ES(h24) - S&P 500
Bulls +4660
Bears -4645
***The S&P has spent the last two weeks in a 60 point range. The market has been accepting of the 11% markup we saw during November. Price has held steady meaning participants are accepting of the new levels. Early bids this week above +$4660 will keep the Bulls running higher. Big news in the week ahead includes more Inflation data and an FOMC meeting.
***Rollover from the December (z23) contract to March (h24).
CL(f24) - Crude Oil
Bulls +71.60
Bears -70.25
***Crude Oil prices continued to slide last week, trading at levels we haven’t seen since last Summer. Price is a bit stretched to the downside so I anticipate a relief rally in the week ahead. Pullbacks to the mid $70s are likely to be met with more selling pressure. Bears are in control of this downtrend.
GC(g24) - Gold
Bulls +2030
Bears -2020
***Gold prices saw record high prices print on last weekend’s Sunday open, but it was met with a week's worth of selling. The major rejection of those prices makes me question if there is any upside left. Seems like a climax top may be in, rallies will be sold into.
LE(g24) - Live Cattle
Bulls +166.25
Bears -165.00
***Cattle prices continued to get slashed. We have seen over a -15% discount off the contract high printed in September. Look for a relief rally in the week ahead as Bears are taking profits. Rallies will be short lived though, look for the selling to resume in the $1.70s.
GF(f24) - Feeder Cattle
Bulls +216.60
Bears -214.50
***Same story different name. Feeders have printed contract highs and contract lows in less than 3 months. Rallies from here are likely as we are very oversold, but the selling is far from over. Rallies won’t last long.
ZC(h24) - Corn
Bulls +4.94
Bears -4.83
***Corn prices continue to stay in a tight choppy range. Bears have the upper hand in this market, but price is in a hurry to get no where. Closes below $4.83 may bring in more selling pressure, but careful of getting chopped in the low volatility.
Economic Calendar (EST)
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