Daily Morning Report

Friday, December 4–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins, and not far below the record highs the S&P 500 and Nasdaq indexes set this week. Trader and investor attitudes are upbeat to end the trading week as it appears U.S. congressional leaders are moving closer to agreeing on a financial stimulus package for Americans. The package would be just under $1 trillion.

Record-high Covid-19 daily infections and deaths reported in the U.S. on Thursday did not dent marketplace enthusiasm much, nor have predictions the pandemic’s worst human impact will come in January and February, including U.S. deaths possibly doubling in the period, from the present level. The marketplace is clearly looking beyond the next few months and focusing on the highly successful vaccines that are already starting to be distributed to some in the U.S. and other countries.

The U.S. economic data point of the week is Friday morning’s U.S. employment situation report from the Labor Department. The key non-farm payrolls number in that report is expected to come in at up 440,000 workers. Wednesday’s U.S. ADP national employment report was a miss to the downside. A big miss from forecasts in Friday’s report is likely to move markets.

The U.S. dollar index is weaker early today and is trading near this week’s 2.5-year low. The other important outside market sees January Nymex crude oil futures prices higher and trading around $46.30 a barrel. Oil prices are supported late this week by the OPEC oil cartel and Russia only increasing their collective output by 500,000 barrels a day. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.93%.

Other U.S. economic data due for release Friday includes the international trade report, and manufacturing shipments, inventories and orders.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are firmer in early U.S. trading and near this week’s 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. 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 and record high of 3,674.00 and then at 3,700.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Wednesday’s low of 3,634.25 and then at 3,600.00. Wyckoff’s Intra-day Market Rating: 6.0

March Nasdaq index futures: Prices are slightly higher in early U.S. trading and near this week’s record high. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the contract and record high of 12,535.00 and then at 12,600.00. On the downside, shorter-term support is seen at Wednesday’s low of 12,319.00 and then at this week’s low of 12,082.00. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are weaker in early U.S. trading. Bears have the firm near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at Thursday’s high of 173 10/32 and then at 174 even. Shorter-term support lies at 172 even and then at this week’s low of 171 22/32. Wyckoff’s Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are slightly down in early U.S. trading. Bears have the firm near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at Thursday’s high of 137.26.0 and then at 138.00.0. Shorter-term technical support lies at 137.16.0 and then at this week’s low of 137.08.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The March Euro currency futures are higher in early U.S. trading and hit another 2.5-year high overnight. The shorter-term moving averages for the Euro 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 for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2208 and then at 1.2250. Shorter-term support is seen at the overnight low of 1.2170 and then at 1.2100. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

January Nymex crude oil prices are higher and hit an eight-month high in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 to bullish early today. Look for buy stops to reside just above technical resistance at the overnight high of $46.68 and then at $47.00. Look for sell stops just below technical support at the overnight low of $45.61 and then at $45.00. Wyckoff’s Intra-Day Market Rating: 6.5

GRAINS

US grain futures are mixed to weaker in early U.S. pre-market trading. The bulls have stabilized the markets late this week, after selling pressure earlier in the week. The grain market bulls still have the overall near-term technical advantage. However, closes on Friday at or near their weekly lows would be a bearish signal to suggest near-term market tops are in place. Wheat and corn are especially vulnerable from a near-term technical perspective.

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, December 3–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins, as they pause after the S&P 500 and Nasdaq indexes hit record highs this week. Risk appetite remains upbeat late this week. Reports say President-Elect Joe Biden is now also pushing a bi-partisan pandemic financial aid package for Americans, which would total just under $1 trillion.

The marketplace is overlooking record U.S. daily Covid-19 deaths and near-record daily new infections. Many health experts said the death and infection numbers in the U.S. will remain high through the winter. European countries are also reeling from the virus and its impact on people and businesses. Evidence of a struggling Euro zone economy was seen Thursday when the bloc’s November composite purchasing managers index (PMI) came in at 45.3 compared to a reading of 50.0 in October. A reading below 50.0 suggests contraction in an economy.

The U.S. economic data point of the week is Friday morning’s U.S. employment situation report from the Labor Department. The key non-farm payrolls number in that report is expected to come in at up 440,000 workers. Wednesday’s U.S. ADP national employment report was a miss to the downside.

