LIVESTOCK: June live cattle closed up $1.62 at 106.82
today. Prices closed near the session high and scored a
bullish “outside day” up on the daily bar chart today. The
cattle market bears still have the slight overall near-term
technical advantage. However, prices have been trending
higher for five weeks, which hints that a market bottom is
in place.
May feeder cattle closed up $0.20 at $137.82 today. Prices
closed nearer the session high today after hitting a four-
week low early on. The cattle market bears have the firm
overall near-term technical advantage.
June lean hogs closed up $1.75 at $75.92 today. Prices
closed nearer the session high and hit a two-week high
today. The bears still have the overall near-term technical
advantage but the bulls gained some upside momentum today.
GRAINS: July corn futures closed up 2 cents at $4.02 3/4
today. Prices closed nearer the session high today. The
corn bulls have the overall near-term technical advantage.
Prices last Friday hit a nine-month high.
July soybeans closed up 8 1/2 cents at $10.20 a bushel
today. Prices closed nearer the session high and saw a
corrective bounce from Monday’s solid losses. Bulls and
bears are back on a level overall near-term technical
playing field. Prices are in a three-week-old downtrend on
the daily bar chart.
July soybean meal closed up $4.10 at $386.60 today. Prices
closed nearer the session high today. The meal bulls have
the firm overall near-term technical advantage.
July bean oil closed down 23 points 30.64 cents today.
Prices closed nearer the session low. The bears have the
solid overall near-term technical advantage.
July SRW wheat closed up 3 1/2 cents at $5.15 today. Prices
closed near mid-range. The bulls have the overall near-term
technical advantage. However, the bulls appear to have run
out of gas, at least for the near term.
July HRW wheat closed down 1 1/2 cents at $5.38 today.
Prices closed nearer the session low. The bulls still have
the overall near-term technical advantage, but now appear
to have run out of gas.
SOFTS: July sugar closed up 25 points at 11.57 cents
today. Prices closed nearer the session high, on short
covering. The sugar bears still have the firm overall near-
term technical advantage. Prices are in a four-month-old
downtrend on the daily bar chart. A bearish symmetrical
triangle pattern has also formed on the daily bar chart.
July coffee closed down 120 points at 119.55 cents today.
Prices closed nearer the session low. The coffee bears have
the firm overall near-term technical advantage and have
regained downside momentum this week.
July cocoa closed down $81 at $2,767 a ton today. Prices
closed near the session low, on profit taking. The cocoa
bulls have the solid overall near-term technical advantage.
July cotton closed down 32 points at 85.67 cents today.
Prices closed nearer the session low today, on more profit
taking, after hitting a contract high on Monday. The cotton
bulls still have the solid overall near-term technical
advantage.
July orange juice closed down 100 points at $1.6360 today.
Prices closed nearer the session low today, on profit
taking after hitting a 5.5-month high on Monday. Bulls have
the solid overall near-term technical advantage, but the
market is still short-term overbought and due for more of a
corrective pullback.
July lumber futures closed up $5.90 at $592.40 today.
Prices hit another contract and all-time record high today.
The bulls have the strong overall near-term technical
advantage. There are no early chart clues that a near-term
market top is close at hand.
METALS: June gold futures closed down $0.10 at $1,314.00
today. Prices closed nearer the session high. The gold
bulls and bears are on a level overall near-term technical
playing field. A close below major psychological support at
$1,300.00 would open the door to a larger leg down in
prices in the near term. However, right now it appears that
strong support level will hold, for now.
July silver futures closed down $0.02 at $16.47 today.
Prices closed nearer the session high today. The silver
bears have the overall near-term technical advantage.
July N.Y. copper closed down 235 points at 305.55 cents
today. Prices closed near mid-range today. The copper bulls
and bears are on a level overall near-term technical
playing field.
ENERGIES: June Nymex crude oil closed down $0.90 at
$69.79 today. Prices closed near mid-range on some profit
taking after hitting a contract and 3.5-year high on
Monday. The bulls still have the solid overall near-term
technical advantage.
June heating oil closed down 326 points at $2.1524 today.
Prices closed near mid-range and saw profit taking after
hitting a contract high on Monday. The bulls still have the
solid overall near-term technical advantage.
June (RBOB) unleaded gasoline closed down 400 points at
$2.0940 today. Prices closed near mid-range on profit
taking after scoring a contract high close on Monday. The
bulls still have the solid overall near-term technical
advantage.
June natural gas closed down 2.0 cents at $2.721 today.
Prices closed nearer the session low today. Bulls and bears
are on a level overall near-term technical playing field
amid recent choppy trading.
CURRENCIES: The June Euro currency
closed down 50 points at 1.1908 today. Prices closed nearer
the session low today and hit another 4.5-month low. The
bears have the firm overall near-term technical advantage
and have momentum on their side. Prices are in an
accelerating six-week-old downtrend on the daily bar chart.
However, the market is now oversold and due for a
corrective bounce soon.
The June Japanese yen closed up 10 points at .91950 today.
Prices closed near mid-range. Bears have the overall near-
term technical advantage. Prices are in a six-week-old
downtrend on the daily bar chart.
The June Swiss franc closed up 7 points at 1.0012 today.
Prices closed near mid-range today. The Swissy bears have
the solid overall near-term technical advantage. A 2.5-
month-old downtrend is in place on the daily bar chart.
The June Canadian dollar closed down 51 points at .7722
today. Prices closed nearer the session low and hit a six-
week low today. The bears have the firm overall near-term
technical advantage and gained more power today.
The June British pound closed down 19 points at 1.3566
today. Prices closed near mid-range and hit a four-month
low today. The bears have the overall near-term technical
advantage.
The June U.S. dollar index closed up 0.318 at 92.910 today.
Prices closed nearer the session high and hit a 4.5-month
high today. The bulls have the firm overall near-term
technical advantage.
June U.S. T-Bonds closed down 14/32 at 143 4/32 today.
Prices closed nearer the session low. The bond market bears
have the solid overall near-term technical advantage.
June U.S. T Notes closed down 7.5 (32nds) at 119.14.5
today. Prices closed nearer the session 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 resistance at 120.16.0.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed
weaker today. U.S. President Donald Trump announced the
U.S. is pulling out of the 2015 agreement with Iran
regarding that nation halting its nuclear weapons program.
Most market watchers believed the U.S. would indeed not
renew the deal struck with Iran to curtail its nuclear arms
development. What is surprising is that Trump appeared to
leave no room for negotiation with Iran on the matter—a
more hardline approach than some expected. The Iran nuclear
agreement expires Saturday. The U.S. pulling out of the
agreement and sanctions against Iran being reapplied inject
new uncertainty into an already unstable Middle East.
That’s bearish for equities. The “outside markets” today
see crude oil prices lower on profit taking after hitting a
3.5-year high above $70.00 on Monday. However, prices were
well up from the daily lows after the announcement from
Trump on Iran. Meantime, the U.S. dollar index is higher
and hit a 4.5-month high overnight. The index is in a steep
price uptrend and the greenback bulls have technical power
to suggest more upside in the near term.
For those of you that don't appreciate the value of these reports from Jim Wyckoff: