and investor attitudes this week have been a significantly bearish element for the safe-haven metal.

The European Central Bank holds its monthly monetary policy meeting today. No change in policy is expected from the ECB,but bank president Mario Draghi’s press conference will be closely monitored for clues on upcoming ECB policy moves.

Sweden’s central bank on Thursday extended its quantitative easing program but did trim down its bond-buying plans.

In other overnight news, the Euro zone’s Economic Sentiment Indicator was reported at its highest level in 10 years in April—at 109.6 versus 108.0 in March. This report continues a strong of mostly upbeat economic data coming out of the European Union.

The key outside markets on Thursday morning see the U.S.dollar index trading slightly lower. The index hit a 5.5-month low on Tuesday and bears have the overall near-term technical advantage. Meantime, Nymex crude oil prices are lower and hovering near this week’s three-month low.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the advance economic indicators report, durable goods orders, pending home sales,and the Kansas City Fed manufacturing survey.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are near steady in early U.S. trading and hovering not far below the contract and record high. The bulls have the solid overall near-term technical advantage and have gained momentum this week. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day.The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 2,397.25 and then at 2,410.00.Buy stops likely reside just above those levels. Down side support for active traders today is located at this week’slow of 2,365.25 and then at 2,356.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly higher and hovering near Wednesday’s contract and record high in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at Wednesday’s contract high of 5,562.50 and then at 5,575.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,525.00 and then at 5,500.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are near steady in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 153 even and then at this week’s high of 153 22/32. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 151 30/32 and then at 15116/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are near steady in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average.Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at 125.24.0 and then at this week’s high of 125.27.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 125.06.5 and then at 125.00.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower in early U.S.trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 99.240 and then at 99.560. Shorter-term support is seen at this week’s low of 98.565 and then at 98.250.

NYMEX CRUDE OIL

June Nymex crude oil prices are weaker in early U.S.trading. Bears have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $50.00 and then at this week’s high of $50.22.Look for sell stops just below technical support at this week’s low of $48.87 and then at $48.50.

GRAINS

Grain futures markets were mixed overnight. Traders will closely examine this morning’s weekly USDA export sales report. Grain market bears have the overall near-term technical advantage. Corn Belt weather forecasts will be the dominant theme for the next several weeks.

* 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.

4/13/2017

Thursday, April 13

OVERNIGHT DEVELOPMENTS

European stock markets were mostly weaker overnight. Asian stocks were mostly firmer, led by China, which on Thursday injected liquidity into its financial system for the first time in over two weeks. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.

Gold prices are holding solid gains and are at a five-month high on safe-haven demand.

Heightened geopolitical risks are still on the front burner of the world marketplace. A meeting between the U.S. secretary of state and Russia’s foreign minister ended Wednesday without agreement and likely pushed the two sides deeper into divisiveness. Secretary of State Rex Tillerson said Russia and the U.S. just don’t trust each other. And during a press conference on Wednesday afternoon Trump said U.S. relations with Russia are “bad.” Trump at the same time praised Chinese leader Xi Jinpin. That move could have been calculated by Trump, as he appeared to suggest a warming elationship with China and its third-strongest military in the world, and one that has the most influence over North Korea. The U.S. Navy has warships headed for waters off the Korean peninsula. Trump also said he is not going to name China as a currency manipulator—likely in exchange for China doing some arm-twisting on North Korea.

Late Wednesday afternoon the Wall Street Journal released an interview with President Trump, in which he said the thinks the value of the U.S. dollar is too strong and that U.S. interest rates should remain low. This news caught the markets off guard. The U.S. dollar index sunk, gold and U.S.

Treasuries rallied and the U.S. stock market sold off. Trump appears to now be siding with Fed Chair Janet Yellen, after he ostensibly said he would like to fire her when he was campaigning last fall.

The key outside markets on Thursday morning see the U.S. dollar index trading solidly lower following Trump’s negative remarks on the greenback. The greenback bulls still have the slight overall near-term technical advantage, but are fading. Meantime, Nymex crude oil prices are slightly lower as data from the U.S. shows oil production continues to rise. The crude oil bulls still have the overall near-term technical advantage.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the producer price index, and the University of Michigan consumer sentiment survey.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are weaker and hit a three-week low in early U.S. trading. The bulls still have the overall near-term technical advantage but are fading a bit now. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 2,344.00 and then at Tuesday’s high of 2,356.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,325.00 and then at the March low of 2,317.75. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are weaker and hit a three-week low overnight. Bulls still have the overall near-term technical advantage but are fading a bit. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 5,382.00 and then at 5,400.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,350.00 and then at the March low of 5,315.00. Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are solidly higher and hit another five-month high in early U.S. trading. Bulls have upside momentum and have gained the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the overnight high of 154 10/32 and then at 155 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 153 21/32 and then at 153 even. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are solidly higher and hit a five-month high in early U.S. trading. Bulls have upside momentum and have gained the overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at the overnight high of 126.08.0 and then at 126.12.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.38.0 and then at 125.24.0.

Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is lower in early U.S. trading and hit a two-week low. Bulls have the slight overall near-term technical advantage, but have faded this week. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are bearish early today.

The dollar index finds shorter-term technical resistance at Wednesday’s high of 100.760 and then at 101.000. Shorter-term support is seen at the overnight low of 99.930 and then at 99.500.