The U.S. dollar index is weaker early today and hit another 2.5-year low overnight. Commodity market traders are watching the depreciating greenback closely, as it’s a bullish element. Most major raw commodities traded on the world market are priced in U.S. dollars. When the dollar weakens it makes those commodities cheaper to purchase in non-U.S. currency. The other important outside market sees January Nymex crude oil futures prices weaker and trading around $45.00 a barrel. The OPEC oil cartel is meeting late this week and is reported to be discussing raising its oil output quotas, with Russia doing the same. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.93%.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job-cuts report, the U.S. and global services PMIs, the ISM report on business services, and monthly chain store sales.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are near steady in early U.S. trading and seeing a pause after hitting a record high this week. 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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the contract and record high of 3,669.00 and then at 3,700.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Tuesday’s low of 3,618.00 and then at this week’s low of 3,583.75. Wyckoff’s Intra-day Market Rating: 5.0

March Nasdaq index futures: Prices are slightly higher in early U.S. trading and near this week’s record high. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the contract and record high of 12,507.00 and then at 12,600.00. On the downside, shorter-term support is seen at Wednesday’s low of 12,319.00 and then at this week’s low of 12,082.00. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are firmer in early U.S. trading, on a corrective bounce from this week’s solid losses. Bears have the firm near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-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 Wednesday’s high of 173 6/32 and then at 174 even. Shorter-term support lies at 172 even and then at this week’s low of 171 22/32. Wyckoff’s Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are modestly higher in early U.S. trading, on a corrective bounce from this week’s losses. Bears have the firm near-term technical advantage. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at Wednesday’s high of 137.21.0 and then at 137.28.0. Shorter-term technical support lies at the overnight low of 137.14.0 and then at this week’s low of 137.08.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The March Euro currency futures are higher in early U.S. trading and hit another 2.5-year high overnight. The shorter-term moving averages for the Euro 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 for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2170 and then at 1.2200. Shorter-term support is seen at 1.2100 and then at Wednesday’s low of 1.2072. Wyckoff’s Intra Day Market Rating: 6.5

NYMEX CRUDE OIL

January Nymex crude oil prices are weaker in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 $45.48 and then at this week’s high of $45.92. Look for sell stops just below technical support at this week’s low of $43.92 and then at $43.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

US grain futures are mixed in early U.S. pre-market trading. The bulls are fading this week and need to step up and show more power very soon. The grain market bulls still have the overall near-term technical advantage. However, closes on Friday at or near their weekly lows would be a bearish signal to suggest near-term market tops are in place. Wheat and corn are especially in technical trouble this week. 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

Wednesday, December 2–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins, on some mild profit taking after two major indexes hit record highs on Tuesday. Upbeat traders and investors continue to look at a bright light at the end of a dark Covid-19 tunnel—even though there will be a few more rough months ahead. Very successful vaccines for the pandemic virus will be rolling out to some of the general public as soon as this month.

Also buoying marketplace sentiment are renewed talks among U.S. congressional leaders on a financial stimulus package for Americans. U.S. Treasury Secretary Mnuchin and Federal Reserve Chairman Powell will testify today before a U.S. House committee and will likely be asked about the stimulus package and its prospects.

The U.S. economic data point of the day at mid-week is the November ADP national employment report, expected to show a rise of 475,000 jobs. This report is the precursor to Friday morning’s U.S. employment situation report from the Labor Department. The key non-farm payrolls number in that report is expected to come in at up 440,000 workers.

The U.S. dollar index is firmer early today after hitting a 2.5-year low Tuesday. The other important outside market sees January Nymex crude oil futures prices near steady and trading around $44.50 a barrel. The OPEC oil cartel is meeting this week and will be discussing keeping its present production cuts. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.92%.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the ISM New York report on business, the weekly DOE liquid energy stocks report, and the Federal Reserve’s beige book.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are weaker in early U.S. trading and seeing some mild profit taking after hitting a record high Tuesday. 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. 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 and record high of 3,669.00 and then at 3,700.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Tuesday’s low of 3,618.00 and then at this week’s low of 3,583.75. Wyckoff’s Intra-day Market Rating: 5.0

March Nasdaq index futures: Prices are slightly lower in early U.S. trading, on profit taking after hitting a contract and record high Tuesday. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-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 contract and record high of 12,507.00 and then at 12,600.00. On the downside, shorter-term support is seen at Tuesday’s low of 12,312.00 and then at this week’s low of 12,082.00. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are firmer in early U.S. trading, on a corrective bounce from Tuesday’s solid losses. Bears have the near-term technical advantage. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 173 6/32 and then at 174 even. Shorter-term support lies at this week’s low of 172 16/32 and then at 172 even. Wyckoff’s Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are higher in early U.S. trading, on a corrective bounce from Tuesday’s losses. Bears have the near-term technical advantage. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 137.21.0 and then at 137.28.0. Shorter-term technical support lies at this week’s low of 137.13.0 and then at 137.08.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The March Euro currency futures are near steady in early U.S. trading and did hit a 2.5-year high overnight. The shorter-term moving averages for the Euro 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 for the Euro are neutral early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2119 and then at 1.2150. Shorter-term support is seen at 1.2050 and then at 1.2000. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

