Ken's Afternoon Report
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Started by jimwyckoff - July 26, 2018, 3:52 p.m.

LIVESTOCK: August live cattle closed down $0.75 at 

108.27 today. Prices closed near mid-range and hit a four-

month high early on today. Profit taking was featured and 

prices scored a bearish “outside day” down on the daily bar 

chart. The bulls have the overall near-term technical 

advantage. A nine-week-old uptrend is in place on the daily 

bar chart. 


August feeder cattle closed down $1.35 at $151.47 today. 

Prices closed near mid-range today and scored a big and 

bearish “outside day” down on the daily bar chart. The 

feeder cattle market bulls still have the overall near-term 

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

on the daily bar chart. 


August lean hogs closed down $1.35 at $65.05 today. Prices 

closed nearer the session low and hit another contract low 

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

technical advantage. 


GRAINS: December corn futures closed up 1 1/4 cents at 

$3.74 1/2 today. Prices closed near the session low after 

hitting a four-week high early on today. There are chart 

clues that a market bottom is in place. 


November soybeans closed down 2 cents at $8.73 3/4 a bushel 

today. Prices closed near the session low after hitting a 

three-week high early on today. There are chart clues that 

a market bottom is in place. Still, 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 $2.40 at $330.90 today. 

Prices closed nearer the session low today. 


December bean oil closed down 24 points at 28.58 cents 

today. Prices closed nearer the session low today. The 

bears have the solid overall near-term technical advantage. 


December SRW wheat closed down 8 1/2 cents at $5.53 1/4 

today. Prices closed nearer the session low on profit 

taking from recent strong gains and after hitting a six-

week high early on today. SRW bulls still have the firm 

overall near-term technical advantage. 


December HRW wheat closed down 5 3/4 cents at $5.60 1/2 

today. Prices closed nearer the session low after hitting a 

six-week high early on today. The bulls have the overall 

near-term technical advantage. 


SOFTS: October sugar closed down 18 points at 11.01 

cents today. Prices closed near mid-range today and hit a 

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 130 points at 109.70 cents 

today. Prices closed nearer the session low today. The 

bears have the solid overall near-term technical advantage. 

Prices are in a seven-week-old downtrend on the daily bar 

chart. 


September cocoa closed up $76 at $2,321 a ton today. Prices 

closed nearer the session high today on short covering 

after hitting a four-month low on Wednesday. The cocoa 

bears have the overall near-term technical advantage. 


December cotton closed down 9 points at 87.87 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 down 115 points at $1.6360 

today. Prices closed near the session low and scored a 

bearish “outside day” down on the daily bar chart. Bulls 

still have the overall near-term technical advantage. 

However, there is very strong chart resistance near the 

recent highs. 


September lumber futures closed down the $15.00 limit at 

$478.30 today. The bears have the overall near-term 

technical advantage. 


METALS: August gold futures closed down $5.70 at 

$1,226.10 today. Prices closed near the session low. The 

gold bears 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 down $0.109 at $15.48 

today. Prices closed nearer the session low today and 

scored a bearish “outside day” down on the daily bar chart. 

The silver bears 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 down 15 points at 281.60 cents 

today. Prices closed nearer the session low. The copper 

bears have the firm overall near-term technical advantage. 


ENERGIES: September Nymex crude oil closed up $0.42 at 

$69.71 today. Prices closed nearer the session high today. 

The bulls have the overall near-term technical advantage 

and have momentum on their side. 


September heating oil closed up 190 points at $2.1750 

today. Prices closed near the session high today. The bulls 

have the overall near-term technical advantage. 


September (RBOB) unleaded gasoline closed up 217 points at 

$2.1068 today. Prices closed nearer the session high today. 

The bulls have the overall near-term technical advantage. 


September natural gas closed up 0.9 cents at $2.764 today. 

Prices closed near mid-range today. Bears still have the 

overall near-term technical advantage. 


CURRENCIES: The September Euro 

currency closed down 39 points at 1.1707 today. Prices 

closed nearer the session low today. The bears have the 

firm overall near-term technical advantage, amid recent 

sideways and choppy trading. 


The September Japanese yen closed down 265 points at .90270 

today. Prices closed nearer the session low today. Bears 

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 down 11 points at 1.0107 

today. Prices closed nearer the session low today. The 

Swissy bears have the solid overall near-term technical 

advantage. 


The September Canadian dollar closed down 10 points at 

.7656 today. Prices closed nearer the session low today. 

The bears have the overall near-term technical advantage. 


The September British pound closed down 50 points at 1.3152 

today. Prices closed nearer the session low and scored a 

bearish “outside day” down on the daily bar chart 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 up 0.291 at 94.420 

today. Prices closed nearer the session high today and 

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

The bulls have the overall near-term technical advantage. 


September U.S. T-Bonds closed up 4/32 at 142 27/32 today. 

Prices closed nearer the session low. The bond market bears 

have the overall near-term technical advantage. 


September U.S. T Notes closed up 2.0 (32nds) at 119.13.0 

today. Prices closed nearer the session low. The bears have 

the overall near-term technical advantage. 


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

mixed today. World stock markets were mixed to weaker 

overnight, as Asian bourses were mostly lower and European 

equities mostly higher. U.S. stock index futures on 

Wednesday hit new contract or multi-month highs. The 

European Central Bank, at its regular monetary policy 

meeting Thursday, left interest rates unchanged, as 

expected. The U.S. and European Union reached a tentative 

trade deal Wednesday, which somewhat assuaged European 

equity markets overnight. The buzz in the marketplace today 

was the big downside hit to the Facebook stock price after 

that company posted a big miss in earnings Wednesday 

afternoon.

Comments
By metmike - July 26, 2018, 4:34 p.m.
Like Reply

Thanks Jim!