NYMEX CRUDE OIL

May Nymex crude oil prices are near steady in early U.S. trading after hitting a five-week high Wednesday. Bulls still have upside momentum to suggest prices can at least trade sideways, if not sideways to higher, in the near term. However, the market is still short-term overbought and due for more of a downside correction soon. Look for buy stops to reside just above technical resistance at this week’s high of $53.76 and then at $54.00. Look for sell stops just below technical support at the overnight low of $52.82 and then at $52.00.

GRAINS

Grain futures markets were firmer overnight, on more short covering. The bears still have the overall near-term technical advantage in the corn, soybean and wheat markets. However, it’s my bias that these markets do not have a lot of downside potential left after the recent selling pressure and heading into the more price-volatile U.S. planting and growing season.

* 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.

4/11/2017

Tuesday, April 11

Gold prices are higher in early morning dealings

World stock markets were again narrowly mixed in more quiettrading overnight. U.S. stock indexes are pointed towardslightly lower openings when the New York day sessionbegins.

Gold prices are higher in early morning dealings, supportedby some geopolitical risks and by a bullish near-termtechnical posture. The U.S.-North Korea tensions andupcoming French presidential elections are creating someanxiety in the world marketplace.

Traders and investors are buzzing about comments made by FedChair Janet Yellen late Monday afternoon. She said theFederal Reserve has stopped using extraordinary measures tostimulate the U.S. economy and is now “allowing it to kindof coast and remain on an even keel.” She also said the Fedis on target to see a 3% Fed funds interest rate in twoyears, from its present rate of 0.75% to 1.0%. WhileYellen’s remarks seemed a bit hawkish, the marketplacealready reckons the Fed is and will be on a tighter monetarypolicy track.

In overnight news, the closely watched German ZEW economicexpectations index came in at 19.5 in April versus 12.8 inMarch. A reading of 14.0 was expected for April.

Euro zone industrial output came in at down 0.3% in Februaryfrom January and up 1.2%, year-on-year. Those numbers wereless than market expectations.

The key outside markets on Tuesday morning see the U.S.dollar index weaker on a downside correction after hitting anearly four-week high Monday. The greenback bulls still havethe overall near-term technical advantage. Meantime, Nymexcrude oil prices are slightly higher and hit a four-weekhigh overnight. The oil bulls have the overall near-termtechnical advantage.

U.S. economic data due for release Tuesday is again lightand includes the weekly Goldman Sachs and Johnson Redbookretail sales reports, and the NFIB small business optimismreport.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are near steady in earlyU.S. trading. The bulls still have the overall near-termtechnical advantage amid recent choppy and sideways trading.The shorter-term moving averages (4-, 9- and 18-day) areneutral early today. The 4-day moving average is even withthe 9-day. The 9-day is below the 18-day moving average.Short-term oscillators (RSI, slow stochastics) are bearishearly today. Today, shorter-term technical resistance comesin at Monday’s high of 2,363.25 and then at last week’s highof 2,375.00. Buy stops likely reside just above thoselevels. Downside support for active traders today is locatedat last week’s low of 2,336.75 and then at 2,325.00. Sellstops are likely located just below those levels.

Nasdaq index June futures: Prices are near steady. Bullsstill have the firm overall near-term technical advantage.Shorter-term moving averages (4- 9-and 18-day) are neutralearly today. The 4-day moving average is below the 9-day.The 9-day average is above the 18-day. Short-termoscillators (RSI, slow stochastics) are bearish early today.Shorter-term technical resistance is seen Monday’s high of5,443.75 and then at 5,460.00. Buy stops likely reside justabove those levels. On the downside, short-term support isseen at 5,400.00 and then at last week’s low of 5,382.75.Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are firmer in early U.S. trading.Bulls have regained some upside momentum early this week.Shorter-term moving averages (4- 9- 18-day) are bullishearly today. The 4-day moving average is above the 9-day.The 9-day is above the 18-day moving average. Oscillators(RSI, slow stochastics) are neutral to bullish early today.Shorter-term technical resistance is seen at the overnighthigh of 152 12/32 and then at 153 even. Buy stops likelyreside just above those levels. Shorter-term support lies atthe overnight low of 151 22/32 and then at Monday’s low of151 3/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are higher in early U.S. trading.Bulls have regained some upside momentum early this week.Shorter-term moving averages (4- 9- 18-day) are bullishearly today. The 4-day moving average is above the 9-day.The 9-day is above the 18-day moving average. Oscillators(RSI, slow stochastics) are neutral to bullish early today.Shorter-term resistance lies at the overnight high of125.06.5 and then at 125.10.0. Buy stops likely reside justabove those levels. Shorter-term technical support lies atthe overnight low of 124.28.0 and then at Monday’s low of124.20.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower on a correctivepullback after hitting a four-week high on Monday. Bullshave the overall near-term technical advantage. The shorter-term moving averages for the dollar index are still bullishearly today as the 4-day is above the 9-day and 18-day. The9-day is above the 18-day moving average. Short-termoscillators for the dollar index are neutral to bearishearly today. The dollar index finds shorter-term technicalresistance at the overnight high of 101.005 and then atMonday’s high of 101.265. Shorter-term support is seen at100.400 and then at 100.000.

NYMEX CRUDE OIL

May Nymex crude oil prices are slightly higher and poked toa four-week high overnight. Bulls have upside momentum tosuggest prices can at least trade sideways, if not sidewaysto higher, in the near term. Look for buy stops to residejust above technical resistance at $53.50 and then at$54.00. Look for sell stops just below technical support atthe overnight low of $52.83 and then at Monday’s low of$52.29.

