Ken's Afternoon Report
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Started by jimwyckoff - May 7, 2018, 4:31 p.m.

LIVESTOCK: June live cattle closed down $0.72 at 105.32 

today. Prices closed near mid-range today. The cattle 

market bears have the overall near-term technical 

advantage. However, prices have been trending higher for 

four weeks, which hints that a market bottom is in place.

 

May feeder cattle closed down $2.70 at $137.70 today. 

Prices closed nearer the session low today. The cattle 

market bears have the firm overall near-term technical 

advantage and gained fresh downside momentum today. 

 

June lean hogs closed up $0.55 at $74.07 today. Prices 

closed near mid-range and saw short covering. The bears 

still have the firm overall near-term technicaladvantage. 

 

GRAINS: July corn futures closed down 5 1/4 cents at 

$4.00 3/4 today. Prices closed near the session low today

on profit taking. The corn bulls still have the overall 

near-term technical advantage. Prices Friday hit a nine-

month high. 

 

July soybeans closed down 23 1/4 cents at $10.13 1/2 a 

bushel today. Prices closed nearer the session low and 

closed at a three-month low close today. Bears havegained 

the slight overall near-term technical advantage. Prices 

are in a three-week-old downtrend on the daily bar chart.

 

July soybean meal closed down $11.30 at $382.40 today. 

Prices closed near the session low today. The meal bulls 

still have the solid overall near-term technicaladvantage. 

 

July bean oil closed up 10 points 30.87 cents today.Prices 

closed nearer the session high and saw more shortcovering. 

The bears still have the solid overall near-termtechnical 

advantage. 

 

July SRW wheat closed down 12 cents at $5.11 1/2 today. 

Prices closed nearer the session low on profit takingfrom 

recent gains. The bulls still have the overall near-term 

technical advantage. However, the bulls now appear to be 

exhausted. 

 

July HRW wheat closed down 16 1/4 cents at $5.39 1/2today. 

Prices closed near the session low. The bulls still have 

the overall near-term technical advantage, but now appear

exhausted. 

 

SOFTS: July sugar closed down 11 points at 11.40 cents 

today. Prices closed nearer the session low. The sugar 

bears have the solid overall near-term technicaladvantage. 

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 230 points at 120.30 cents today.

Prices closed nearer the session low. The coffee bearshave 

the overall near-term technical advantage and regainedsome 

downside momentum today. 

 

July cocoa closed up $79 at $2,856 a ton today. Prices 

closed near the session high and scored a bullish“outside 

day” up on the daily bar chart. The cocoa bulls have the 

solid overall near-term technical advantage. 

 

July cotton closed down 40 points at 86.50 cents today. 

Prices closed nearer the session low today, on profit 

taking, after hitting a contract high early on. Thecotton 

bulls still have the solid overall near-term technical 

advantage. 

 

July orange juice closed up 290 points at $1.6480 today. 

Prices closed nearer the session low today and hit a 5.5-

month high. Bulls have the solid overall near-term 

technical advantage, but the market is still short-term 

overbought and due for a corrective pullback very soon. 

 

July lumber futures closed up the $10.00 limit at $586.50

today. Prices hit another contract and all-time recordhigh 

today. The bulls have the strong overall near-term 

technical advantage. There are no early chart clues thata 

near-term market top is close at hand. 

 

METALS: June gold futures closed down $1.10 at $1,313.60 

today. Prices closed nearer the session low. The goldbulls 

and bears are on a level overall near-term technical 

playing field. A close below major psychological supportat 

$1,300.00 would open the door to a larger leg down in 

prices in the near term. However, right now it appearsthat 

strong support level will hold, for now. 

 

July silver futures closed down $0.004 at $16.515 today. 

Prices closed near mid-range today. The silver bears have

the overall near-term technical advantage. 

 

July N.Y. copper closed up 5 points at 308.60 centstoday. 

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 up $0.82 at $70.54 

today. Prices closed nearer the session high and hit a 

contract and 3.5-year high today. The bulls have thesolid 

overall near-term technical advantage and gained morepower 

today. 

 

June heating oil closed up 262 points at $2.1802 today. 

Prices closed nearer the session high and hit a contract 

high today. The bulls have the solid overall near-term 

technical advantage. 

 

June (RBOB) unleaded gasoline closed up 204 points at 

$2.1344 today. Prices closed nearer the session high and 

closed at a contract high close today. The bulls have the

solid overall near-term technical advantage. 

 

June natural gas closed up 3.1 cents at $2.742 today. 

Prices closed nearer the session high today and scored a 

bullish “outside day” up on the daily bar chart. Bullsand 

bears are on a level overall near-term technical playing 

field amid recent choppy trading. 

 

CURRENCIES: The June Euro currency 

closed down 40 points at 1.1958 today. Prices closednearer 

the session low today and hit a 4.5-month low. The bears 

have the overall near-term technical advantage and have 

momentum on their side. Prices are in an acceleratingsix-

week-old downtrend on the daily bar chart. 

 

The June Japanese yen closed up 25 points at .91910today. 

Prices closed near mid-range. Bears have the overallnear-

term technical advantage. Prices are in a six-week-old 

downtrend on the daily bar chart. 

 

The June Swiss franc closed down 20 points at 1.0008today. 

Prices closed near mid-range and hit another 15-month low

today. The Swissy bears have the solid overall near-term 

technical advantage. A 2.5-month-old downtrend is inplace 

on the daily bar chart. 

 

The June Canadian dollar closed down 5 points at .7784 

today. Prices closed nearer the session high today. The 

bears have the overall near-term technical advantage. 

 

The June British pound closed up 19 points at 1.3586today. 

Prices closed nearer the session high today. The bearshave 

the overall near-term technical advantage. 

 

The June U.S. dollar index closed up 0.162 at 92.570today. 

Prices closed near mid-range and hit another four-month 

high today. The bulls still have the firm overallnear-term 

technical advantage. 

 

June U.S. T-Bonds closed down 1/32 at 143 16/32 today. 

Prices closed near mid-range. The bond market bears have 

the solid overall near-term technical advantage. 

 

June U.S. T Notes closed down 1.5 (32nds) at 119.21.0 

today. Prices closed near mid-range. Short covering was 

featured. The bears still have the solid overallnear-term 

technical advantage. 

 

GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed 

higher today. Trading has turned choppy in the U.S. 

indexes. World stock markets were also mostly firmertoday. 

U.S. economic data due for release Monday was light and 

included the employment trends index and consumer credit.

Brent crude is approaching $76.00 a barrel and Nymexcrude 

oil futures are above $70.00 a barrel today. There is 

growing concern the U.S. will not renew a deal struckwith 

Iran in 2015 to curtail its nuclear arms development. The

agreement expires Saturday. If the U.S. pulls out of the 

agreement, sanctions against Iran will be reapplied, 

including ostensibly sharply curbing Iranian oil exports.

Crude oil is the leader of the raw commodity sector andits 

“rising tide” is tending to “lift all boats,” to varying 

degrees—even if it means limiting the downside price 

pressures on some commodity markets.

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