I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Today the Fed makes their long-awaited September interest rate announcement this afternoon at 1 PM CT. Will it be the 1/4 point cut that “everyone” expects, or will the Fed drop another September Surprise and drop them by 1/2 point, like last year? Stay tuned to find out!
Live and Feeder Cattle failed to add to the strong gains from Monday and both settled a little lower. Feeders did manage to post higher highs and higher lows, in relation to Monday’s trade and didn’t do any damage to the charts that I watch. Live Cattle posted an inside day on the chart. Perhaps just a bit of “Turnaround Tuesday” trade, but the bulls will need to regain solid control today. Lean Hogs got hit with a profit-taking wave, pushing prices just below 10-day moving average support. Grains were higher on Tuesday, as Corn, Soybeans and Wheat all posted strong gains. Corn seems bullish to me, Beans are trying to be bullish and Wheat may be making harvest lows.
My charts indicate new trade signals in Wheat, Crude Oil and Heating Oil (diesel) futures this morning.