ES(m23) - S&P 500
Bulls +4208
Bears -4180
***New yearly highs were made in the S&P 500 last week. This is something you do not see in Bear markets, do what you wish with this information. A weak close on Friday showed some leftover resistance that could push us back into the $4100-4200 range. However early bids above $4208 will keep this market grinding higher.
CL(n23) - Crude Oil
Bulls +73.70
Bears -71.18
***Last week was relatively quiet in the Crude market as price failed to make a convincing move in either direction. Rejection of the 20 day average late in the week shows Bears still have the upper hand. Prepare for this market to push back into the $60s this week.
***Rollover to July (n23) from June (m23).
GC(m23) - Gold
Bulls +1997
Bears -1975
***Gold has struggled recently after failing to reach all-time high prices in early May. We have seen a $100 sell off since then and Bulls are starting to give up. With the S&P and NASDAQ making new yearly highs, I anticipate major players to start moving their money from Gold into equities. Prepare for the money flow to start shifting spaces.
***Rollover to August (q23) from June (m23).
LE(q23) - Live Cattle
Bulls +164.50
Bears -163.00
***Another strong week from the Fats as they marched back towards contract highs. This market remains tough and the uptrend won’t be slowed down. Expect the Fats to start sniffing out $170 in weeks to come.
GF(q23) - Feeder Cattle
Bulls +235.10
Bears -232.20
***Feeders kept on marching to new contract highs last week. No signs of this market turning around, stay long or stay out. Expect this market to keep drifting higher. All-time highs are the target.
ZC(n23) - Corn
Bulls +5.60
Bears -5.51
***Corn can’t catch a break as the beatdown continued last week. $5.50 seems a bit extended to the downside. I expect the Bulls to see a relief rally soon, but the selling has been relentless. If price manages to move into the $5.80-6.00 range, expect the Bears to step back in at that area. Downtrend is in control.
Economic Calendar (MDT)
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