September Soybeans Pre-open action sees the bean contract slip below weekly speed-line throwback support at +/- 984 to post low of 978. Prices can’t hold beneath 984 and claw their way back to finish at 994.4. For now a hold above 984.4 will keep things stable. Minor overhead resistance checks in at +/- 998. A press above targets …
Livestock Report
Live Cattle The October Live Cattle contract broke down below the 200 DMA (114.65) on Tuesday July 25, 2017, making its way down to test support at the July 6th low (112.425) with the session low at 112.65. A break down below the July 6 low could see price test support at 110.925. Resistance is at the 200 DMA. On …
Head Fake: September Soybeans Complex
September Soybeans A violent overnight spike followed by substantial rejection plays out in the bean market today. Contract peaks above 10225-1026 resistance level discussed in yesterday’s post only to get punched in the chin as prices retrace all gains and decline into negative territory. Cross zone support at +/- 999 gives way in afternoon trading and prices go …
Currency Yen Crosses
Yes of course Walsh covers currencies by ARP for those of you so inclined. It may be I am reaching out to a VIP due to email problems or that some of US are on vacation. Here are a few charts since I looked at these futures. Brazil is also at a small olive indicator so do not get bulled …
Early Week Action: Soybean Complex
September Soybeans The contract looked vulnerable at the end of last week and they showed that by gaping lower to 1004.6 below channel-line support. Prices breakdown to 990.6 peaking below speed support line spoke of in Friday’s posting. Level holds and contract recovers to finish at 1002.4. I believe the structure still points to lower prices. …
Macro Monday
Grains- Weather moderates and grains of course are lower. While there should be a rally into August is my guess right now we have to shake the tree. If Farmers have not sold any grain on that 11% soybean 11 day rally, then you need help. Meats- Watch levels cited were funds head for the exits. Coffee- voice last week …
Weekend wrap
Good Morning Farmers, Commercials and Traders, Part of being a successful trader requires having levels that you confident about, followed by a trading methodology that allows you to shoot bigger with a tighter risk profile. Last month gave a precise example with soybeans where, for instance if you were a 10 lot trader you might buy 5 @ OLB#1 thin …
Weekly Gold Report
Gold finished the week with its biggest weekly gain in two months on Friday. August gold futures settled 1254.9, up $27.10 for the week. September silver settled 1645.5 up .52 cents for the week. The rally this week comes on two fronts. First, a surging euro pushed the dollar to its weakest since June 2016, making bullion cheaper for holders …
Soybean Complex: Recent Technical Developments
September Soybeans The bean market held trend-line support at 999.4 before pressing higher, as suggested, reaching first line resistance at 1018 following thru to post a high of 1022.2 then easing slightly to finish at 1018.2. Continued upside action will test cross zone resistance at +/- 1028. This area marks the extended weekly ATR reading. A close/hold above …
Hog-Dog days ahead?- get a game plan
I have made this clear but here I share some levels going into the weekend. I like to think ahead of time how this will start to look and from that some trading ideas will come from that. Bonds today 3 off high had a sell going into Friday but didn’t even hang in today without dropping back to steady, …