Daily Morning Report

Tuesday, September 21–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly up in overnight trading. The U.S. stock indexes are pointed to solid gains when the New York day session begins, on corrective bounces after strong losses posted on Monday. It seems many in the marketplace are now thinking the big Chinese property developer, Evergrande, which is in serious financial trouble, will get a bailout from the Chinese government. Bloomberg reported overnight that S&P Global Ratings said Evergrande is on the verge of default. S&P said it believes authorities in Beijing would only step in if the failure of Evergrande led to far-reaching contagion that threatened China’s economy. The troubled firm must make an $83.5 million interest payment on Thursday. China’s markets remained closed Tuesday for a public holiday.

The U.S. Federal Reserve opens its two-day monetary policy meeting (FOMC) beginning Tuesday morning. The meeting ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The marketplace will scrutinize the Fed’s discussion on the timing of it likely tapering its bond-buying program, and on what the central bank says about inflation prospects.

In other overnight news, the OECD think tank said the new Covid surge will slow down the recoveries of the major global economies, but not derail them.

The key outside markets today see the U.S. dollar index weaker after hitting a four-week high Monday. Nymex crude oil futures prices are higher and trading around $71.00 a barrel.  Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.338%. 

U.S. economic data due for release Tuesday includes the weekly chain store and Johnson Redbook retail reports, new residential construction. U.S. President Biden and Chinese President Xi Jinping are due to speak at the United Nations in New York today.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are higher in early U.S. trading, on a corrective bounce. A near-term price uptrend on the daily bar chart has been negated to suggest a near-term market top is in place. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at 4,400.00 and then at Monday’s high of 4,418.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,341.00 and then at Monday’s low of 4,293.75. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are higher on a corrective rebound. Bulls have the overall chart advantage but are fading. A price uptrend on the daily bar chart is in jeopardy. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the overnight high of 15,163.25 and then at Monday’s high of 15,338.25. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 14,981.75 and then at Monday’s low of 14,807.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are weaker in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at 164 even and then at Monday’s high of 164 6/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 163 6/32 and then at Monday’s low of 162 19/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at Monday’s high of 133.11.5 and then at 133.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.30.5 and then at Monday’s low of 132.24.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are firmer in early U.S. trading, on tepid short covering in a bear market. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral to bullish early today. The Euro currency finds shorter-term technical resistance at 1.1800 and then at 1.1850. Buy stops likely reside just above those levels. Shorter-term support is seen at Monday’s low of 1.1719 and then at the August low of 1.1690. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are higher in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at the overnight high of $71.63 and then at Monday’s high of $72.08. Look for sell stops just below technical support at the overnight low of $70.59 and then at Monday’s low of $69.86. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were mixed overnight, following losses Monday due to a risk-off trading atmosphere. The corn and soybean market bears have the near-term technical advantage, while the wheat bulls and bears are on a neutral playing field at present. If the stock and financial market turbulence resurfaces this week, buyers in the grains will remain very timid.    

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Global stock markets were sharply down in overnight trading. The U.S. stock indexes are also pointed to heavy losses and four-week lows when the New York day session begins. It’s a big risk-off trading day in the historically sometime-turbulent month of September for the stock and financial markets. The big Chinese property developer, Evergrande, is in big financial trouble and traders and investors are very worried about a contagion effect. Broker SP Angel in a morning dispatch said the editor of an official China newspaper has already commented Evergrande is “not too big to fail, suggesting policymakers may let it go under. China is now facing its own Lehman Brothers moment, with the potential to hit and collapse other lenders, suppliers and all manner of connected construction companies working on Evergrande’s 1.4 million unfinished properties.” Financial, real estate and insurance stocks were hit hard in Asia and Europe overnight. Reports said Black Rock, UBS and HSBC are big holders of Evergrande bonds. China’s public holiday Monday added to the volatility in the Hong Kong stock market.

The Evergrande crisis comes as the U.S. Federal Reserve has its two-day monetary policy meeting beginning Tuesday morning and ending Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The marketplace is wondering if a big sell off in global stock and financial markets early this week would impact the Fed’s discussion on the timing of tapering its bond-buying program.

The key outside markets today see the U.S. dollar index higher and hitting a four-week high. Nymex crude oil futures prices are solidly lower and trading around $70.50 a barrel.  Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.333%. 

The crypto currencies are also getting smacked Monday, amid the risk aversion and on recent speculation major countries like the U.S. and China will move to more tightly regulate them. Meantime, gold prices are getting a safe-haven bid and trading modestly higher on the day. Interestingly, those who have hyped the cryptos as a safe-haven store of value and even a replacement for gold’s safe-haven status appear to be eating their words on this day, when risk aversion is very keen. Many gold bugs have long advocated that when the $#it really hits the fan, gold’s and the cryptos’ true colors will show.

