Go Futures @gofutures-blog - Tumblr Blog

Go Futures Market Update

LIVESTOCK:

August live cattle closed up $0.27 at $124.45 today. Prices closed near mid-range. If there is more selling pressure in the near term without a significant price rally in between, then a bearish double-top reversal pattern would form to suggest a market top is in place. But right now the cattle market bulls still have the firm overall near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid resistance at the contract high of $127.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $120.00. First resistance is seen at $126.00 and then at $127.00. First support is seen at this week's low of $122.80 and then at $121.80.

August feeder cattle closed down $0.67 at $154.12 today. Prices closed nearer the session low today. The feeder cattle bulls still have the overall near-term technical advantage but have faded this week. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the contract high of $163.50. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $150.00. First resistance is seen at $155.00 and then at today's high of $156.85. First support is seen at today's low of $153.05 and then at this week's low of $151.70.

August lean hogs closed up $0.72 at $81.45 today. Prices closed nearer the session high today. Bulls have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $84.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $78.00. First resistance is seen at this week's high of $82.00 and then at the contract high of $82.70. First support is seen at today's low of $80.55 and then at $80.00.

GRAINS:

December corn futures closed down 1/2 cent at $4.02 today. Prices closed nearer the session low today after hitting a 12-month high early on. This market has broken out on the upside of a sideways trading range. However, today's low-range close suggests the bulls have become tired and need a rest. Dry and very hot weather forecast for the U.S. Corn Belt in the coming several days has boosted the bulls this week. The first significant weather market of the season is occurring. Bulls have the overall near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $4.22 3/4, which is the 2016 high. The next downside price breakout objective for the bears is pushing and closing prices below solid support at this week's low of $3.90. First resistance is seen at $4.05 and then at today's high of $4.09. First support is seen at $4.00 and then at Wednesday's low of $3.96 1/4.

November soybeans closed up 7 1/2 cents at $9.43 1/4 a bushel today. Prices closed near mid-range today and saw more short covering. The bean bears still have the overall near-term technical advantage. However, with corn's recent price strength it's very likely soybeans have put in a market bottom. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at $9.70 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $9.15 1/2. First resistance is seen at today's high of $9.50 3/4 and then at $9.60. First support is seen at today's low of $9.35 3/4 and then at $9.30.

December soybean meal closed up $0.80 at $309.90 today. Prices closed nearer the session low. The meal bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $320.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $300.00. First resistance comes in at today's high of $313.90 and then at $315.00. First support is seen at $306.40 and then at $305.00.

December bean oil closed up 34 points at 32.25 cents today. Prices closed nearer the session high on short covering. The bears still have the firm overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 33.50 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 31.00 cents. First resistance is seen at today's high of 32.40 cents and then at 32.64 cents. First support is seen at 32.00 cents and then at today's low of 31.77 cents.

December Chicago SRW wheat closed up 2 1/2 cents at $4.82 1/2 today. Prices closed nearer the session low today and hit a five-week high early on. More short covering was featured. The bears still have the overall near-term technical advantage but the bulls are having a good week to suggest a market bottom is in place. Wheat bulls' next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the May high of $4.94 3/4. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the April low of $4.54 3/4. First resistance is seen at today's high of $4.90 1/2 and then at $4.94 3/4. First support is seen at $4.80 and then at $4.71 3/4.

December HRW wheat closed up 6 cents at $4.94 today. Prices closed near mid-range today and hit a four-week high. The bears still have the overall near-term technical advantage, but it appears a market bottom is in place. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the April high of $5.09. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the May low of $4.63. First resistance is seen at today's high of $5.01 3/4 and then at $5.09. First support is seen at today's low of $4.89 1/2 and then at $4.82.

December oats closed down 4 1/2 cents at $2.32 today. Prices closed nearer the session low and scored a bearish outside day down on the daily bar chart today, after hitting a three-month high early on. Bulls still have the overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $2.20. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the contract high of $2.43. First resistance lies at $2.35 and then at $2.38 3/4. First support is seen at $2.30 and then at today's low of $2.29.

SOFTS:

July sugar closed up 20 points at 14.34 cents today. Prices closed nearer the session high today and saw more short covering in a bear market. Prices last week hit a 15-month low. The sugar bears have the solid overall near-term technical advantage. Bulls' next upside price breakout objective is to push and close prices above solid technical resistance at 16.00 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at the 2016 low of 13.14 cents. First resistance is seen at today's high of 14.45 cents and then at 14.75 cents. First support is seen at 14.00 cents and then at last week's low of 13.63 cents.

July coffee closed up 70 points at 126.45 cents today. Prices closed nearer the session high today. The coffee bears have the solid overall near-term technical advantage as prices hover near the recent contract low. Prices are in a four-month-old downtrend on the daily bar chart. There are no early clues of a market bottom being close at hand. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the May high of 137.75 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 120.00 cents a pound. First resistance is seen at 128.00 cents and then at 130.00 cents. First support is seen at the contract low of 125.25 cents and then at 122.50 cents.