GRAINS

Grain futures markets were mixed overnight. Traders willclosely examine today’s monthly USDA supply and demandreport. The bears still have the overall near-term technicaladvantage in the corn, soybean and wheat markets.

*  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.

4/7/2017

Friday, April 7

OVERNIGHT DEVELOPMENTS

The world marketplace is reacting to the surprise U.S.military strike on a Syrian government air base after theSyrian government used poisonous gas on its civilians thisweek. Gold, U.S. Treasuries and oil prices initially shothigher and stock markets sold off. However, the markets havesince settled down and are generally calm as the U.S. daysessions are set to open. Still, there is now keener riskaversion on this last trading day of the week. Traders andinvestors are awaiting the reaction from Russia and anyfollow-up action or comments from the Trump Administration.

Most world stock markets were lower overnight and the U.S.stock indexes are pointed toward slightly lower openingswhen the U.S. day session begins.

Gold prices hit a five-month high overnight. However, priceshave backed well down from those highs but are still holdinggood gains just ahead of the U.S. day session.

The monthly U.S. employment report is out Friday morning.The key non-farm payrolls number was seen coming in at uparound 180,000 in March. However, Wednesday’s much-larger-than-expected rise of 263,000 jobs in the March ADPemployment report saw many ratchet up their forecasts forthe Labor Department’s jobs report on Friday morning.Markets could become more active in the immediate aftermathof the jobs data.

Traders and investors are closely watching the meetingsbetween U.S. President Donald Trump and Chinese leader XiJinping. The leaders of the world’s two largest economiescould come into some conflict over trade and currencymatters, and on how to deal with North Korea.
In other overnight news, the Euro zone’s housing prices roseat the fastest pace in nine years in the fourth quarter of2016—up 0.8% from the third quarter and up 4.1% from thesame period in 2015.

The key outside markets on Friday morning see the U.S.dollar index higher. The greenback bulls have the overallnear-term technical advantage. Meantime, Nymex crude oilprices are up and hit a four-week high overnight. The oilbulls have upside technical momentum to suggest prices canat least trade sideways, if not sideways to higher, in thenear term. However, the market is now due for a correctivepullback soon.Other U.S. economic data due for release Friday includes themonthly wholesale trade report and consumer installmentcredit.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are near steady in earlyU.S. trading. The bulls still have the overall near-termtechnical advantage. However, prices are in a gentle five-
week-old downtrend on the daily bar chart. The shorter-termmoving averages (4-, 9- and 18-day) are neutral early today.The 4-day moving average is even with the 9-day. The 9-dayis below the 18-day moving average. Short-term oscillators(RSI, slow stochastics) are neutral early today. Today,shorter-term technical resistance comes in at last week’shigh of 2,366.75 and then at this week’s high of 2,375.00.Buy stops likely reside just above those levels. Downsidesupport for active traders today is located at the overnightlow of 2,336.75 and then at 2,325.00. Sell stops are likelylocated just below those levels.

Nasdaq index June futures: Prices are near steady. Priceshit a contract and record high Wednesday. Shorter-termmoving averages (4- 9-and 18-day) are neutral early today.The 4-day moving average is below the 9-day. The 9-dayaverage is above the 18-day. Short-term oscillators (RSI,slow stochastics) are bearish early today. Shorter-termtechnical resistance is seen 5,455.00 and then at thecontract high of 5,481.25. Buy stops likely reside justabove those levels. On the downside, short-term support isseen at the overnight low of 5,382.75 and then at 5,350.00.Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher in early U.S. tradingand hit a five-month high overnight. Bulls have some upsidetechnical momentum. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average isabove the 9-day. The 9-day is above the 18-day movingaverage. Oscillators (RSI, slow stochastics) are neutral tobullish early today. Shorter-term technical resistance isseen at the overnight high of 152 18/32 and then at 153even. Buy stops likely reside just above those levels.Shorter-term support lies at the overnight low of 151 19/32and then at 151 even. Sell stops likely reside just belowthose levels.June U.S. T-Notes: Prices are higher and hit a five-monthhigh in early U.S. trading. Shorter-term moving averages(4- 9- 18-day) are bullish early today. The 4-day movingaverage is above the 9-day. The 9-day is above the 18-daymoving average. Oscillators (RSI, slow stochastics) areneutral to bullish early today. Shorter-term resistancelies at the overnight high of 125.18.5 and then at125.24.0. Buy stops likely reside just above those levels.Shorter-term technical support lies at the overnight low of125.02.0 and then at 124.24.0. Sell stops likely residejust below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is higher in early U.S. trading.Bulls have the overall near-term technical advantage. Theshorter-term moving averages for the dollar index arebullish early today as the 4-day is above the 9-day and 18-
day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are bullish earlytoday. The dollar index finds shorter-term technicalresistance at this week’s high of 100.990 and then at101.250. Shorter-term support is seen at the overnight lowof 100.440 and then at this week’s low of 100.235.

NYMEX CRUDE OIL

May Nymex crude oil prices are higher and hit a four-weekhigh in early U.S. trading. Bulls have upside momentum tosuggest prices can at least trade sideways, or sideways tohigher, in the near term. Look for buy stops to reside justabove technical resistance at the overnight high of $52.94and then at $53.50. Look for sell stops just below technicalsupport at the overnight low of $51.60 and then at $51.00.

GRAINS

Grain futures markets were mixed overnight. The bears stillhave the overall near-term technical advantage in the corn,soybean and wheat markets. Focus is on U.S. Corn Beltweather. Rains in the forecast much of this week are makingtraders wonder if there will be corn-planting delays laterthis month due to soggy fields.