U.S. economic data due for release Monday is light and includes the NAHB housing market index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are solidly lower and hit a four-week low in early U.S. trading. Bulls are fading fast. A near-term uptrend on the daily bar chart is in serious jeopardy now. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at 4,400.00 and then at the overnight high of 4,418.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,356.25 and then at the August low of 4,339.75. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 3.0

December Nasdaq index futures: Prices are lower and hit a four-week low in early U.S. trading. Bulls have the firm chart advantage but are fading. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 15,338.25 and then at 15,400.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at the overnight low of 15,133.00 and then at 15,000.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 3.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are higher in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at 164 even and then at last week’s high of 164 24/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 162 19/32 and then at last week’s low of 162 8/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5

December U.S. T-Notes: Prices are higher in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at Friday’s high of 133.04.5 and then at 133.10.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.24.0 and then at last week’s low of 132.20.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5

EURO CURRENCY

The December Euro currency futures are lower and hit a four-week low in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1749 and then at 1.1800. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.1719 and then at the August low of 1.1690. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Nymex crude oil prices are solidly lower in early U.S. trading on a corrective pullback after hitting a six-week high last week. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bearish early today. Look for buy stops to reside just above technical resistance at $71.00 and then at the overnight high of $72.08. Look for sell stops just below technical support at the overnight low of $70.22 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were lower overnight amid a risk-off trading day Monday amid the sell off in the global stock markets. If the stock and financial market turbulence continues, buyers in the grains will remain very timid. On tap today is the weekly USDA export inspections report.   

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Friday, September 17–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in overnight trading, with European indexes mostly weaker and Asian indexes mostly firmer. The U.S. stock indexes are pointed to modestly lower openings when the New York day session begins. It’s been a choppy trading week for the U.S. stock indexes, and such may continue to be the case until mid-week next week, when the Federal Reserve’s Open Market Committee (FOMC) concludes its monetary policy meeting.

The big Chinese property developer Evergrande saw its stock price plunge again overnight, which some are taking as a sign there are bigger underlying problems with China’s economy. China’s central bank injected liquidity into its financial system Friday—the first such action in seven months. The move was aimed at calming jittery Chinese markets.

In other overnight news, the Euro zone consumer price index for August was reported at up 0.4% from July and up 3.0%, year-on-year. Those numbers were right in line with market expectations and tame on the inflation front.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are also lower and trading around $72.15 a barrel.  Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.338%. 

U.S. economic data due for release Friday is light and includes the University of Michigan consumer sentiment survey.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly lower in early U.S. trading. Bulls still have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at this week’s high of 4,483.50 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,425.25 and then at 4,400.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are slightly lower in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at this week’s high of 15,557.50 and then at the contract high of 15,702.25. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,307.75 and then at 15,200.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly down in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 164 even and then at this week’s high of 164 24/32. Buy stops likely reside just above those levels. Shorter-term support lies at Thursday’s low of 162 31/32 and then at this week’s low of 162 18/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at Thursday’s high of 133.14.5 and then at this week’s high of 133.23.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 132.30.0 and then at 132.25.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The December Euro currency futures are higher in early U.S. trading. Bears still have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators for the Euro are neutral early today. The Euro currency finds shorter-term technical resistance at Thursday’s high of 1.1841 and then at this week’s high of 1.1867. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1770 and then at 1.1750. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are slightly lower in early U.S. trading on a mild pullback after hitting a six-week high on Wednesday. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bearish early today. Look for buy stops to reside just above technical resistance at this week’s high of $73.14 and then at $73.52. Look for sell stops just below technical support at $72.00 and then at $71.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures were mixed to weaker overnight. Bulls are having a fairly good week, overall and have at least stabilized prices after the recent sell offs. More gains in the near term would suggest that “harvest lows” have come early this year.   

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Thursday, September 16–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly weaker in overnight trading. The U.S. stock indexes are pointed to modestly lower openings when the New York day session begins. Global shares saw some price pressure Thursday due in part to worries about an economic slowdown in China, the world’s second-largest economy. Reports coming out of China say giant property developer China Evergrande Group has serious debt problems that could be just the tip of the iceberg for China’s housing sector that plays a big role in China’s economic growth.

It’s a busy day for U.S. economic data, highlighted by the retail sales report for August, seen down 0.8% from July after a 1.1% drop seen in the July report. Retail sales the last few weeks have taken a hit due to the Covid variant that is still impacting much of the U.S.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are near steady and trading around $72.50 a barrel.  Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.307%. 

Other U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, manufacturing and trade inventories and Treasury international capital data.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly lower in early U.S. trading. Bulls still have the firm overall near-term technical advantage. Prices are still in a longer-term uptrend on the charts. The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at this week’s high of 4,483.50 and then at 4,500.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,425.25 and then at 4,400.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are slightly lower in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at this week’s high of 15,557.50 and then at the contract high of 15,702.25. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,307.75 and then at 15,200.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are near steady in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at this week’s high of 164 24/32 and then at 165 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 163 17/32 and then at 163 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

December U.S. T-Notes: Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at this week’s high of 133.23.0 and then at the September high of 133.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.08.5 and then at this week’s low of 133.02.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The December Euro currency futures are lower and hit a three-week low in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at 1.1800 and then at the overnight high of 1.1841. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1775 and then at 1.1750. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 3.5

NYMEX CRUDE OIL

Nymex crude oil prices are slightly lower in early U.S. trading on a mild pullback after hitting a six-week high on Wednesday. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at this week’s high of $73.14 and then at $73.52. Look for sell stops just below technical support at $72.00 and then at $71.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

U.S. grain futures were mixed overnight. Bulls are having a good week. If the grain markets can show more price strength to end this week, such would suggest that “harvest lows” have come early this year. On tap today is the weekly USDA export sales report.  

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff