ES(m23) - S&P 500
Bulls +4220
Bears -4185
***Last week we saw good support as price bounced off the low end of the range again. Friday closed only 8 points off the high of the year, be prepared for new highs in the week ahead. $4200 will be an important level to watch for the rest of the year, above or below that line will determine our fate. Tech sector is leading this rally, don’t let the industrials hold you back.
CL(n23) - Crude Oil
Bulls +73.00
Bears -71.50
***Crude remains to be a very two-sided market. We are still trading below the 50 day average which gives me a Bearish bias. However we are entering a seasonally strong time of year so don’t get married to a position. Range conditions could continue, wait for price to close outside $73.00 or $71.50 before committing.
GC(q23) - Gold
Bulls +1975
Bears -1957
***Gold has been grinding lower in recent weeks as equities are heating up. After getting rejected near all-time highs there has been little enthusiasm from the Gold Bugs. Price settled near the 100 day average which gave us support in late February/early March. This is the last chance for Bulls to step up, otherwise Gold could see $1900 in a hurry. I expect the Bears to win this battle.
LE(q23) - Live Cattle
Bulls +165.25
Bears -164.60
***Fats continue to showcase the strength of the cattle market. New contract highs last week and expect more to come. Below -$164.60 we could see some profit taking but the uptrend is still intact. Don’t fade this type of strength, dips will be buying opportunities. All-time highs are the target.
GF(q23) - Feeder Cattle
Bulls +235.00
Bears -232.70
***Feeders took a breather last week as feed prices surged. No breakdowns though showing Bulls still like these prices. There is plenty of support below so dips are buying opportunities. If we can get an early breakout above the $235.00 level I anticipate Feeders will start their march towards all-time highs.
ZC(n23) - Corn
Bulls +6.05
Bears -5.83
***Corn was beat down in recent weeks so a relief rally was much needed for healthy market behavior. Bulls saw a flicker of hope with the close above $6.00 but I don’t think they have much left in the tank. I anticipate the Bears to sell into this rally, expect reversals to show up this week.
Economic Calendar (MDT)
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