Crude Oil (July)
Yesterday’s close: Settled 77.57, down 1.09
WTI Crude Oil futures are showing renewed life this morning, trading nearly 2% from the low through Asia’s open. In fact, commodities broadly were hit sharply during that timeframe. Soft economic data and hawkish Fed speak have been a headwind this week, but less of a draw than expected on yesterday’s...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5328.00, down 17.25
NQ, yesterday’s close: Settled at 18,786.75, down 12.50
All eyes were on NVDA’s earnings report yesterday, but the E-mini NQ was already up more than 7% on the month. Despite that strength and a new record high, price action became stagnant in the week leading into this...
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2392.9, down 33.0
Silver, yesterday’s close: Settled at 31.496, down 0.582
The metals complex was bludgeoned yesterday and given the late session selling, settlement prices do not do it justice. While risk management becomes more important than ever during times of uncertainty, pullbacks or...
Of the grains and oilseeds, soybean oil has been the clear laggard. Corn, wheat, soybeans, and even soybean meal have seen notable rallies over the course of the last 4-6 weeks. However, there are indications that may soon change. As ingredient buyers know, soybean oil typically trades at a significant premium to its rival palm oil. The chart below overlays a...
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2438.5, up 21.1
Silver, yesterday’s close: Settled at 32.426, up 1.167
Gold and Silver futures each set a fresh record high on Monday and have since consolidated in a large range, which is to be expected. This range is now well defined with major three-star resistance in Gold at 2448.8-2454.2 and...
Crude Oil (July)
Yesterday’s close: Settled 79.30, down 0.28
WTI Crude Oil futures started the week unenthusiastically with a failure at the psychological $80 mark that aligns with a key .382 retracement and fell short of pinging the 50-day moving average. OPEC+ instability was downplayed after the death of the Iranian President on Sunday, while prices have been...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5331.75, up 4.50
NQ, yesterday’s close: Settled at 18,763.00, up 127.75
Tech started the week off strongly with E-mini NQ futures notching a gain of +0.7% to the E-mini Dow’s loss of -0.5%. Chips led with usual suspects like NVDA and MU having banner sessions and the Semiconductor...
Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2394.9, up 35.0
Silver, yesterday’s close: Settled at 29.729, up 1.027
Gold futures secured the highest settlement since April 19th, while Silver took out its April high settlement and traded to the highest level since February 2021. Despite the underlying strength and a terrific week, one could...
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5333.00, up 63.50
NQ, yesterday’s close: Settled at 18,691.75, up 276.75
We have fresh record highs in the E-mini S&P and E-mini NQ futures. So, where to next? Let’s not put the cart in front of the horse; we MUST first break out decisively and close out above the previous record highs...
Gold (June) / Silver (July)
Gold, last week’s close: Settled at 2308.6, down 1.0 on Friday and 38.6 on the week
Silver, last week’s close: Settled at 26.69, down 0.139 on Friday and 0.845 on the week
Gold and Silver futures turned higher upon China’s open last night at 8:00 pm CT. It is important to remember China was on holiday late last week, which means a...
Crude Oil (June)
Last week’s close: Settled 78.11, down 0.84 on Friday and 5.74 on the week
WTI Crude Oil futures have trended with a lower high for five straight sessions and while trading below first key resistance at 79.49-79.63, it is gearing for the sixth straight session since the April 26th peak. Price action has now tested major three-star support at...
E-mini S&P (June) / E-mini NQ (June)
S&P, last week’s close: Settled at 5154.75, up 63.25 on Friday and 23.25 on the week
NQ, last week’s close: Settled at 18,000.75, up 351.00 on Friday and 155.00 on the week
E-mini S&P and E-mini NQ futures are pointing higher on the heels of a strong finish to last week, supported by a strong earnings report from Apple and...
Key Developments:
The E-Mini Nasdaq 100 futures contract has had a rough month in April. Some of this correction was due to fears surrounding higher interest rates and persistent inflationary pressures. However, we believe most of the weakness had to do with other technology stocks that had reported earnings prior to META, GOOG, and MSFT.
ASML, a semiconductor...
We've shifted our focus to the July futures contracts as the volume starts to increase there and decrease in May futures. May options expiration is this Friday, which means first notice day is next week. If you're in May futures, you may consider exiting or rolling those positions.
Corn
Technicals (July)
July corn futures have traded on both sides of...
Wheat
Technicals (May)
Wheat futures shot higher overnight but got stonewalled by what was previously trendline support (now resistance). A failure to close out above 550-555 keeps the Bear camp in control with a potential retest of the lows still in play. Further escalation in the Middle East could turn the tide back to Bullish.
Bias: Neutral/Bearish...
Soybeans
Technicals (May)
May soybean futures broke lower but found support at our 4-star support pocket which we've outlined in recent reports as 1128 1/2-1133 1/2. The Bulls need to see this pocket defended, a failure to do so could accelerate the selling pressure. Below this support pocket and prices are back in uncharted territory, the next support level...
Corn
Technicals (May)
May corn futures tested the low end of the range in yesterday's trade and have so far been able to defend it, with prices working back higher in the overnight and early morning trade. We still like the risk reward trade to the buy side from the low end of the range. A break and close support would neutralize that bias as it could put the...
Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2388.4, down 19.4
Silver, yesterday’s close: Settled at 28.40, down 0.024
Gold has traded fairly constructive on the week given Friday’s sharp reversal but the overhead supply resulting from this reversal is apparent at major three-star resistance at 2404.3-2408.5 and 2412.9-2414.8. A close...
