ES(z23) - S&P 500
Bulls +4360
Bears -4280
***Friday’s action showed us a clear reversal. Expect a rally early to start this week as we head into more inflation data on Wednesday and Thursday. A downtrend has shaped up on the daily chart but we should see a relief rally as price searches for resistance above.
CL(x23) - Crude Oil
Bulls +83.25
Bears -81.50
***Crude Oil took a big hit as we hit a long term resistance at $95.00. Price settled up on Friday at our previous range highs from earlier this year. Expect support to step in and a rally to take place this week. The big picture uptrend is still in play.
GC(z23) - Gold
Bulls +1850
Bears -1830
***Gold prices have taken a $120+ hit in the last two weeks. Bulls could see a relief rally this week as we are at extremely oversold levels. Rallies will be short lived though, the downtrend is in control.
LE(z23) - Live Cattle
Bulls +187.00
Bears -184.50
***Fat Cattle prices saw a discount in recent weeks but prices are finding support inside the July-August range. I expect to see a rally in the week ahead with bids above +$187.00. Bulls will try to take another run at the $190s. However don’t get caught Long if we see offers below the summer range.
GF(x23) - Feeder Cattle
Bulls +251.45
Bears -248.00
***Feeders took a big hit in recent weeks. Price has reset to the summer range lows, finding support at $248.00. I expect to see rallies back to the 50 day average. From there we will see if the Bulls have any left in the tank. Don’t be Long with breakdowns of the range lows.
ZC(z23) - Corn
Bulls +5.00
Bears -4.82
***Price has stayed in the range for some time. I’ve been Bearish, but prices failing to break to new lows is telling me to flip the script. Bears are letting this market slip, breakouts above $5.00 will put the Bulls in the driver’s seat. The $4.75-5.00 range could hold price a bit longer, wait for price to lead the way.
Economic Calendar (EST)
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