ES(z23) - S&P 500
Bulls +4408
Bears -4350
***Last week’s early rally was cut short following the CPI report on Thursday. Price was rejected at the 50 day average and closed the week with the Bears in control. Look for the selling pressure to continue into the week ahead, but we still have big picture support from $4200-4300 dating back to last Spring. Buyers will put up a fight if we dip back into those levels.
CL(z23) - Crude Oil
Bulls +86.50
Bears -84.00
***Crude Oil needed to fill the weekend gap before continuing the uptrend. Price closed the week with a strong Friday finish. The $80.00 level acted as strong support. Look for Oil prices to keep pushing higher in the week to come.
***Rollover from November (x23) to December (z23) contract.
GC(z23) - Gold
Bulls +1946
Bears -1918
***Gold has shown some volatile action in recent weeks. Price reversed the $100 sell-off seen in late September over the course of five trading days. Friday’s action alone saw a $60+ rally. We should see some follow through buying activity to start the week, but look for price to slow down in the $1970-1980 area.
LE(z23) - Live Cattle
Bulls +187.00
Bears -184.25
***After taking several days to balance out we saw Fats rally to the previous range highs at $188. Price saw some resistance here, but I anticipate price to keep rallying in the week ahead. Bids above $187.00 will get the ball rolling and a break above last week’s high should start a nice trend move higher.
GF(x23) - Feeder Cattle
Bulls +251.60
Bears -248.00
***Feeder prices balanced out at the previous range lows before a brief rally attempt late last week. However the 50 day average rejected Friday’s price action. Feeders have support in the $248-250 zone but don’t get caught Long if we see offers below -$248.00.
ZC(z23) - Corn
Bulls +5.00
Bears -4.82
***Corn is working up the right side of a solid base. Price is building pressure up on the $5.00 level, if we get bids above it prepare for a nice rally. There is a gap at $5.24 that would make a nice target to the upside.
Economic Calendar (EST)
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