*  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.

4/6/2017

Thursday, April 6

Asian and European stock markets were mostly weaker

Thursday

Asian and European stock markets were mostly weaker Thursday, following the U.S. stock indexes’ rapid declines late Wednesday. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

Gold prices are firmer Thursday morning on some safe-haven demand following the abrupt sell-off in U.S. shares on Wednesday afternoon.

In overnight news, European Central Bank President Mario Draghi said Thursday the ECB should not yet begin to tighten its monetary policy due to concerns that deflationary price pressures still exist. Draghi’s comments contrast with the latest FOMC minutes, released Wednesday afternoon, that stated the Fed wants to start reducing its balance sheet this year (backing out of its quantitative easing mode).

Traders and investors will be closely watching the meetings between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday and Friday. The leaders of the world’s two largest economies could come into some conflict over trade and currency matters.

The monthly U.S. employment report is due out Friday morning. The key non-farm payrolls number was seen coming in at up around 180,000 in March. However, Wednesday’s much-larger-than-expected rise of 263,000 jobs in the March ADP employment report has many ratcheting up their forecasts for the Labor Department’s jobs report on Friday morning.

The key outside markets on Thursday morning see the U.S. dollar index slightly higher. The greenback bulls have the overall near-term technical advantage. Meantime, Nymex crude oil prices are near steady after hitting a four-week high Wednesday. The oil bulls have upside technical momentum to suggest prices can at least trade sideways, if not sideways to higher, in the near term.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job cuts report, and monthly chain store sales.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly higher in early U.S. trading. The bulls still have the overall near-term technical advantage. However, prices are in a gentle five-week-old downtrend on the daily bar chart. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today.

Today, shorter-term technical resistance comes in at last week’s high of 2,366.75 and then at this week’s high of 2,375.00. Buy stops likely reside just above those levels.

Downside support for active traders today is located at the overnight low of 2,338.00 and then at 2,325.00. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are slightly higher. Prices hit a contract and record high Wednesday. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen 5,455.00 and then at the contract high of 5,481.25. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,390.00 and then at 5,375.00.

Sell stops are likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are weaker in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 152 even and then at this week’s high of 152 13/32. Buy stops likely reside just above those levels. Shorter-term support lies at 151 even and then at this week’s low of 150 21/32. Sell stops likely reside just below those levels.

June U.S. T-Notes: Prices are weaker in early U.S. trading, on profit taking after hitting a 4.5-month high Tuesday. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today.

Shorter-term resistance lies at this week’s high of 125.11.5 and then at 125.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 124.24.0 and then at 124.20.0. Sell stops likely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly higher in early U.S. trading. Prices Wednesday hit a three-week high. Bulls have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 100.990 and then at 101.250. Shorter-term support is seen at this week’s low of 100.235 and then at 100.000.

NYMEX CRUDE OIL

May Nymex crude oil prices are slightly higher in early U.S. trading. Bulls have upside momentum to suggest prices can at least trade sideways, or sideways to higher, in the near term. Look for buy stops to reside just above technical resistance at this week’s high of $51.88 and then at $52.50.

Look for sell stops just below technical support at the overnight low of $50.77 and then at $50.00.

GRAINS

Grain futures markets were mixed overnight. Traders will closely monitor this morning’s weekly USDA export sales report. The bears still have the overall near-term technical advantage in the corn, soybean and wheat markets. Focus is on U.S. Corn Belt weather. Rains in the forecast much of this week are making traders wonder if there will be corn-planting delays later this month due to soggy fields.

*  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.

4/5/2017

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher Wednesday as higherraw commodity prices, led by crude oil, supported theshares. U.S. stock indexes are set for narrowly mixedopenings when the New York day session begins.

Gold prices are weaker on a corrective pullback from recentgains.

Focus of the marketplace Wednesday is on the afternoonrelease of the minutes from the last Federal Open MarketCommittee meeting in mid-March, at which time the Fed raisedinterest rates. Market watchers will examine the minutes forany clues on the timing of future Fed rate increases.

Wednesday morning’s U.S. national ADP report for March willalso be closely examined. The report is expected to show180,000 jobs were created last month.

Traders and investors will be closely watching the meetingsbetween U.S. President Donald Trump and Chinese leader XiJinping on Thursday and Friday. The U.S. employment reportis also due out Friday morning.

In overnight news, the Euro zone’s Markit compositepurchasing managers survey (PMI) rose to 56.4 in March from56.0 in February. The March reading was the highest in sixyears and continues a string of mostly upbeat economic datacoming out of the European Union.

The key outside markets on Wednesday morning see the U.S.dollar index near steady. The index has seen a solid reboundfrom a 3.5-month low hit last week and the bulls have theoverall near-term technical advantage. Meantime, Nymex crudeoil prices are modestly higher and hit a four-week highovernight. The oil bulls have upside technical momentum tosuggest prices can at least trade sideways, if not sidewaysto higher, in the near term.U.S. economic data due for release Wednesday includes theweekly MBA mortgage applications survey, the ADP nationalemployment report, the U.S. services PMI, the ISM non-
manufacturing report on business, the global services PMI,the FOMC minutes, and the weekly DOE liquid energy stocksreport.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are near steady in earlyU.S. trading. The bulls still have the overall near-termtechnical advantage. However, prices are in a five-week-olddowntrend on the daily bar chart. The shorter-term movingaverages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day isbelow the 18-day moving average. Short-term oscillators(RSI, slow stochastics) are neutral early today. Today,shorter-term technical resistance comes in at last week’shigh of 2,366.75 and then at 2,378.00. Buy stops likelyreside just above those levels. Downside support for activetraders today is located at this week’s low of 2,340.00 andthen at 2,333.50. Sell stops are likely located just belowthose levels.

