Daily Morning Report

Thursday, September 9–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly down in overnight trading. The U.S. stock indexes are pointed to modestly lower openings when the New York day session begins. Trader and investor risk appetite is less robust this week. The resurgence of the delta variant of Covid in major economies has the marketplace more pensive.

In overnight news, China reported its August consumer price index up 0.8%, year-on-year, which was below expectations for a rise of 1.0%.

In a Wall Street Journal interview, Federal Reserve Bank of Atlanta President Raphael Bostic said recent weaker U.S. economic data has likely pushed back the start of the Fed’s tapering of its bond-buying program (quantitative easing), but added he still expects a U.S. interest rate hike in late 2022.

Traders are awaiting the results of the regular monetary policy meeting of the European Central Bank that is in progress as of this writing. No changes in ECB interest rate policy were expected, but traders will scrutinize any language or action on cutting back on the ECB’s bond-buying program.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are slightly higher and trading around $69.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.327%. 

U.S. economic data due for release Thursday includes the weekly jobless claims report and the weekly DOE liquid energy stocks report. Several Federal Reserve officials will participate in an economic forum today.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are weaker in early U.S. trading but not far below last week’s contract and record high. Bulls 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 neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at the contract high of 4,539.50 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,476.25 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are a slightly down in early U.S. trading after hitting a contract and record high Tuesday. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above 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 the contract high of 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at last week’s low of 15,409.25. 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 modestly 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 technical resistance is seen at 163 even and then at 163 16/32. Buy stops likely reside just above those levels. Shorter-term support lies at 162 even and then at this week’s low of 161 20/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are slightly firmer 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 the overnight high of 133.12.5 and then at 133.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.00.0 and then at this week’s low of 132.28.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are slightly up in early U.S. trading. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at Wednesday’s high of 1.1873 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at last week’s low of 1.1808 and then at 1.1775. 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 higher in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-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 $70.00 and then at $71.00. Look for sell stops just below technical support at Wednesday’s low of $68.31 and then at this week’s low of $67.64. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures were lower overnight. The corn and soybean market bears have the overall near-term technical advantage and the wheat bulls are fading, too. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets will be sideways to lower in the near term. Seasonal weakness is also a negative for the grains, amid the just-completed U.S. wheat harvest and the soon-to-begin soybean and corn harvests. The major report of the week, if not the month, for the grain markets is Friday’s USDA supply and demand report. Weekly USDA grain export sales data is also out Friday morning.

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

Wednesday, September 8–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly down in overnight trading. The U.S. stock indexes are pointed to modestly lower openings when the New York day session begins. Risk aversion is a bit keener this week, as traders and investors are more worried about global economic growth prospects amid the Delta variant of the coronavirus that continues to spread in many major economies. Last Friday’s weak U.S. jobs report has supported the aforementioned notions and also thrown a scare into the stock market bulls.

Economic data highlights the rest of this week include scheduled speeches today by U.S. Federal Reserve officials John Williams, president of the New York Fed, and Dallas Fed President Robert Kaplan. On Thursday the regular monetary policy meeting of the European Central Bank occurs. No changes in ECB interest rate policy are expected, but traders will scrutinize any language regarding cutting back on the ECB’s bond-buying program (quantitative easing).

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are higher and trading around $69.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.351%. 

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly chain store and Johnson Redbook retail sales reports, the IDB/TIPP economic optimism index, and the Federal Reserve’s beige book.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are near steady in early U.S. trading and not far below last week’s contract and record high. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at the contract high of 4,539.50 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 4,487.50 and then at 4,465.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

December Nasdaq index futures: Prices are a slightly down in early U.S. trading after hitting a contract and record high Tuesday. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at last week’s low of 15,409.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: 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 early today. Shorter-term technical resistance is seen at this week’s high of 162 26/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 161 20/32 and then at 160 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are firmer 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 early today. Shorter-term resistance lies at this week’s high of 133.12.0 and then at 133.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.00.0 and then at this week’s low of 132.28.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

EURO CURRENCY

The December Euro currency futures are lower in early U.S. trading after hitting a four-week high last Friday. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above 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 the overnight high of 1.1873 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at last week’s low of 1.1808 and then at 1.1775. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.0

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 and 18-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 $70.00 and then at $71.00. Look for sell stops just below technical support at the overnight low of $68.31 and then at this week’s low of $67.64. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were mostly higher overnight, on more short covering. Not much new this week. The corn and soybean market bears have the overall near-term technical advantage. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets will be sideways to lower in the near term. Seasonal weakness is also a negative for the grains, amid the just-completed U.S. wheat harvest and the soon-to-begin soybean and corn harvests. The major report of the week, if not the month, for the grain markets is Friday’s USDA supply and demand 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

Tuesday, September 7–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in quiet overnight trading. The U.S. stock indexes are pointed to narrowly mixed openings when the New York day session begins. Time to get back to work for those North American and European traders and investors that had been coasting the past several weeks. With U.S. stock indexes not far below their recent record highs, market watchers are wondering if those gains can be extended in the coming weeks, during what history shows can be rocky times for the stock and financial markets. Economic data highlights this week include scheduled speeches by some U.S. Federal Reserve officials and the regular monetary policy meeting of the European Central Bank on Thursday. Last Friday’s downbeat U.S. jobs report has many thinking the Fed won’t be able to taper its bond-buying as soon as many Fed officials want.

