LIVESTOCK: June live cattle closed down $1.70 at 102.92
today. The cattle market bears have regained the overall
near-term technical advantage and have good downside
momentum to suggest more pressure in the near term.
August feeder cattle closed down $1.85 at $138.52 today.
Prices closed nearer the session low and hit a five-week
low today. The cattle market bears have the solid overall
near-term technical advantage and gained more power today.
June lean hogs closed down $1.40 at $74.75 today. Prices
closed nearer the session low today. The hog bears have the
overall near-term technical advantage.
GRAINS: July corn futures closed up 5 3/4 cents at $4.02
today. Prices closed nearer the session high today on short
covering. The corn bulls have the overall near-term
technical advantage.
July soybeans closed down 1 1/2 cents at $10.16 1/4 a
bushel today. Prices closed near mid-range. Short covering
was featured. Bulls and bears are on a level overall near-
term technical playing field. However, prices are in a
four-week-old downtrend on the daily bar chart.
July soybean meal closed down $5.80 at $381.50 today.
Prices closed nearer the session low today. The meal bulls
still have the overall near-term technical advantage.
July bean oil closed down 19 points 31.11 cents today.
Prices closed nearer the session low today. The bears have
the firm overall near-term technical advantage.
July SRW wheat closed up 3 cents at $4.94 1/2 today. Prices
closed nearer the session high and did hit a three-week low
early on today. Short covering was featured. The bulls and
bears are on a level overall near-term technical playing
field.
July HRW wheat closed steady at $5.09 3/4 today. Prices
closed near mid-range and hit a three-week low early on
today. The bulls and bears are on a level overall near-term
technical playing field.
SOFTS: July sugar closed up 26 points at 11.52 cents
today. Prices closed near the session high on short
covering. The sugar bears still have the solid overall
near-term technical advantage. A bearish symmetrical
triangle pattern has formed on the daily bar chart. Prices
are in a four-month-old downtrend on the daily bar chart.
July coffee closed down 55 points at 117.05 cents today.
Prices closed near mid-range and hit another three-week low
today. The coffee bears have the solid overall near-term
technical advantage.
July cocoa closed down $116 at $2,663 a ton today. Prices
closed nearer the session low and hit a four-week low
today. Prices also saw a bearish downside “breakout” from
the recent trading range at higher price levels. The cocoa
bulls still have the overall near-term technical advantage.
However, today’s downside breakout suggests a market top is
in place.
July cotton closed up 38 points at 84.08 cents today.
Prices closed nearer the session high today and did hit a
two-week low early on. The cotton bulls still have the firm
overall near-term technical advantage but have faded
recently.
July orange juice closed down 140 points at $1.6995 today.
Prices closed near mid-range on profit taking after hitting
another 16-month high early on. Bulls have the solid
overall near-term technical advantage. Prices are in a
steep, six-week-old uptrend on the daily bar chart.
July lumber futures closed up $3.80 at $616.50 today.
Prices hit another contract and record high today and
closed near mid-range. The bulls have the strong overall
near-term technical advantage. There are no early chart
clues that a near-term market top is close at hand.
METALS: June gold futures closed down $27.80 at
$1,290.60 today. Prices closed near the session low and hit
a five-month low today. A surging U.S. dollar index hit the
gold market hard today, as prices dropped below major
psychological support at $1,300.00, to suggest more
downside price pressure is coming. Prices are now in a two-
month-old downtrend on the daily bar chart. The gold bears
now have the overall near-term technical advantage.
July silver futures closed down $0.37 at $16.275 today.
Prices closed nearer the session low today. The silver
bears have regained the overall near-term technical
advantage.
July N.Y. copper closed down 345 points at 305.80 cents
today. Prices closed nearer the session low today. The
copper bulls and bears are on a level overall near-term
technical playing field amid recent choppy trading.
ENERGIES: June Nymex crude oil closed up $0.23 at $71.19
today. Prices closed near mid-range and poked to a 3.5-year
high today. The bulls have the solid overall near-term
technical advantage. There are no early technical clues
that a market top is close at hand.
June heating oil closed down 45 points at $2.2451 today.
Prices closed nearer the session low today and did hit a
contract high early on. The bulls have the solid overall
near-term technical advantage.
June (RBOB) unleaded gasoline closed up 46 points at
$2.2048 today. Prices closed near mid-range and hit another
contract high today. The bulls have the solid overall near-
term technical advantage.
June natural gas closed down 0.7 cents at $2.835 today.
Prices closed nearer the session low and did hit another
two-month high today. Bulls have the slight overall near-
term technical advantage.
CURRENCIES: The June Euro currency
closed down 101 points at 1.1870 today. Prices closed
nearer the session low and hit a five-month low today. The
bears have the firm overall near-term technical advantage
and gained fresh power today. Prices are in a six-week-old
downtrend on the daily bar chart.
The June Japanese yen closed down 595 points at .90785
today. Prices closed nearer the session low and hit a 4.5-
month low today. Bears have the firm overall near-term
technical advantage and gained more power today. Prices are
in a six-week-old downtrend on the daily bar chart.
The June Swiss franc closed down 19 points at 1.0007 today.
Prices closed nearer the session low today. The Swissy
bears have the solid overall near-term technical advantage.
A 2.5-month-old downtrend is in place on the daily bar
chart.
The June Canadian dollar closed down 41 points at .7765
today. Prices closed near mid-range today. The bears have
regained the overall near-term technical advantage.
The June British pound closed down 56 points at 1.3529
today. Prices closed near mid-range today and hit a five-
month low. The bears have the overall near-term technical
advantage. Prices are in a four-week-old downtrend on the
daily bar chart.
The June U.S. dollar index closed up 0.648 at 93.093 today.
Prices closed nearer the session high and hit a five-month
high today. The bulls have the firm overall near-term
technical advantage and gained more power today.
June U.S. T-Bonds closed down 1 12/32 at 141 12/32 today.
Prices closed nearer the session low and hit a contract low
today. The bond market bears have the solid overall near-
term technical advantage and gained fresh power today.
June U.S. T Notes closed down 18.0 (32nds) at 118.22.0
today. Prices closed nearer the session low and hit a new
contract low today. The bears have the solid overall near-
term technical advantage and gained more power today.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed
lower today on profit taking and in reaction to the U.S.
retail sales report for April, which came in at up 0.3%,
which was in line with market expectations. The Empire
State manufacturing report also came in solid today.
Analysts deemed these reports as showing a healthy U.S.
economy that won’t deter the Federal Reserve from
continuing to raise interest rates. In fact, some market
watchers are now thinking the Fed could be a bit more
aggressive on tightening its monetary policy. U.S. Treasury note
and bond yields rose to multi-year highs
today, with the benchmark 10-year note pushing above the
psychologically important 3.0% level. Rising bond yields
could pull away investor demand for equities. Focus of the
marketplace this week is on U.S. trade meetings with China
that were scheduled to begin in the U.S. today, and a
possible U.S. decision on the NAFTA trade agreement with
Canada and Mexico. The key “outside markets” today saw
Nymex crude oil prices hit a 3.5-year high and the U.S.
dollar index surged to a five-month high.
Thanks Jim!
For those of you that are wondering why Jim Wyckoff is posting "Kens Afternoon Report" it's because he covers for Ken/tallpine(INO market comments), who is a farmer.......when he is planting or harvesting.
Jim Wyckoff, are you by any chance related to the great technical stocks trader of the early 20th century, Richard Wyckoff? I'm just curious.