Nasdaq index June futures: Prices are slightly lower on mildprofit taking after hitting a contract and record highMonday. Shorter-term moving averages (4- 9-and 18-day) arebullish early today. The 4-day moving average is above the9-day and 18-day. The 9-day average is above the 18-day.Short-term oscillators (RSI, slow stochastics) are neutralearly today. Shorter-term technical resistance is seen atthe contract high of 5,455.00 and then at 5,475.00. Buystops likely reside just above those levels. On thedownside, short-term support is seen at 5,425.00 and then atMonday’s low of 5,403.25. Sell stops are likely located justbelow those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly lower in early U.S.trading, on mild profit taking after hitting a two-monthhigh on Monday. Shorter-term moving averages (4- 9- 18-day)are bullish early today. The 4-day moving average is abovethe 9-day. The 9-day is above the 18-day moving average.Oscillators (RSI, slow stochastics) are neutral early today.Shorter-term technical resistance is seen at this week’shigh of 152 13/32 and then at 152 24/32. Buy stops likelyreside just above those levels. Shorter-term support lies at151 even and then at this week’s low of 150 21/32. Sellstops likely reside just below those levels.

June U.S. T-Notes: Prices are weaker in early U.S. tradingafter hitting a 4.5-month high on Tuesday. Shorter-termmoving averages (4- 9- 18-day) are bullish early today. The4-day moving average is above the 9-day. The 9-day is abovethe 18-day moving average. Oscillators (RSI, slowstochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 125.03.0 andthen at this week’s high of 125.11.5. Buy stops likelyreside just above those levels. Shorter-term technicalsupport lies at 124.24.0 and then at 124.20.0. Sell stopslikely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is near steady. Prices Tuesdayhit a three-week high. Bulls have the overall near-termtechnical advantage. The shorter-term moving averages forthe dollar index are neutral early today as the 4-day isabove the 9-day and 18-day. The 9-day is below the 18-daymoving average. Short-term oscillators for the dollar indexare neutral to bullish early today. The dollar index findsshorter-term technical resistance at this week’s high of100.605 and then at 101.000. Shorter-term support is seen atthis week’s low of 100.235 and then at 100.000. Wyckoff’sIntra Day Market Rating: 5.0

NYMEX CRUDE OIL

May Nymex crude oil prices are higher and hit a four-weekhigh in early U.S. trading. Bulls have upside momentum tosuggest prices can at least trade sideways in the near term.Look for buy stops to reside just above technical resistanceat the overnight high of $51.71 and then at $52.00. Look forsell stops just below technical support at the overnight lowof $51.11 and then at $50.00.

GRAINS

Grain futures markets were firmer overnight, on more shortcovering. The bears still have the overall near-termtechnical advantage in the corn, soybean and wheat markets.Focus is on U.S. Corn Belt weather. Rains in the forecastmuch of this week are making traders wonder if there will becorn-planting delays later this month due to soggy fields.

*  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.

4/4/2017

Tuesday, April 4

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker Tuesday. U.S. stock indexes are also set for modestly lower openings when theNew York day session begins. Traders and investors are a bittentative Tuesday, ahead of key events later this week. Theworld marketplace will be closely watching the meetings thisweek between U.S. President Donald Trump and Chinese leaderXi Jinping. FOMC minutes are out Wednesday afternoon and theU.S. employment report is due Friday morning.

Some weaker-than-expected U.S. economic data released Mondayis also putting just a bit of apprehension into the worldmarketplace.

Gold prices are posting decent gains Tuesday, supported inpart by the weaker world equity markets and by Monday’sdownbeat U.S. economic reports.

In overnight news, the Euro zone reported its retail salesin February were up 0.7% from January and up 1.8%, year-on-year. Those numbers were better than the marketplaceexpected.

The key outside markets on Tuesday morning see the U.S.dollar index firmer. The index has seen a solid rebound froma 3.5-month low hit last week and the bulls have the slightoverall near-term technical advantage. Meantime, Nymex crudeoil prices are also modestly higher. The oil bulls have someupside technical momentum to suggest a near-term marketbottom is in place.U.S. economic data due for release Tuesday includes theweekly Goldman Sachs and Johnson Redbook retail salesreports, the international trade report, the ISM New Yorkreport on business, manufacturers’ shipments and inventory,and the IDB/TIPP economic optimism index.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are weaker on some mildprofit taking. The bulls still have the overall near-termtechnical advantage. However, prices are in a five-week-olddowntrend on the daily bar chart. The shorter-term movingaverages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is belowthe 18-day moving average. Short-term oscillators (RSI, slowstochastics) are neutral early today. Today, shorter-termtechnical resistance comes in at last week’s high of2,366.75 and then at 2,378.00. Buy stops likely reside justabove those levels. Downside support for active traderstoday is located at Monday’s low of 2,340.00 and then at2,333.50. Sell stops are likely located just below thoselevels.

