ES(z23) - S&P 500
Bulls +4530
Bears -4494
***Last week’s rollover created a lot of choppy action. Price never made any significant moves and closed the week at the lows. Not a good look for the Bulls, be ready for a breakdown below -$4494 to give us a push lower to start the week. All eyes will be waiting on the FOMC meeting and Rate decision on Wednesday.
CL(x23) - Crude Oil
Bulls +90.50
Bears -89.15
***The Crude Oil market continues marching higher. The Uptrend remains strong and shows no signs of slowing down. Price is a bit extended so pullbacks are welcome. Dips will be bought up, Bulls are in charge and looking for $100 oil again.
GC(z23) - Gold
Bulls +1952
Bears -1937
***Gold showed some Bullish signs to close the week. Price settled back into the $1940-1954 range so prepare for some chop before price makes a move. Breakouts above +$1952 could force some covering from the Bears and test the 50 day average. Both sides have a battle on their hands this week.
LE(z23) - Live Cattle
Bulls +192.00
Bears -190.00
***The Fats have cruised back to new contract highs, killing the Bears hopes of a breakdown. Look for price to keep drifting higher. Price is getting extended so pullbacks are welcome, but dips will be buying opportunities. Bulls should keep running into the Fall.
GF(x23) - Feeder Cattle
Bulls +268.25
Bears -264.25
***Feeders have seen an impressive rally out of the late summer range. Price should keep drifting higher into the Fall. Dips are buying opportunities if we get one. Bulls are keeping the Uptrend rolling, don’t jump in front of this market.
ZC(z23) - Corn
Bulls +4.85
Bears -4.75
***Corn had a choppy week while digesting the WASDE Report. Bears still have the upper hand and closed the week near the lows. Price is feeling heavy, be ready for a breakdown with offers below -$4.75.
Economic Calendar (EST)
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