In overnight news, the Australian central bank said it is going to reduce its bond-buying program by 20%. The central bank left its interest rates unchanged.

Meantime, China got some good economic numbers as its exports in August were up 25.6%, year-on-year, which handily beat expectations of up 17%. Imports rose 33.1% compared to expectations of up 25.7%. The figures were in U.S. dollar terms.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are lower and trading around $68.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.365%. 

U.S. economic data due for release Tuesday is light and includes the employment trends index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are near steady in early U.S. trading and not far below last week’s contract and record high. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above 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 the contract high of 4,539.50 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at last week’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

December Nasdaq index futures: Prices are a slightly down in early U.S. trading after hitting a contract and record high overnight. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight contract high of 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at last week’s low of 15,409.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are solidly down 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 bearish early today. Shorter-term technical resistance is seen at the overnight high of 162 26/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at 161 25/32 and then at 161 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are down 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 bearish early today. Shorter-term resistance lies at the overnight high of 133.12.0 and then at 133.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.00.0 and then at 132.25.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are slightly lower in early U.S. trading after hitting a four-week high last Friday. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at 1.1938 and then at 1.1975. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1858 and then at last week’s low of 1.1808. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Nymex crude oil prices are lower in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-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 the overnight high of $69.48 and then at $70.00. Look for sell stops just below technical support at $68.00 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mostly higher overnight, on short covering. The corn and soybean market bears have the overall near-term technical advantage. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets will be sideways to lower in the near term. The major report of the week, if not the month, for the grain markets is Friday’s USDA supply and demand 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 3–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins, with S&P 500 and Nasdaq futures at or near record highs. Traders are anxiously awaiting Friday morning’s U.S. employment situation report from the Labor Department that could in its immediate aftermath cause some volatility in markets. The August non-farm payrolls component of the jobs report is expected to see growth of 720,000 workers compared to a rise of 943,000 non-farm jobs in July.

In overnight news, U.S. Democratic Senator Joe Manchin on Thursday called for a “strategic pause” for President Biden’s $3.5 trillion tax and spending package. In a Wall Street Journal op-ed, Manchin said rising inflation and a soaring national debt necessitate a go-slow approach and a “significantly” smaller plan. Manchin is a key vote in the evenly divided Senate.

Reports say China will introduce yuan-denominated commodities futures trading that is open to foreign traders and investors. China’s State Council announced Friday it plans to offer more commodities futures, including shipping contracts. China has been gradually opening up futures trading on its commodities futures, with the goal of having more global control of commodity pricing. Foreign investors currently have access to China futures markets including crude oil, iron ore, rubber and bonded copper. The official statement announced plans to accelerate the introduction to overseas traders by building an “international commodity futures market priced and settled in renminbi.”

The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are firmer and trading around $70.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.3%. 

Other U.S. economic data due for release Friday includes the U.S. services purchasing managers index (PMI), the ISM report on business services and the global services PMI.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading and poked to a contract and record high overnight. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above 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 the overnight contract high of 4,536.00 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are a slightly up in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 15,686.00 and then at 15,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at this week’s low of 15,409.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly down 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 early today. Shorter-term technical resistance is seen at this week’s high of 163 27/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at 163 even and then at this week’s low of 162 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are slightly down 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 early today. Shorter-term resistance lies at this week’s high of 133.22.0 and then at 134.00.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.14.0 and then at this week’s low of 133.07.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are slightly lower in early U.S. trading after hitting a four-week high overnight. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above 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 the overnight high of 1.1907 and then at 1.1938. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1858 and then at this week’s low of 1.1808. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Nymex crude oil prices are slightly up in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at this week’s high of $70.61 and then at $71.00. Look for sell stops just below technical support at $69.00 and then at $68.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures were mixed overnight. The grain market bears have had a very good week. Hurricane Ida seriously disrupted shipping of U.S. corn and soybeans to overseas customers. Most of U.S. corn and soybean exports go through the Mississippi River and Gulf of Mexico. Technical damage has been inflicted in corn, wheat and soybeans, to suggest the path of least resistance for those markets will be sideways to lower in the near term.

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