Nasdaq index June futures: Prices are weaker on mild profittaking after hitting a contract and record high Monday.Shorter-term moving averages (4- 9-and 18-day) are bullishearly today. The 4-day moving average is above the 9-day and18-day. The 9-day average is above the 18-day. Short-termoscillators (RSI, slow stochastics) are neutral to bearishearly today. Shorter-term technical resistance is seen atthe overnight high of 5,434.75 and then at the contract highof 5,455.00. Buy stops likely reside just above thoselevels. On the downside, short-term support is seen atMonday’s low of 5,403.25 and then at 5,380.00. Sell stopsare likely located just below those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly lower in early U.S.trading, on mild profit taking after hitting a two-monthhigh on Monday. Shorter-term moving averages (4- 9- 18-day)are bullish early today. The 4-day moving average is abovethe 9-day. The 9-day is above the 18-day moving average.Oscillators (RSI, slow stochastics) are neutral early today.Shorter-term technical resistance is seen at Monday’s highof 152 12/32 and then at 152 24/32. Buy stops likely residejust above those levels. Shorter-term support lies at 152even and then at 151 16/32. Sell stops likely reside justbelow those levels.

June U.S. T-Notes: Prices are near steady and did hit a4.5-month high overnight. Shorter-term moving averages (4-9- 18-day) are bullish early today. The 4-day movingaverage is above the 9-day. The 9-day is above the 18-daymoving average. Oscillators (RSI, slow stochastics) areneutral to bullish early today. Shorter-term resistancelies at 125.10.0 and then at 125.16.0. Buy stops likelyreside just above those levels. Shorter-term technicalsupport lies at 125.00.0 and then at 124.28.0. Sell stopslikely reside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is higher and hit a three-weekhigh in early U.S. trading. Bulls have the overall near-termtechnical advantage. The shorter-term moving averages forthe dollar index are neutral early today as the 4-day isabove the 9-day and 18-day. The 9-day is below the 18-daymoving average. Short-term oscillators for the dollar indexare bullish early today. The dollar index finds shorter-termtechnical resistance at 100.750 and then at 101.000.Shorter-term support is seen at the overnight low of 100.300and then at 100.000.

NYMEX CRUDE OIL

May Nymex crude oil prices are slightly higher in early U.S.trading. Bulls still have some upside momentum to suggest anear-term market bottom is in place. Look for buy stops toreside just above technical resistance at last week’s highof $50.85 and then at $51.00. Look for sell stops just belowtechnical support at the overnight low of $49.88 and then at$49.00.

GRAINS

Grain futures markets were firmer overnight, on more shortcovering. The bears still have the overall near-termtechnical advantage in the corn, soybean and wheat markets.Focus is on U.S. Corn Belt weather. Rains in the forecastmuch of this week are making traders wonder if there will becorn-planting delays later this month due to soggy fields.

*  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.

3/30/2017

Thursday, March 30, 2017

Gold prices are weaker again Thursday

Asian shares were weaker overnight, while European stockswere mostly firmer. The Chinese stock market led the Asiandeclines, as China’s central bank continues to squeezeshort-term interest rates higher. China’s government wantsto clamp down on business speculation by tightening itsmoney supply. U.S. stock indexes are pointed toward modestlylower openings when the New York day session begins.

Gold prices are weaker again Thursday on some more profittaking from recent gains that saw prices hit a four-weekhigh earlier this week. The gold market bulls are still ingood shape, technically.

The key outside markets on Thursday morning see the U.S.dollar index higher. The index is seeing a solid reboundfrom a 3.5-month low hit earlier this week and the bullshave gained some technical momentum. Meantime, Nymex crudeoil prices are weaker. The oil bears still have the overallnear-term technical advantage, but the bulls have gainedsome upside momentum this week.U.S. economic data due for release Thursday includes theweekly jobless claims report, the final estimate of fourth-quarter gross domestic product, and fourth-quarter corporateprofits data.

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly lower. Thebulls have showed some resiliency this week to suggest theymay not be out of gas just yet. The shorter-term movingaverages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is belowthe 18-day moving average. Short-term oscillators (RSI, slowstochastics) are neutral early today. Today, shorter-termtechnical resistance comes in at the overnight high of2,362.50 and then at 2,378.00. Buy stops likely reside justabove those levels. Downside support for active traderstoday is located at 2,333.50 and then at this week’s low of2,317.75. Sell stops are likely located just below thoselevels.

Nasdaq index June futures: Prices are slightly lower and didhit a new contract and record high overnight. Shorter-termmoving averages (4- 9-and 18-day) are neutral early today.The 4-day moving average is above the 9-day and 18-day. The9-day average is even with the 18-day. Short-termoscillators (RSI, slow stochastics) are neutral early today.Shorter-term technical resistance is seen at the overnightcontract high of 5,451.00 and then at 5,475.00. Buy stopslikely reside just above those levels. On the downside,short-term support is seen at Wednesday’s low of 5,404.75and then at 5,375.00. Sell stops are likely located justbelow those levels.

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly higher in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) arestill bullish early today. The 4-day moving average is abovethe 9-day and 18-day. The 9-day is above the 18-day movingaverage. Oscillators (RSI, slow stochastics) are neutralearly today. Shorter-term technical resistance is seen atthis week’s high of 152 3/32 and then at the February highof 152 12/32. Buy stops likely reside just above thoselevels. Shorter-term support lies at the overnight low of150 28/32 and then at this week’s low of 150 12/32. Sellstops likely reside just below those levels. Wyckoff’sIntra-Day Market Rating: 5.0

June U.S. T-Notes: Prices are slightly higher in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) arestill bullish early today. The 4-day moving average isabove the 9-day and 18-day. The 9-day is above the 18-daymoving average. Oscillators (RSI, slow stochastics) areneutral early today. Shorter-term resistance lies at thisweek’s high of 124.29.5 and then at 125.00.0. Buy stopslikely reside just above those levels. Shorter-termtechnical support lies at the overnight low of 124.14.5 andthen at this week’s low of 124.06.5. Sell stops likelyreside just below those levels.

