Silver
Technicals (December - Z)
Silver's pullback aligns with the roll from September to December which carried a hefty premium 40 cents.
Silver futures corrected over 2% in the overnight session after analyst downgrades of the Chinese economy weighed on Copper prices. Futures will need to remain above 28.66 to keep the bullish theme alive. Any close below that...
Gold
Technicals - (December - Z)
Gold futures came under slight pressure in the overnight session, with weakness in outside metals, strength in the Dollar, and an uptick in two-year treasury yields also contributing. Futures continue to maintain their upward trajectory, with 'dip buyers' still active in the markets. Futures will need to preserve the August 22...
Wheat
Technicals (December)
The 20-day moving average was the theme for many markets on Friday, and wheat was not exempt. The market staged an impressive rally to close out the month, but there are still technical headwinds for the market. The key price pocket to keep an eye on to start this week's trade comes in from 539 1/2-542 1/4. The Bulls will need to...
Soybeans
Technicals (November)
November soybeans have been mixed in the overnight and early morning trade, but the short-term trend of higher lows and higher highs remains intact. Friday's move out above the 20-day moving average was the first of its kind since May 28th, which is also near where trendline resistance started to form. If the Bulls can use these...
Corn
Technicals (December)
It's the first trading day of a new month and so far, it's been rather mute, but that could change when we get more participation at the 8:30 open. Last week, December corn futures were able to chew through and close above trendline resistance and the 20-day moving average, for the first time since July 25th. The move above here has...
E-mini S&P (September) / E-mini NQ (September)
S&P, last week’s close: Settled 5661.00, up 51.00 on Friday and 8.50 on the week
NQ, last week’s close: Settled at 19,623.00, up 229.75 on Friday and down 167.75 on the week
The page has turned to September, but the choppiness that characterized last week remains. E-mini S&P and E-mini NQ futures are off...
WTI Crude Oil (October)
Last week's close: Settled at 73.55, down 2.36 on Friday and 1.28 on the week
Last Friday’s sharp sell-off in the Crude complex came on the heels of a Reuters report that stated OPEC+ was planning on moving ahead with production increases. Momentum in the Crude complex is currently to the downside. WTI is off around -2% this morning...
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled 5637.00, down 15.00
NQ, yesterday’s close: Settled at 19,591.25, down 199.25
E-mini S&P and E-mini NQ futures consolidated lower on Monday in a healthy manner. Despite a dovish Fed Chair Powell at Jackson Hole Friday and bursts of strength across the indices in response to his tone,...
Soybeans
Technicals (November)
Soybeans are attempting to bottom out, defending the lows from two weeks ago. The market is trading back in our pivot pocket, but what the Bulls really want to see a close above resistance from 984 3/4-991 to spur a bigger move. As mentioned yesterday, trendline resistance and the 20-day moving average are continuing their rapid...
E-mini S&P (September) / E-mini NQ (September)
S&P, last week’s close: Settled 5652.50, up 58.50 on Friday and 74.25 on the week
NQ, last week’s close: Settled at 19,790.75, up 212.50 on Friday and 185.00 on the week
Fed Chair Powell delivered his keynote speech at Jackson Hole Friday morning. As expected, he gave the nod to a path of interest rate cuts...
Crude Oil (October)
Last week’s close: Settled at 74.83, up 1.82 on Friday and down 0.71 on the week
Crude Oil rose sharply overnight after an Israeli strike on Hezbollah targets in Southern Lebanon, and Libya’s eastern government said it will halt exports.
The two events, while unrelated, are the main cause for the sharply higher trade in Crude Oil this...
Crude Oil (September)
Last week’s close: Settled at 76.84, up 0.65 on Friday and 3.32 on the week
Crude Oil futures are higher by about 1% as geopolitical tensions in the Middle East run hot and Israel prepares for an attack by Iran. Inflation data from China Thursday night was also stronger than expected, and there seems to be positive momentum amid such a...
E-mini S&P (September) / E-mini NQ (September)
S&P, last week’s close: Settled 5370.25, up 22.00 on Friday and down 5.75 on the week
NQ, last week’s close: Settled at 18,616.00, up 90.75 on Friday and 59.75 on the week
Inflation and the consumer will be front and center this week, but we also see equally important anecdotes driving markets, which I will get to...
Lean Hogs
Technicals (October - V)
October lean hogs traded lower in yesterday's session, but it did little to alter the technical landscape as the market continues to consolidate between trendline resistance and support. So long as the Bulls can defend 74.90-74.45, we think this could setup for a good risk/reward trade to the upside. With that said, a break...
Feeder Cattle
Technicals (August - Q)
August feeder cattle futures posted their second consecutive inside day (trading within the previous day's range). Despite the consolidation in the last two sessions, the RSI remains in oversold territory with a reading of 26.12, the lowest since last November, which was right before the last dip lower before posting a low...
Live Cattle
Technicals (October - V)
October live cattle futures continued to trade in a choppy manner but did tack on some gains at the close. Fear in the outside markets has subsided some which has calmed the nerves some. First resistance for today's trade comes in from 180.575-181.175. If the Bulls can chew through that pocket a retest of the 50%...
Crude Oil (September)
Yesterday’s close: Settled at 75.23, up 2.03
Price action in WTI Crude Oil Futures settled at the 75.12-75.27 resistance pocket, which now stands as our Pivot and point of balance. We may have seen a shift favoring the bulls in the near term as long as price action can build a floor at the 74.45-74.60 mark. However, if support is...
E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled 5227.50, down 38.75
NQ, yesterday’s close: Settled at 17,966.50, down 212.50
Equity markets fell precipitously in the second half of yesterday’s session, finishing at Monday’s intraday low. From yesterday’s high, this was a 3.5% move into the overnight for the E-mini S&P and more...
