June S&P Futures The S&P market traded in a narrow range in today’s session. The 20 period daily ATR (average true range) which checks in at over 34 pts contracted on a one day measurement to a mere 2pts (open to close). Of other note is the fact that the June contract settled within a pitching wedge of …
Livestock Report
Live Cattle The June Live Cattle contract is now the lead contract as the volume is greater here than in April. June made another new low for the down move, trading to a low of 108.90 on Tuesday, March 20, 2018. It ended the day nearby at 109.05. It ended the day below trendline support (109.25) and above the 108.65 …
AG
The Beans and Meal finished the day with modest gains. The market is looking at rainfall in ARG. The Brazilizn crop is being harvested on a very quick pace. The availability is high and the sales have been huge. Meaning the Brazilian exports are moving. The next three to four months the US will take a back seat. The one …
Metals Slide on Equity and USD, Long Opportunity?
Metals trended lower today given the upcoming FOMC meeting, a rally in the stock markets and increase in the USD. All metals fared similarly down between 1/2 to 1%. Silver is getting down near a long term support, approaching $16, which could be a good entry point for bulls as the white metal has traded between $16-$17 since the beginning …
Tri-Tanic: May Crude Oil
May Crude Oil I’ve been watching the crude market form what I believe to be a b wave triangle. I don’t think it is quite complete at this juncture. In my opinion we have recently run up to complete the c wave of the a-b-c-d-e pattern. I am patiently waiting for the d and e to materialize. This …
Livestock Report
Live Cattle The April Live Cattle contract made a new low for the down move, trading to a low of 120.125 on Monday, March 19, 2018. It ended the day nearby at 120.45. It ended the day below the 120.50 support level. A breakdown below 120.125 could see price test the 119.15 support level and then the 200 DMA at …
Ag Recap Volatility
The Soy complex was under pressure. The beans and meal were the leaders. The market is responding to a couple things,in my opinion. First, Argentina received rains. Second, the market appears concerned that the Presidents tarrifs could cause some trade issues and possible retaliation. Last, the export sales were smaller than anticipated and that is causing concern. The question is …
Gold Awaiting Fed Meeting
Gold started the day in the red before going green into the afternoon. The FOMC is meeting later this week and forecasts are for them to raise rates by a quarter point. Any divergence from that forecast would see volatility for gold. With the strong economic releases last week, the realistic, but still unlikely, scenario that would diverge from expectations …
Livestock Report
Live Cattle The April Live Cattle contract opened at 121.925 and ticked higher to the session high at 122.15, which is right at the upward sloping trendline (122.15) on Friday, March 16, 2018. It failed at the trendline and traded lower for the remainder of the day, making the low at the end of the session at 120.875. It ended …
Ag Recap
The Bean market was unable to push to new lows over the last two sessions. Now we are awaiting the weekend and a look at the Argentinian moisture levels. In my opinion the markets look for the news they want. Meaning we have been rallying based on the weather, if the funds want to buy they will site the weather. …