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer again in early U.S.trading, on more short covering after hitting a 4.5-monthlow on Monday. Bulls have gained some near-term technicalmomentum late this week. The shorter-term moving averagesfor the dollar index are still bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the18-day moving average. Short-term oscillators for the dollarindex are bullish early today. The dollar index findsshorter-term technical resistance at 100.280 and then at100.500. Shorter-term support is seen at the overnight lowof 99.800 and then at 99.500.

NYMEX CRUDE OIL

May Nymex crude oil prices are slightly lower in early U.S.trading. Bulls are having a pretty good week and have someupside momentum. Look for buy stops to reside just abovetechnical resistance at the overnight high of $49.75 andthen at $50.00. Look for sell stops just below technicalsupport at $49.00 and then at $48.50.

GRAINS

Grain futures markets were slightly lower overnight. Traderswill examine this morning’s weekly USDA export sales report.However, traders are looking ahead to Friday’s USDA plantingintentions report, which is one of the most important USDAgrain reports of the year. Look for very active graintrading Friday after that 11:00 a.m. CDT report.

*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.

3/29/2017

Wednesday, March 29

 

Global stock markets

 

Global stock markets were mixed in quieter dealings Wednesday. There were no major news developments overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

 

Gold prices are weaker Wednesday on a corrective pullback from recent gains that pushed the metal to a four-week high this week.
The world marketplace is eyeing the U.S. stock indexes. Traders and investors are wondering if recent losses in stock markets mean the end of the record-setting “Trump rally” that had been in place since the U.S. president was elected in November. Solid rebounds in the U.S. stock indexes Wednesday favor the camp that believes the recent selling pressure in stocks was just a normal downside correction in a bull market that still has legs. How the U.S. stock indexes close on Friday—near the weekly highs or the weekly lows—will provide clues on the future health of the very mature bull market in equities.

 

The key outside markets on Wednesday morning see the U.S. dollar index slightly higher. The greenback bears still have the overall near-term technical advantage as prices are in a downtrend on the daily bar chart. Meantime, Nymex crude oil prices are firmer on short covering. However, the bears remain in near-term technical control of this market.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, pending home sales, and the weekly DOE liquid energy stocks report.

 

U.S. STOCK INDEXES

 

S&P 500 June e-mini futures: Prices are slightly lower. The shorter-term moving averages (4-, 9- and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 2,360.50 and then at 2,378.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Tuesday’s low of 2,333.50 and then at this week’s low of 2,317.75. Sell stops are likely located just below those levels.

 

Nasdaq index June futures: Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is even with the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 5,424.75 and then at the contract high of 5,441.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday’s low of 5,363.50 and then at 5,350.00. Sell stops are likely located just below those levels.

 

U.S. TREASURY BONDS AND NOTES

 

 

June U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 151 even and then at this week’s high of 152 3/32. Buy stops likely reside just above those levels. Shorter-term support lies at 150 even and then at 149 even. Sell stops likely reside just below those levels.

 

June U.S. T-Notes:

 

Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at 124.16.0 and then at 124.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124.06.5 and then at 124.00.0. Sell stops likely reside just below those levels.

 

U.S. DOLLAR INDEX

 

The June U.S. dollar index is firmer in early U.S. trading, on short covering after hitting a 4.5-month low on Monday. Bears still have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are still bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at 100.000 and then at 100.280. Shorter-term support is seen at the overnight low of 99.495 and then at 99.000.

 

NYMEX CRUDE OIL

 

May Nymex crude oil prices are firmer in early U.S. trading. Bears still have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at the overnight high of $48.84 and then at $49.00. Look for sell stops just below technical support at $48.00 and then at Tuesday’s low of $47.80.

 

GRAINS

 

Grain futures markets were firmer overnight, on more short covering ahead of Friday’s USDA planting intentions report. That is one of the most important USDA grain reports of the year. Look for very active grain trading Friday after that 11:00 a.m. CDT report.

 

*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.

3/28/2017

Global stock markets were mostly firmer Tuesday, on corrective bounces from recent selling pressure. Traders and investors are debating whether the recent downside pressure in stock markets is the end of the “Trump rally” that had been in place since the U.S. president was elected in November. Or, are the recent slides in stock indexes just normal corrective pullbacks in bull markets that still have more room to run? Beneficiaries of the stock markets’ recent declines have been gold and U.S. Treasury prices. Gold prices are weaker Tuesday morning on a downside correction following recent good gains that pushed prices to a four-week high on Monday.

 

The key outside markets on Tuesday morning see the U.S. dollar index slightly higher on a technical bounce after scoring a 4.5-month low on Monday. The greenback bears still have some downside technical momentum as prices are in a steep downtrend on the daily bar chart. Meantime, Nymex crude oil prices are firmer, but the bears remain in firm near-term technical control of this market.

 

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, leading economic indicators, S&P/Case-Shiller home price index, the consumer confidence index, and the Richmond Fed business survey.

 
U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are slightly higher on a corrective bounce after hitting a six-week low Monday. The bears still have some downside technical momentum. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at 2,350.00 and then at 2,356.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,325.00 and then at Monday’s low of 2,317.75. Sell stops are likely located just below those levels.

Nasdaq index June futures: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at 5,400.00 and then at 5,425.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,350.00 and then at the March low of 5,315.00. Sell stops are likely located just below those levels.

