ES(z23) - S&P 500
Bulls +4415
Bears -4355
***Last week was spent in a tight range until Friday’s trend day. This shows me participants are accepting of the recent rally and the strong close proves Bulls are in charge. There is a chance of a pullback but I anticipate the upside to continue into year end.
CL(z23) - Crude Oil
Bulls +77.75
Bears -75.50
***Crude Oil has broken down below some key levels in the last couple weeks as the Bears have stepped back into the driver’s seat. We are currently trading at prices we haven’t seen since July. I anticipate a brief rally to start the week, but prepare for sellers to step back in around $80. New monthly lows lead to new downtrends.
GC(z23) - Gold
Bulls +1955
Bears -1942
***Gold struggled in recent weeks to maintain the $2000 price point. The Friday close below the 50 day average isn’t something Bulls want to see. I expect support to show in the $1925-1940 zone, but rallies will be short lived. Gold could get stuck in a range trade for some time.
LE(g24) - Live Cattle
Bulls +175.30
Bears -173.65
***The Fats continue to see more downside since the trend reversal on October 23rd. Prices have taken a beating so we could see a relief rally in the week ahead. But don’t fight this downtrend, rallies will selling opportunities.
GF(f24) - Feeder Cattle
Bulls +227.55
Bears -223.65
***Feeders also took another big hit last week. We could see price chop around in the mid-$220s before we get a pullback to the averages. Don’t fight the downtrend though, rallies will be selling opportunities.
ZC(z23) - Corn
Bulls +4.80
Bears -4.64
***Corn has shown more choppy price action, but the Bears scored a solid victory this week. Friday gave us a close at new Yearly lows so look for this market to keep pushing lower. Selling pressure will pick up speed with early offers below $4.64.
Economic Calendar (EST)
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