I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
New contract highs and closes in both Feeder and Live Cattle on Tuesday. Feeders did leave a gap on the charts, leaving Monday’s highs as a downside target. Lean Hogs rallied, as well, making a bullish breakout and closing at about 2 month highs. Wheat continues to weigh on Grain markets, with Chicago shedding over 5 cents overnight and KC setting new contract lows. Soybeans are near the top of the trading range that they’ve had for the past year or so. Without a bullish boost of news, this may fade lower. Soymeal continues to trade lower in a range between the 50- and 100-day averages. Soybean Oil got a strong bullish move late last week, but has been sliding lower all week. This is the one market that has had a legitimate bullish trend in the Grain/Soy group.
My charts indicate a new trade signal in E-Mini S&P futures this morning.