ES(z23) - S&P 500
Bulls +4525
Bears -4492
***We saw support step in at the 20/50 day averages late last week, which is a good sign for the Bulls. However we are in a two-way trade environment so don’t get too committed to a side yet. Inflation data and Rollover could be cause for some messy action to start the week.
***Rollover from the September (u23) contract to December (z23).
CL(v23) - Crude Oil
Bulls +87.75
Bears -86.00
***Crude balanced out last week in a $2.00 range, holding the gains from the late August Bull run. Price is being accepted at new yearly highs so look for the uptrend to continue. Offers below -$86.00 will force some profit taking from Longs, but dips are buying opportunities if they come. Bulls will be ready to reload and run into the $90s.
GC(z23) - Gold
Bulls +1954
Bears -1940
***Gold resumed the big picture downtrend with another $25 discount last week. I expect the selling pressure to continue with breakdowns of -$1940. There isn’t much for the Bulls to be excited about right now, so stay short or stay out.
LE(v23) - Live Cattle
Bulls +183.40
Bears -182.65
***Fat cattle saw some much needed positive action last week with price advancing on strong volume. The Bulls need a close above the range high of $184.00 to keep the uptrend rolling. The range trade is still in play, so beware of the Bears if offered below -$182.65.
GF(v23) - Feeder Cattle
Bulls +259.45
Bears -258.40
***Feeders closed the week at contract highs which is a good sign for the Bulls. Price breaking higher out of the two month range tells me this move could have some legs in it. The uptrend is resuming, be ready for this market to keep grinding higher into the Fall.
ZC(z23) - Corn
Bulls +4.89
Bears -4.82
***Corn is showing tightening price action and decreasing volume leading up to the WASDE Report on Tuesday (9/12). These are major signs of a big move to come, expect increased volatility this week. Bears seem to have the upper hand as we are starting harvest season, but don’t gamble on a report. Manage your risk.
Economic Calendar (EST)
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