ES(m23) - S&P 500
Bulls +4110 / +4189
Bears -4180 / -4096
***The levels remain the same on the indexes this week. The S&P and NASDAQ closed at weekly highs with a solid push from the Bulls Thursday and Friday. This strong action to close the week makes me lean Bullish going into next. FOMC week with an interest rate decision on 5/3 so be prepared for a reaction.
CL(m23) - Crude Oil
Bulls +76.72
Bears -75.50
***Crude price seems to be retreating back into the $72-$82 that we started the year in. Since March price has made attempts at breaking out of both ends, but neither side has been able to make a stand. I anticipate the range to keep price contained for another week, while the Bulls push back to $80.
GC(m23) - Gold
Bulls +1985 / +2025
Bears -2020 / -1980
***Another week of range conditions with price being held between $1980-2020. I anticipate the chop to continue this week until the Fed statement comes in on 5/3 and introduces some new volatility. Price has struggled around the $2000 mark in recent years, so we may be experiencing some long term resistance.
LE(m23) - Live Cattle
Bulls +165.60
Bears -163.40
***Fats had another positive week grinding out another $3. We could see some sideways action from $163-166 for another week but Bulls have the momentum on their side. The uptrend remains strong so dips will be buying opportunities.
GF(q23) - Feeder Cattle
Bulls +231.00
Bears -228.00
***Feeders remain strong with plenty of support. Expecting this market to keep drifting higher in weeks ahead. Price is currently extended from the averages after a great run in recent weeks. Dips will be buying opportunities if we see them.
ZC(n23) - Corn
Bulls +5.88
Bears -5.81
***Corn has suffered a big breakdown in the last two weeks with a $0.70 discount. Price tested the Summer 2022 low and looks extended at the low end of the channel. I expect a relief rally is in order, look for Corn to pullback towards $6.00. However the downtrend is alive and well so rallies could be sold into.
Economic Calendar (EST)
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