ES(z23) - S&P 500
Bulls +4335
Bears -4300
***The S&P 500 suffered a seasonally weak September, giving back almost all the upside we saw throughout the Summer months. Price is testing the April/May range highs we saw earlier this year which offered support last week. Bulls could see a bit of a relief rally in the week ahead but it won’t be an easy ride. Good environment for two-way trade right now.
CL(x23) - Crude Oil
Bulls +91.45
Bears -90.35
***Crude Oil has been hot as Summer came to a close. Bulls still have the upper hand but I believe we saw a near-term high last week at $95.03. This market should see a pullback to find more buyers before we see another leg higher. Look for price to dip into the high $80s before loading up for another trend move.
GC(z23) - Gold
Bulls +1874.5
Bears -1865
***The Gold bugs got crushed last week as prices fell $80 in five days. Don’t go trying to catch this knife, the Bears are taking this one for a ride. Look for prices to keep drifting lower in the week ahead. Stay short or stay out.
LE(z23) - Live Cattle
Bulls +189.45
Bears -187.15
***Fat cattle saw lots of back and forth action last week before settling near the lows. However price has pulled back into supportive territory. $187-188 were the previous range highs that price is testing from above, while the 20 & 50 day averages have offered long term support. Expecting a choppy start to the week as price tries to find a turning point. The big picture uptrend is still intact.
GF(x23) - Feeder Cattle
Bulls +256.00
Bears -254.40
***Feeders have given up $14 in the last two weeks following the late Summer breakout. Like the Fats, price is testing the range highs from above which should offer some support. After a sell-off like we saw in recent weeks, I anticipate price to see a bounce from oversold levels. The big picture uptrend is still intact, I’ll need to see more proof from the Bears before I lose my Bullish stance on the cattle market.
ZC(z23) - Corn
Bulls +4.81
Bears -4.76
***Corn has shown very little volatility after wild Summer. Price has settled into tight range, bouncing between $4.70-5.00. Friday saw a nice breakdown pushing back to range lows. Bears still have the upper hand in this market and I anticipate price to keep drifting lower. But with such little volatility don’t get caught up in the chop.
Economic Calendar (EST)
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