ES(z23) - S&P 500
Bulls +4540
Bears -4502
***We saw an impressive rally following the CPI data with some balanced action to close the week. There has been a nearly 400 points of upside since the start of the month causing price to get overextended. We may see some quiet action with the short holiday week ahead, but the next leg is lower for this market as a pullback is due.
CL(f24) - Crude Oil
Bulls +76.20
Bears -75.00
***Crude Oil has continued the 4 week skid reaching down into the low $70s. All year long this area has provided good support in a range bound market. Prepare for a relief rally in the week ahead, but upside will be limited to $80.
GC(z23) - Gold
Bulls +1995
Bears -1982
***The $2000 mark proves to be a tough price level to hold as Gold prices failed to get above it. We could see a range carve out in the $1940-2000 area so be cautious of choppy conditions. Wait for a close beyond the edges before committing to long term positions.
LE(g24) - Live Cattle
Bulls +179.00
Bears -176.35
***Fat cattle prices spent last week digesting the recent sell-off. The downtrend is still intact but wait for rallies back to the low $180s before initiating new short positions. Price is still extended to the downside so upside will be limited. Rallies are selling opportunities.
GF(f24) - Feeder Cattle
Bulls +231.20
Bears -228.20
***Feeders also spent last week digesting the recent sell-off. Rallies will be selling opportunities, but price is a bit extended to commit to new shorts. The downtrend is rolling though so don’t try to pick up pennies in front of this steamroller.
ZC(z23) - Corn
Bulls +4.80
Bears -4.67
***Corn continues to see choppy action with a slight drift lower. The pressure is still to the downside but don’t let the low volatility chop you up. Look for shorts at the high end of the range or stay out.
Economic Calendar (EST)
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