ES(m23) - S&P 500
Bulls +4110 / +4170
Bears -4170 / -4110
***Another week stuck trading inside the range. Last week shrugged off the CPI report and stayed put, holding price in a 60 point range. Tech sector still showing strength, with the industrials lagging. Wait for a breakout of the range before committing, or play the edges while we chop around going into Summer.
CL(m23) - Crude Oil
Bulls +71.80
Bears -70.00
***Crude ran out of steam last week as it couldn’t seem to get traction above $74.00. The Bears look to be in charge with a nice Friday breakdown. Look for price to keep pushing lower early in the week if we see offers below -$70.00.
GC(m23) - Gold
Bulls +2028
Bears -2005
***Quiet week for the Gold bugs. Price continues to dance around $2000 but can seem to get any traction higher. Below -$2005 could force a quick drop to $1980 to look for buyers. Gold is still dealing with long-term resistance, so be cautious with new Longs. This market looks heavy.
LE(q23) - Live Cattle
Bulls +162.50
Bears -160.50
***The Fats showed a good back and forth last week, before the Bulls pulled out a nice win on Friday. Good battle last week in the low $160s before closing near the highs. Volume is rolling over into the August contract so be prepared for some choppy action as rollover hits. Uptrend is still intact, look for price to drift higher.
***Rollover from June (m23) to August (q23) contract.
GF(q23) - Feeder Cattle
Bulls +229.00
Bears -227.25
***Feeders took back some ground last week as the Bulls made up some ground. Price inched higher all week closing near the highs, giving me confidence the Uptrend should keep grinding higher. There is plenty of support in this market, Summer months should keep bringing higher prices.
ZC(n23) - Corn
Bulls +5.94
Bears -5.78
***Lots of choppy action in Corn last week. Price is near last summer’s low and it has been a sticky area. A $0.20-0.30 range looks to be holding price for now as the Bulls are unable to pick this market back up. Any rallies will be selling opportunities, look for Corn to keep drifting lower.
Economic Calendar (EST)
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