ES(z23) - S&P 500
Bulls +4185
Bears -4125
***The selling pressure continued last week pushing the indexes to new lows. We saw earnings from some of the big 5 tech names with Apple’s earnings in the week ahead. An FOMC meeting is scheduled for Wednesday with lots of jobs data sprinkled throughout the week. Expect a volatile week ahead, not a good time to place any big bets.
CL(z23) - Crude Oil
Bulls +85.50
Bears -83.00
***Oil prices have been tightening in between $80-90. The uptrend is still intact but we have failed to make new highs since September. Not getting a clear direction in the last month so there is a chance we could get stuck in a range bound market for a bit.
GC(z23) - Gold
Bulls +2017
Bears -1986
***Gold spent the early part of last week chopping around $1980 before a strong finish. Over the last few years gold has struggled to maintain prices above the $2000 mark so we could run into resistance soon. Either way price is in overbought territory so don’t go chasing this market at these levels.
LE(z23) - Live Cattle
Bulls +184.25
Bears -182.00
***The Fats suffered the largest single day drop in Live Cattle history to start the week. This is something you don’t see in bull markets. Price rallied on Friday but don’t expect it to last. We will see more selling to come in the week ahead, stay short or stay out.
GF(f24) - Feeder Cattle
Bulls +237.75
Bears -234.00
***Feeders continue to see selling pressure as well. Prices have taken a huge hit in the last month and I don’t see it slowing down. We could see a relief rally as bears take some profits following this big down move but don’t expect the upside to last.
ZC(z23) - Corn
Bulls +4.84
Bears -4.74
***Corn’s breakout above $5.00 failed hard as price ran all the way back to the range lows. Clearly this market is stuck, so don’t get too committed to a side yet. We need to see the edges of this range clear before a trend can take hold.
Economic Calendar (EST)
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