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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