ES(m23) - S&P 500
Bulls +4110 / +4189
Bears -4180 / -4096
***Another rangey week in the indexes. Amazon, Google, and Microsoft are the big names to watch as as they report earnings in the week ahead. Reaction could give the indexes the push they need to make a directional move. A close beyond the edges will lead the way, but until then I expect the $4100-4180 range to hold price.
CL(m23) - Crude Oil
Bulls +78.40
Bears -76.72
***This week Crude prices failed to close the price gap from the end of March. Price found support at the 50 day average and was accepted in the $77.00-78.00 area, falling a dollar short of the gap fill. I like the Bulls chance of picking back up this week and targeting the $80s. We have plenty of support below.
GC(m23) - Gold
Bulls +2025
Bears -1980
***Gold is trying to make up it’s mind with wide range action last week. Friday’s weak close tells me to side with the Bears and a breakdown below -$1980 for a quick run lower. Until then we could be stuck in the range for a bit. Don’t be too eager this week, wait for confirmation.
LE(m23) - Live Cattle
Bulls +164.60
Bears -162.50
***The uptrend is alive and well, dips are being bought. We have experience some high volatility days in recent weeks, so be prepared for wide action from $163.00-166.00. Bulls offered support at the 20 day average last week and should keep pressing higher into the summer. This market is hot so don’t fight the momentum.
GF(q23) - Feeder Cattle
Bulls +230.00
Bears -227.90
***Feeders have been running hot and don’t have much resistance in sight. Volatility is expanding so be prepared for larger daily moves. Dips should offer buying opportunities if we are lucky enough to ever see one. Don’t fight the trend, this one still has a ways to go.
***Rollover from May (k23) to August (q23) contract.
ZC(k23) - Corn
Bulls +6.28
Bears -6.14
***As we near summertime, Corn has little hope for now. Bears enjoyed a nice move to close the week and I anticipate that momentum to carry into next. Price is sniffing out $6.00 and we could see a summertime price range of $6.00-6.50.
***Rollover from May (k23) to July (n23) contract.
Economic Calendar (EST)
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