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Livestock markets all traded slightly higher on Friday, with Live Cattle, Feeder Cattle and Lean Hogs all bouncing of of Fibonacci retracement levels. Live Cattle have held at their 38% retracement, while Feeders and Lean Hogs bounced away from the 50% marks. I’m not sure that was enough to halt the selling pressure from the past month and could have been profit taking on a Friday. Grains and Soy are starting the week off firmer, following weakness on Thursday and Friday of last week. Thursday was the “big bearish day” and while Corn, Soybeans, Soymeal and Wheat are all higher this morning, they’ll need a good push of further strength to take out Thursday’s highs. This week we’ll get WASDE and Crop Production data from the USDA on Friday, rather that the regularly scheduled Monday (today) release. Allegedly, the Govt shutdown is over, but it’s not “official” just yet as the Senate bill goes back to the House.
My charts indicate a new trade signal in Gold futures this morning.