ES(m23) - S&P 500
Bulls +4110 / +4189
Bears -4170 / -4096
***Friday was a mixed day, ending the week at the high end of our range. Expect the $4100-4180 range to keep price contained this week. A daily close beyond the edges (+4189/-4096) will point us in the direction of the next leg. Earnings season is fast approaching, so be ready for the big tech earnings to give us a push.
CL(k23) - Crude Oil
Bulls +82.65
Bears -81.25
***Crude Oil is going into a seasonally strong time of year and we didn’t give up any ground following the big gap up. If the Bulls can get an early push above +$82.65 this week I anticipate a quick run up to $90. Not expecting much action from the Bears, there is plenty of support in the gap, dips will be buying opportunities.
GC(m23) - Gold
Bulls +2022
Bears -1994
***Gold has continued grinding into the $2000s. I don’t expect the Bulls to give up anytime soon, the uptrend is strong with plenty of support beneath price. We could see a brief shakeout with offers below -$1994 but dips should be bought back up.
LE(m23) - Live Cattle
Bulls +164.45
Bears -163.45
***After marching up $12 in 3 weeks, the Fats look to be pulling back to find more buyers. We should see support in the $160-162 area with price looking to fill orders in the gap. The uptrend looks strong, this should be a buyable dip. Price should keep grinding higher in weeks to come.
GF(k23) - Feeder Cattle
Bulls +208.25
Bears -206.80
***Feeders are still working higher, the uptrend is solid in this market. We could see dips early in the week, but buyers will be ready to load up on dips. This feeder market is hot and looks stronger the more we look into summer and fall.
ZC(k23) - Corn
Bulls +6.68
Bears -6.47
***Corn hasn’t been in a hurry to make any big directional moves. The strong Friday close from last week, makes me believe the Bulls will try to make a push towards the $6.85 level. Price will need to be accepted above $7.00 before I get too comfortable on the Long side. This market should remain stuck in between $6.00-$7.00 for the summer.
Economic Calendar (MDT)
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