ES(z23) - S&P 500
Bulls +4574
Bears -4560
***The S&P 500 and other indexes managed to hold their gains throughout the short holiday week. Price has been overextended for some time so offers below -$4560 should push price back to the averages. However sell-offs will be short lived as the next dip should offer a good buying opportunity going into year end.
CL(f24) - Crude Oil
Bulls +78.00
Bears -75.00
***Crude Oil has been in a nice downtrend since early October. Bears are in control and should push price back to the $70-72 area. If that level fails to hold then we could see a quick move down into the mid $60s. Bulls only hope for now is for the $70-80 range to hold price steady.
GC(z23) - Gold
Bulls +2004
Bears -1990
***Gold Bulls are showing strength while managing to hold price above $2000 to close the holiday week. Early momentum above +$2003 should keep the uptrend rolling higher, but this area has been a tough one to crack. Offers below -$1990 will keep price stuck in the $1940-2000 range.
LE(g24) - Live Cattle
Bulls +173.70
Bears -170.50
***The holiday week was not very forgiving to the Fat cattle market. Price failed to make any new highs and gave up a chunk to close the week. The downtrend is rolling, stay short or stay out. Price should keep drifting lower in the week ahead.
GF(f24) - Feeder Cattle
Bulls +223.75
Bears -219.25
***The Feeders suffered a tough week with four consecutive down days. We are seeing prices that haven’t traded since last spring showing the Bears are in control still. The downtrend is rolling, look for price to keep drifting lower into the week ahead.
ZC(z23) - Corn
Bulls +4.65
Bears -4.63
***Corn continues to show weakness but also has yet to make any meaningful moves. Price feels heavy and should continue pushing lower. However breakouts in this market are failing to stick so we could see range trade between $4.60-4.80 continue.
Economic Calendar (EST)
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