July cocoa closed up $4 at $1,967 a ton today. Prices closed nearer the session low today on tepid short covering. The cocoa bears have the overall near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the March high of $2,188. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the contract low of $1,756. First resistance is seen at $2,000 and then at today's high of $2,053. First support is seen at this week's low of $1,927 and then at $1,900.

July cotton closed up 31 points at 76.10 cents today. Prices closed nearer the session high on short covering after hitting another two-month low early on today. The cotton bulls and bears are on a level overall near-term technical playing field, but the bears still have momentum on their side. The next upside price breakout objective for the cotton bulls is to produce a close above solid technical resistance at 80.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the April low of 75.35 cents. First resistance is seen at this week's high of 77.03 cents and then at 77.50 cents. First support is seen at today's low of 75.61 cents and then at 75.35 cents.

July orange juice closed up 640 points at $1.3830 today. Prices closed near the session high on short covering. The FCOJ bears still have the solid overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.5000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.2500. First resistance is seen at last week's high of $1.4070 and then at $1.4300. First support is seen at $1.3500 and then at today's low of $1.3175.

July lumber futures closed up $4.50 at $362.40 today. Prices closed near mid-range. The bears still have the overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $335.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $368.00. First resistance is seen at today's high of $364.10 and then at $368.00. First support is seen at today's low of $360.50 and then at $355.00.

METALS:

August gold futures closed down $14.40 an ounce at $1,278.80. Prices closed nearer the session low today on more profit taking after hitting a seven-week high on Tuesday. The gold bulls still have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today's high of $1,291.50 and then at $1,300.00. First support is seen at today's low of $1,273.50 and then at 1,260.00.

July silver futures closed down $0.205 at $17.415 today. Prices closed nearer the session low and saw more profit taking after hitting a six-week high on Tuesday. The silver market bulls still have the slight overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.75. First resistance is seen at this week’s high of $17.745 and then at $18.00. Next support is seen at today's low of $17.285 and then at $17.00.

July N.Y. copper closed up 570 points at 260.85 cents today. Prices closed near the session high and closed at a five-week high close today. The copper bulls have gained the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 247.25 cents. First resistance is seen at 261.05 cents and then at 263.00 cents. First support is seen at 257.50 cents and then at today's low of 254.30 cents.

ENERGIES:

July Nymex crude oil closed up $0.03 at $45.75 today. Prices closed near mid-range and hit a four-week low today, following big losses Wednesday in the wake of a very bearish weekly U.S. storage report. The bears have the firm overall near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at $50.00. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at the May low of $44.13. First resistance is seen at today's high of $46.18 and then at $47.00. First support is seen at today's low of $45.20 and then at $45.00.

July heating oil closed up 92 points at $1.4254 today. Prices closed near mid-range today and did hit a four-week low. The bears have the firm overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at $1.5500. Bears' next downside price breakout objective is producing a close below solid technical support at the May low of $1.3846. First support lies at today's low of $1.4098 and then at $1.3846. First resistance is seen at today's high of $1.4405 and then at $1.4700.

July (RBOB) unleaded gasoline closed up 6 points at $1.4919 today. Prices closed nearer the session low today and hit a four-week low. The bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $1.6000. Bears' next downside price breakout objective is closing prices below solid support at the May low of $1.4731. First resistance is seen at Wednesday's high of $1.5351 and then at this week's high of $1.5614. First support is seen at today's low of $1.4869 and then at $1.4731.

July natural gas closed up 0.9 cents at $3.029 today. Prices closed near mid-range. Bears have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.30. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of $2.888. First resistance is seen at this week's high of $3.095 and then at $3.15. First support is seen at $3.00 and then at this week's low of $2.935.

STOCKS :

FINANCIALS, CURRENCIES: The September Euro currency closed down 46 points at 1.1268 today. Prices closed nearer the session low today on profit taking. The bulls have the overall near-term technical advantage. Prices are still in a two-month-old uptrend on the daily bar chart. Euro bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the November spike high of 1.1450. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.1000. First resistance for the Euro lies at 1.1300 and then at today's high of 1.1327. Next support is seen at today's low of 1.1255 and then at 1.1200.

The September Japanese yen closed down 255 points at .91190 today. Prices closed nearer the session low today. Bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid resistance at the April high of .93025. Bears' next downside breakout objective is closing prices below solid technical support at .89000. First resistance is seen at this week's high of .92045 and then at .92500. First support is seen at .90500 and then at .90000.

The September Swiss franc closed down 39 points at 1.0390 today. Prices closed nearer the session low on profit taking after hitting a six-month high on Tuesday. The Swissy bulls have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0600. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0275. First resistance is seen at today's high of 1.0439 and then at this week's high of 1.0467. First support is seen at 1.0360 and then at 1.0325.

The September Australian dollar closed up 1 point at .7535 today. Prices closed nearer the session high and closed at a six-week high close today. The bulls have the overall near-term technical advantage. Bulls' next upside price breakout objective is closing prices above solid chart resistance at .7650. The next downside breakout objective for the bears is to produce a close below solid technical support at last week's low of .7362. First resistance is seen at this week's high of .7557 and then at .7600. Next support is seen at Wednesday's low of .7490 and then at .7447.

