Ken's Afternoon Report
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Started by jimwyckoff - May 15, 2018, 4:23 p.m.

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.

Comments
By metmike - May 15, 2018, 6:06 p.m.
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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.

 

By WxFollower - May 16, 2018, 11:33 a.m.
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 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.

By metmike - May 16, 2018, 11:39 a.m.
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