ES(m23) - S&P 500
Bulls +4160
Bears -4130
***The indexes enjoyed a nice Friday rally to close the week. Apple’s earnings gave the market a nice boost and some momentum going forward. Price is still stuck in the $4100-4200 range, but last week’s strength could give us the extra push to get over the hump. Prepare for a run at range highs one more time. Inflation data coming in this week, be ready for directional moves.
CL(m23) - Crude Oil
Bulls +71.80
Bears -70.00
***Crude made a $10 move lower last week before making a good recovery late. A breakdown like that should be a sign of what is to come, expect the downtrend to continue in Crude. Any rallies we may see early in the week will be seen as selling opportunities.
GC(m23) - Gold
Bulls +2029
Bears -2015
***Gold’s initial reaction to the Fed decision this week proved Bullish. However a quick run up near all-time-highs was quickly rejected and fell back $60 last week. Price closed the week at the previous range high we were watching, be ready for price to fall back into the $1980-2020 range. We have seen large directional moves, but neither side has been able to keep the momentum. I feel the need to be cautious here.
LE(m23) - Live Cattle
Bulls +162.35
Bears -161.35
***Fats finally saw a few down days after an impressive run through April. This pullback should be seen as a buyable dip, but keep your risk tight at these levels. The price gap from early April showed some support late but offers below $161.35 could keep the ball rolling lower. But until something breaks, this uptrend is still alive.
GF(q23) - Feeder Cattle
Bulls +224.85
Bears -221.30
***Feeders had an ugly week, losing $10 in five days. However we finished the week sitting on top of gap support, I expect the Bulls to pick up the pieces around this area. This market could take a few days to settle up, but Bulls should be prepared to join the uptrend with bids above $224.85 this week.
ZC(n23) - Corn
Bulls +5.97
Bears -5.91
***Corn has taken a beating recently but the Bulls were able to come back up for air last week. Last Summer’s low was tested again and offered some support. Bears will be waiting to sell again if price re-visits the $6.00-6.10 range, the downtrend is still intact. Early rallies this week will be seen as selling opportunities.
Economic Calendar (EST)
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