Soybeans July soybeans are putting up a fight at previously defined cross zone support. A noble attempt indeed. However, the structure of this redound appears non-impulsive and corrective in nature. This would lead me to believe that it is unsustainable. First line of contention comes in at 928.2 to 929.0. A convergence of a channel line, fib retracement and 4th …
Ag Commentary
The summer market has begun. Volatility will be a part of the equation as mentioned before. The rally today was sparked by concerns over a modest amount of heat in certain parts of the country. Also the Dakotas need some moisture. Overall a fairly normal start of the bean planting window.The corn acres are a question and additional bean acres …
Soybean Complex: An Eye on Technicals 6/1/2017
Soybeans July soybeans struggle to gain any footing after fighting off the 910-900 cross support zone. An unimpressive and sloppy rebound runs outta steam at 920.6. I interpret this failed advance as a fourth wave correction of a lower degree. This would in turn foreshadow a violation of recent lows targeting 902.o to 898.0. This extension …
Livestock Report
Live Cattle The August Live Cattle opened (121.975) higher on Thursday, June 1, 2017, and proceeded to trade past resistance levels on its way to a limit up move in the futures contract. Spurred by aggressive cash bids early in the trading session, the futures market took out resistance at the 122.775 level and then the 21 DMA (123.625) fell. …
Livestock Report
Live Cattle The August Live Cattle gap opened (120.35) higher on Wednesday, May 31, 2017, reversed lower and closed the gap (yesterday’s high 120.10) trading to the low for the day at 119.875, then rallied the rest of the day. It reached the high at the end of the trading session, trading up to 121.90. The fedcattleechange auction, which is …
Soybean Complex Early Week Action (a closer look)
Soybeans Now that July soybeans has reached the first support zone, as discussed in earlier posts. It is prudent to examine the smaller time frames to look for clues to the upcoming price action. There appears to be a potential forth wave triangle developing (subset wave). A failure to breach 919.2 would result in another wave lower to complete …
Daily Gold Report
Gold continued its ascent Tuesday posting solid gains to end the month. Gold has finished lower for the month of May the last five years but today’s rally broke that streak showing modest gains month on month of just over $3.00. What is more impressive is that gold has rallied over $57.00 since making a monthly low of 1214.3 on May …
Windy City Jim’s – Daily Trade Recommendations (05/31/17)
Futures Day Trading Signals (Thursday June 1, 2017) Author: Windy City Jim 312-948-9456 NEVER RISK MORE THAN YOU CAN AFFORD TO LOSE. CALL FOR RECOMMENDATIONS ON PROTECTIVE STOPS. SEE FULL DISCLAIM ON FUTURES TRADING AT THE BOTTOM. WE ONLY ENTER THE MARKET IF THE PRICE HITS THE BUY OR SELL POINT BUY SIGNAL Commodity : July Wheat Previous Closing Price : 429 1/4 …
Ag Commentary
Quiet day overall. The markets settled either side of unchanged. We have pushed to lows not seen in approx. one year. To break through may need to take some more bearish news. Although the weather looks fairly decent. The talk in the arena is that 1-1.5 million corn acres are due for replant or switching. In addition the Chinese market, especially …
Coffee: A Bitter Cup?
Yesterday’s post suggested a potential bottom was in place marking the low of an ending diagonal C wave. As discussed, the critical level to hold was marked at 129.50. The risk reward projection was estimated at a lofty 9 to 1 ratio. However, today’s action has closed below the critical level. Discipline must prevail. At this point structure needs to be …