Ken's Afternoon Report
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Started by jimwyckoff - July 25, 2018, 3:35 p.m.

LIVESTOCK: August live cattle closed up $1.62 at 109.67 

today. Prices closed near the session high and hit a four-

month high today. The bulls have the firm overall near-term 

technical advantage and gained more momentum today. A nine-

week-old uptrend is in place on the daily bar chart. 


August feeder cattle closed up $0.22 at $152.97 today. 

Prices closed near the session high today. The feeder 

cattle market bulls have the firm overall near-term 

technical advantage. Prices are in a two-month-old uptrend 

on the daily bar chart. 


August lean hogs closed up $0.67 at $62.22 today. Prices 

closed near mid-range on tepid short covering in a bear 

market. The hog bears still have the solid overall near-

term technical advantage. 


GRAINS: December corn futures closed up 7 cents at $3.73 

today. Prices closed near the session high and closed at a 

four-week high close today. There are early chart clues 

that a market bottom is in place and the bulls gained more 

technical momentum today. 


November soybeans closed up 3 1/4 cents at $8.76 1/2 a 

bushel today. Prices closed nearer the session high and 

closed at a two-week high close today. There was a bullish 

“key reversal” up confirmed on the daily bar chart last 

week, which is one early chart clue that a market bottom is 

in place. Also, a bullish weekly high close last Friday was 

a better chart clue that the bean market has put in a 

bottom. But make no mistake, the bulls have some heavy 

lifting to do in the near term to suggest a near-term price 

uptrend can be sustained. 


December soybean meal closed up $2.60 at $329.30 today. 

Prices closed near the session high today. Prices are still 

in a two-month-old downtrend on the daily bar chart. 


December bean oil closed up 23 points at 28.81 cents today. 

Prices closed nearer the session high today on more short 

covering. The bears still have the solid overall near-term 

technical advantage. 


December SRW wheat closed up 32 cents at $5.61 1/4 today. 

Prices closed nearer the session high and hit a six-week 

high today. SRW bulls have the firm overall near-term 

technical advantage and gained more power today. 


December HRW wheat closed up 28 1/2 cents at $5.64 today. 

Prices closed nearer the session high and hit a six-week 

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

technical advantage. 


SOFTS: October sugar closed steady at 11.19 cents today. 

Prices closed near mid-range today. Prices are not far 

above the recent contract low. The sugar bears have the 

solid overall near-term technical advantage. Prices are in 

a six-week-old downtrend on the daily bar chart. 


September coffee closed down 20 points at 110.75 cents 

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

the firm overall near-term technical advantage. Prices are 

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


September cocoa closed down $7 at $2,250 a ton today. 

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

today. The cocoa bears have the overall near-term technical 

advantage. 


December cotton closed up 129 points at 87.99 cents today. 

Prices closed nearer the session high today. The bulls have 

the near-term technical advantage. A bull flag pattern has 

formed on the daily bar chart. 


September orange juice closed up 135 points at $1.6450 

today. Prices closed nearer the session high on a 

corrective bounce from recent strong selling pressure. 

Bulls still have the overall near-term technical advantage. 

However, there is very strong chart resistance near the 

recent highs. 


September lumber futures closed up $2.20 at $490.70 today. 

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

overall near-term technical advantage. 


METALS: August gold futures closed up $3.70 at $1,229.20 

today. Prices closed near mid-range on short covering. The 

gold bears still have the solid overall near-term technical 

advantage. There are no strong, early clues to suggest a 

market bottom is close at hand.A three-month-old 

downtrend is in place on the daily bar chart. 


September silver futures closed up $0.055 at $15.575 today. 

Prices closed near mid-range today and saw tepid short 

covering. The silver bears still have the solid overall 

near-term technical advantage. There are no early clues to 

suggest a market bottom is close at hand. 


September N.Y. copper closed up 80 points at 281.85 cents 

today. Prices closed near mid-range. The copper bears still 

have the firm overall near-term technical advantage. 


ENERGIES: September Nymex crude oil closed up $0.95 at 

$69.47 today. Prices closed nearer the session high today. 

The bulls have the overall near-term technical advantage.

The next near-term upside price breakout objective for the 

crude oil bulls is closing prices above resistance at the 

July high of $72.98. 


September heating oil closed up 181 points at $2.1560 

today. Prices closed nearer the session high today. The 

bulls have the overall near-term technical advantage. 


September (RBOB) unleaded gasoline closed up 257 points at 

$2.0844 today. Prices closed nearer the session high today. 

The bulls have the overall near-term technical advantage. 


September natural gas closed up 3.3 cents at $2.752 today. 

Prices closed nearer the session high today on more short 

covering. Bears still have the firm overall near-term 

technical advantage. 


CURRENCIES: The September Euro 

currency closed down 4 points at 1.1725 today. Prices 

closed near mid-range today. The bears have the firm 

overall near-term technical advantage, amid recent sideways 

and choppy trading. 


The September Japanese yen closed up 210 points at .90450 

today. Prices closed nearer the session high today. More 

short covering was featured today. Bears still have the 

firm overall near-term technical advantage. Prices are in a 

six-week-old downtrend on the daily bar chart. 


The September Swiss franc closed up 1 point at 1.0108 

today. Prices closed near mid-range today. The Swissy bears 

still have the solid overall near-term technical advantage. 


The September Canadian dollar closed up 38 points at .7644 

today. Prices closed nearer the session high today and 

closed at a six-week high close. The bears still have the 

overall near-term technical advantage. 


The September British pound closed up 17 points at 1.3187 

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

the solid overall near-term technical advantage. Prices are 

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


The September U.S. dollar index closed down 0.078 at 94.320 

today. Prices closed nearer the session high today. A 

bearish “key reversal” down has been confirmed on the daily 

bar chart, which is one early chart clue that a market top 

is in place. But right now the bulls still have the overall 

near-term technical advantage. 


September U.S. T-Bonds closed up 11/32 at 143 17/32 today. 

Prices closed nearer the session high on more short 

covering after hitting a five-week low on Tuesday. The bond 

market bears have the overall near-term technical 

advantage. 


September U.S. T Notes closed up 2.5 (32nds) at 119.20.5 

today. Prices closed nearer the session high on short 

covering after hitting a four-week low on Tuesday. The 

bears have the overall near-term technical advantage. 


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

firmer today. World stock markets were mixed to weaker 

overnight. There remains little risk aversion in the 

marketplace at present, which is bearish for safe-haven 

gold and silver. U.S. President Trump is meeting with the 

European Union Commission leader Juncker today to try to 

de-escalate trade tensions between the U.S. and the EU. The 

U.S. has threatened EU automobiles with import tariffs. In 

the currency markets, focus is on the Turkish lira, which 

has been under strong pressure. Also, the Chinese yuan has 

seen serious depreciation against the U.S. dollar in recent 

months. The big U.S. economic data point of the week is 

Friday’s first estimate of gross domestic product (GDP). 

The number is expected to come in at up a strong 4.4%. 

However, some analysts are even calling for a number of 

5.0% or just above.

Comments
By metmike - July 25, 2018, 4:29 p.m.
Like Reply

Thanks Jim!