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Cattel futures posted strong gains to start off the week, with both Live Cattle and Feeder Cattle futures putting up bullish engulfing patterns on the the charts. Certainly not a limit up move like last Monday. Technicals may be turning more bullish as traders look forward to this Friday’s Cattle on Feed report. Estimates that I’ve seen would be bullish, in my opinion, but I’ll share those here later this week. With the exception of Corn, Grain/Soy contracts erased all of Friday’s losses and posted bullish engulfing patterns, as well. Corn rallied, too, but trading volume was relatively low and it wasn’t able to get through Friday’s trading range. Today is “Turnaround Tuesday” so don’t be surprised if the markets don’t have a hugely bullish follow-through today. If they do, it’s even more bullish, to my eye. Lean Hogs have posted conflicting buy/sell signals on my chart in consecutive sessions. That’s an unusual occurrence. Based on the Doji posted on yesterday’s Hog chart, I’d think it would be better to have a Buy Stop above and a Sell Stop below yesterday’s trading range, for those looking to establish new positions.
My charts indicate new trade signals in Lean Hogs, Wheat, KC Wheat, 30 Yr T-Bond, E-Mini S&P 500 and Dow Jones futures this morning.