The September Canadian dollar closed up 8 points at .7418 today. Prices closed near mid-range today. Bears have the overall near-term technical advantage, but a bullish falling wedge pattern has developed on the daily bar chart. Bulls' next upside price breakout objective is producing a close above chart resistance at the April high of .7575. The next downside price breakout objective for the bears is closing prices below solid technical support at .7325. First resistance is seen at this week's high of .7462 and then at the May high of .7483. First support is seen at last week's low of .7397 and then at .7375.

The September British pound closed down 25 points at 1.2968 today. Prices closed nearer the session low today. The bulls still have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the May high of 1.3092. Bears' next downside technical breakout objective is closing prices below solid support at 1.2700. First resistance is seen at this week's high of 1.3018 and then at 1.3092. First support is seen at 1.2929 and then at last week's low of 1.2814.

The September U.S. dollar index closed up 0.272 at 96.750 today. Prices closed nearer the session high on short covering after hitting a six-month low on Wednesday. The bears still have the firm overall near-term technical advantage. The bulls' next upside price breakout objective is to close prices above solid technical resistance at 98.500. The next downside price breakout objective for the bears is to produce a close below solid technical support at the November spike low of 95.800. Next resistance lies at today's high of 96.880 and then at 97.000. First support is seen at today's low of 96.350 and then at this week's low of 96.210.

September U.S. T-Bonds closed down 9/32 at 154 7/32 today. Prices closed near mid-range on more profit taking after hitting a contract high on Tuesday. Bond bulls still have the solid overall near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 151 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at the April high of 157 even. First resistance is seen at today's high of 154 21/32 and then at 155 even. First support is seen at today's low of 153 28/32 and then at 153 16/32.

September U.S. T Notes closed down 5.5 32nds at 126.11.5 today. Prices closed near mid-range today on more profit taking after hitting a contract high Tuesday. The bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 128.00.0. The next downside price breakout objective for the bears is producing a close below solid technical support at 125.16.0. First resistance is seen at today's high of 126.18.0 and then at 126.25.0. First support is seen at today's low of 126.07.0 and then at 126.00.0.

GENERAL STOCK MARKET COMMENT:

The U.S. stock indexes closed firmer today. Big marketplace events that took place Thursday saw FBI director James Comey testify to the U.S. Senate. Comey on Wednesday released a prepared text for his statement to the Senate. Comey’s remarks Thursday were deemed by most as not seriously damning to President Trump. Still, Comey’s question-and-answer session did not put the President in a good light at all. The European Central Bank held its regular monetary policy meeting Thursday and did not make any changes. ECB president Draghi’s press conference was scrutinized for clues on futures ECB policy moves, but was not a big markets-mover. Finally, there are U.K. general elections Thursday, the results of which are not yet out. It is expected that the ruling party of Prime Minister Theresa May will win. The key outside markets on Thursday saw the U.S. dollar index higher on a corrective and short covering rebound after hitting a six-month low Wednesday. The greenback bears are still in firm near-term technical control as dollar index prices are in a three-

month-old downtrend. The other ìoutside marketî on Thursday saw Nymex crude oil futures prices slightly higher after Wednesday's steep sell off that produced fresh near-term technical damage. A bearish weekly U.S. liquid energystocks report dropped the oil market Wednesday. The oil market bears have the firm overall near-term technical advantage as prices are well below $50.00 a barrel.

The September Nasdaq stock index futures closed up 12.00 at 5,899.25. Prices closed nearer the session high and hit another contract and record high. The bulls have the strong overall near-term technical advantage. There are no early technical clues that a market top is close at hand. Bulls' next upside price breakout objective is closing prices above solid resistance at 6,000.00. The bears' next downside price breakout objective is closing prices below solid technical support at 5,650.00. First resistance is seen at the contract high of 5,905.75 and then at 5,925.00. First support is seen at this week's low of 5,853.50 and then at 5,827.75.

The September e-mini S&P 500 futures stock index futures closed up 2.00 at 2,431.75. Prices closed near mid-range. Prices hit a record and contract high last week. The bulls have the strong near-term technical advantage. There are no early chart clues of a market top being close at hand. Bulls' next upside price breakout objective is closing prices above solid resistance at 2,500.00. The next downside price breakout objective for the bears is closing prices below solid support at last week's low of 2,344.50. First resistance is seen at the contract high of 2,437.00 and then at 2,450.00. First support is seen at this week's low of 2,421.75 and then at 2,410.00.

* Disclaimer: there is a substantial risk of loss in futures and options trading.

**This newsletter was created by a 3rd party and Go Futures does not endorse, approve, certify, or control these contributions and does not guarantee the accuracy, completeness, efficacy, or timeliness of information located within. Use of any information obtained from such sites is voluntary, and reliance on it should only be undertaken after an independent review by qualified experts. Reference therein to any specific commercial product, process or service does not constitute or imply endorsement.

#futures trading #stock market #stocks to buy now #livestock #options trading

Trending Blogs

Recently Viewed Blogs

Go Futures