January Nymex crude oil prices are weaker in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 $44.76 and then at this week’s high of $45.80. Look for sell stops just below technical support at the overnight low of $43.92 and then at $43.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

US grain futures are steady to lower in early U.S. pre-market trading. The bulls are fading this week and need to step up and show fresh power very soon. The grain market bulls still have the overall near-term technical advantage. However, closes on Friday at or near their weekly lows would be a bearish signal to suggest near-term market tops are in place. Wheat and corn are especially in technical trouble this week.

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, December 1–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed to higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. There remains little risk aversion in the marketplace on this first day of December, amid global stock market rallies that see the U.S. stock indexes at or near record highs.

In overnight news, the Paris-based OECD think tank has forecast global economic growth in 2021 at 4.2%, which is lower than the 5% growth in its last forecast. The OECD lowered U.S. economic growth in 2021 to 3.2% from 4%, and lowered Euro zone growth to 3.6% from 5.1%.

Meantime, the Euro zone consumer price index for November fell 0.3% from October, which was in line with market expectations.

One feature in the marketplace recently has been soaring Bitcoin prices, which this week hit a record high near $20,000. Some are proclaiming Bitcoin is the new safe-haven gold. When it comes to Bitcoin’s concept, some say they get it and some say they don’t get it. Only time will tell which camp is correct. Overall markets history does suggest the extreme daily price moves in Bitcoin are indicative of a market that is near a major top. As for gold, reports say the yellow metal has seen three straight weeks of gold-backed ETF outflows.

The U.S. dollar index is lower today after hitting a 2.5-year low Monday. The other important outside market sees January Nymex crude oil futures prices near steady and trading around $45.25 a barrel. The OPEC oil cartel is meeting this week and will be discussing keeping its present production cuts. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.85%.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the U.S. manufacturing PMI, the ISM report on manufacturing, and construction spending.

–Jim

U.S. STOCK INDEXES

March S&P 500 e-mini futures: Prices are higher in early U.S. trading and very close to a 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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at the contract and record high of 3,657.50 and then at 3,680.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at the overnight low of 3,618.00 and then at Monday’s low of 3,583.75. Wyckoff’s Intra-day Market Rating: 7.0

March Nasdaq index futures: Prices are higher and very close to the contract and record high in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is seen at the contract and record high of 12,420.75 and then at 12,500.00. On the downside, shorter-term support is seen at 12,225.00 and then at Monday’s low of 12,082.00. Wyckoff’s Intra-Day Market Rating: 7.0.

U.S. TREASURY BONDS AND NOTES FUTURES

March U.S. T-Bonds: Prices are weaker in early U.S. trading. Bears have the near-term technical advantage. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at Monday’s high of 175 10/32 and then at last week’s high of 175 21/32. Shorter-term support lies at the overnight low of 174 10/32 and then at 174 even. Wyckoff’s Intra-Day Market Rating: 4.0

March U.S. T-Notes: Prices are weaker in early U.S. trading. Bears have the 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 bearish early today. Shorter-term resistance lies at Monday’s high of 138.08.0 and then at 138.12.0. Shorter-term technical support lies at 137.28.0 and then at last week’s low of 137.23.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The March Euro currency futures are in early U.S. trading. The shorter-term moving averages for the Euro 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 for the Euro are neutral to bullish early today. The Euro currency finds shorter-term technical resistance at September high of 1.2045 and then at 1.2100. Shorter-term support is seen at Monday’s low of 1.1957 and then at 1.1900. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

January Nymex crude oil prices are near steady in early U.S. trading. Bulls have the solid overall near-term technical advantage. 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 Monday’s high of $45.80 and then at last week’s high of $46.26. Look for sell stops just below technical support at Monday’s low of $44.42 and then at $44.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

US grain futures are mixed to firmer in early U.S. pre-market trading. The bulls are fading a bit early this week and need to step up and show fresh power after solid losses Monday. The grain market bulls still have the firm overall near-term technical advantage.

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