 
U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are slightly in early U.S. trading. Bulls have upside technical momentum. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at Monday’s high of 152 3/32 and then at the January high of 152 17/32. Buy stops likely reside just above those levels. Shorter-term support lies at 151 even and then at Monday’s low of 150 27/32. Sell stops likely reside just below those levels.
June U.S. T-Notes: Prices are near steady in early U.S. trading. The bulls still have some upside technical momentum. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at Monday’s high of 124.29.5 and then at the February high of 125.04.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124.17.5 and then at Monday’s low of 124.13.5. Sell stops likely reside just below those levels.

 

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly higher on a corrective bounce after hitting a 4.5-month low on Monday. Bears still have some downside technical momentum. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at Monday’s high of 99.335 and then at 99.500. Shorter-term support is seen at Monday’s low of 98.865 and then at 98.500.

 
NYMEX CRUDE OIL

May Nymex crude oil prices are firmer in early U.S. trading. Bears still have the firm overall near-term technical advantage. Look for buy stops to reside just above technical resistance at Monday’s high of $48.28 and then at $49.00. Look for sell stops just below technical support at the overnight low of $47.80 and then at last week’s low of $47.01.

 
GRAINS

Grain futures markets were firmer overnight, on short covering. Bears still have the overall near-term technical advantage in the grain markets. Traders are awaiting this Friday’s USDA planting intentions report. That is one of the most important USDA grain reports of the year.

 

* 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.

3/27/2017

Asian and European stock markets were mostly lower overnight. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. Gold prices are higher and hit a four-week high in overnight trading. Prices are in a fledgling, steep uptrend on the daily bar chart.

The marketplace is still reacting to the news late Friday that the U.S. House of Representatives Republicans pulled their bill to repeal and replace Obamacare. That was a major defeat for the first foray into new legislation from the Trump Administration, and it now calls into question what Trump can actually get accomplished regarding his pro-business campaign promises. That’s bearish for world stock markets and bullish for safe-haven assets like gold and U.S. Treasuries. Most agree the “Trump rally” that began in many world stock markets in early November has now petered out.

In overnight news, the closely watched German Ifo business climate index rose to 112.3 in March, which was above expectations of 111.0. The March number was the highest in nearly six years.

The key outside markets on Monday morning see the U.S. dollar index sharply lower and hitting a 4.5-month low overnight. The greenback bears have downside technical momentum as prices are in a steep downtrend on the daily bar chart. Meantime, Nymex crude oil prices are lower and hovering not far above last week’s four-month low. Growing world oil supplies, especially ramped up U.S. shale-oil production, are keeping crude oil prices tamped down.

U.S. economic data due for release Monday includes the Texas manufacturing outlook survey.

 

U.S. STOCK INDEXES

S&P 500 June e-mini futures: Prices are lower and hit a six-week low in early U.S. trading Monday. The bears have downside technical momentum. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 2,337.50 and then at Friday’s high of 2,352.75. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 2,317.75 and then at 2,300.00. Sell stops are likely located just below those levels. Wyckoff’s Intra-day Market Rating: 3.5

Nasdaq index June futures: Prices are lower in early U.S. trading. Bears have downside technical momentum. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 5,360.25 and then at Friday’s high of 5,395.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the March low of 5,315.00 and then at 5,300.00. Sell stops are likely located just below those levels. Wyckoff’s Intra-Day Market Rating: 3.5.

 

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher and hit a four-week high overnight. Bulls have upside technical momentum. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the overnight high of 152 3/32 and then at the January high of 152 17/32.

Buy stops likely reside just above those levels. Shorter-term support lies at 151 even and then at the overnight low of 150 27/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0 June U.S. T-Notes: Prices are higher and hit a four-week high in early U.S. trading. The bulls still have upside technical momentum. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at the overnight high of 124.29.5 and then at the February high of 125.04.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 124.20.0 and then at the overnight low of 124.13.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

 

U.S. DOLLAR INDEX

The June U.S. dollar index is solidly lower and hit a 4.5-month low in early U.S. trading. Bears have good downside technical momentum. The shorter-term moving averages for the dollar index are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 99.335 and then at 99.500. Shorter-term support is seen at the overnight low of 98.865 and then at 98.500. Wyckoff’s Intra Day Market Rating: 3.5

 

NYMEX CRUDE OIL

May Nymex crude oil prices are weaker in early U.S. trading and hovering near last week’s four-month low. Bears have the firm near-term technical advantage. Look for buy stops to reside just above technical resistance at the overnight high of $48.28 and then at $49.00. Look for sell stops just below technical support at the overnight low of $47.34 and then at last week’s low of $47.01. Wyckoff’s Intra-Day Market Rating: 4.5

 

GRAINS

Grain futures markets were mixed overnight. Bears have the overall near-term technical advantage in the grain markets. Traders are awaiting this Friday’s USDA planting intentions report. That is one of the most important USDA grain reports of the year.

 

*  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.

Latest Consensus On The Canadian Dollar

As of last night, the latest consensus on the Canadian Dollar continued to deteriorate with optimism in the loonie at its lowest levels since 2001. In my opinion this as a contrarian opportunity and we should be looking for any attempt for the currency to recover and reverse course. On August 10th, I believe we saw the short-covering price action we’ve been waiting for with today’s move illustrating a potential bottom and shifting momentum to the upside. 1St resistance is at .7773 to .7781. 2nd resistance is .7888 to .7896.
For More Questions Contact Travis Cochran travis.cochran@Gofutures.com 312.765.7238

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