Ken's Afternoon Report
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Started by jimwyckoff - May 8, 2018, 3:32 p.m.

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.

Comments
By metmike - May 9, 2018, 10:48 a.m.
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