ES(h24) - S&P 500
Bulls +4789
Bears -4755
***The major indexes continued their rally last week closing at new yearly highs. We are spitting distance away from new all-time-highs so prepare for the Bulls to take a run at it. However, we are overbought so offers below -$4755 could send us back to the 20 day average to find support. The uptrend is serious so dips will be buying opportunities.
CL(g24) - Crude Oil
Bulls +72.60
Bears -71.60
***Crude saw a relief rally last week, pulling back towards our major moving averages. There could be a little more upside to go but Bears will pick up the selling when we reach the mid-$70s. The downtrend is still in good shape so don’t get married to any longs at these levels. I expect price to be back down into the $60s as we roll into the new year.
GC(g24) - Gold
Bulls +2060
Bears -2030
***Gold prices saw a nice rally following the FOMC meeting, but the Bulls ran out of momentum late in the week. The uptrend is still intact but there is blood in the water and the Bears are lurking. I anticipate more selling pressure to push us back towards $2000.
LE(g24) - Live Cattle
Bulls +169.80
Bears -167.50
***Cattle prices saw a much needed relief rally after two months of selling pressure. Upside will be short lived though, be ready for the Bears to pick back up if prices reach into the $170s. The downtrend is still in control, rallies will be selling opportunities.
GF(f24) - Feeder Cattle
Bulls +221.50
Bears -218.25
***Feeders also saw a relief rally last week after hitting contract lows to start the month. Price will start running into resistance as we trade in the mid-$220s. Rallies are selling opportunities, prepare for more downside. Bears are still in control of this market.
ZC(h24) - Corn
Bulls +4.84
Bears -4.78
***Corn continued its slow drift lower, but price isn’t getting very far. Expect more choppy action with a slight emphasis to the downside. Price will see resistance in between the 20 and 50 day averages but don’t be swinging for home runs.
Economic Calendar (EST)
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