ES(z23) - S&P 500
Bulls +4305
Bears -4245
***The S&P 500 saw resistance step in at the 20 and 50 day averages. We closed the week on the lows with the Bears in full control. Look for them to keep pressing towards $4200 in the week ahead. The downtrend is rolling, don’t be trying to pick this bottom.
CL(z23) - Crude Oil
Bulls +88.40
Bears -86.50
***Crude Oil saw a nice move higher last week but not without some whippy price action. I anticipate oil to keep pushing higher as this uptrend is strong. We should see prices reaching back towards the $94-95 a barrel mark.
GC(z23) - Gold
Bulls +1998
Bears -1983
***Gold prices have surged nearly $200 this month. The downtrend we have seen since last spring has reversed nearly half its losses. Bulls are in charge in this market, but a pullback is due with prices this overbought. Look for dips if offered below -$1983, but it should setup a good buying opportunity.
LE(z23) - Live Cattle
Bulls +186.75
Bears -184.25
***The Fats failed to create any upside putting in a lower high. Price closed the week with two large volume down days near multi-week lows. Offers below -$184.25 will get the ball rolling lower as the uptrend comes to an end.
GF(f24) - Feeder Cattle
Bulls +246.40
Bears -243.40
***Feeders saw a major breakdown last week, so expect more downside in this market to come. Rallies will be selling opportunities, the buying activity has dried up.
***Rollover from November (x23) to the January (f24) contract.
ZC(z23) - Corn
Bulls +5.00
Bears -4.87
***Corn saw a breakout of the $5.00 level last Thursday before being pushed back down to close the week. Bulls still have the upper hand here and could use this opportunity to reload. Don’t bet against them unless we see a close below -$4.87.
Economic Calendar (EST)
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