Euro Monthly Chart

2023-09-15T06:59:04-05:00September 15th, 2023|Charts|

As I talked about in Thursday's Afternoon Commentary, the euro posted a new 4-month low as it took out the May 2023 mark of 1.06354. This confirms the euro has moved into a major (long-term) uptrend, something I've talked about [...]

HRS Wheat Weekly Chart

2023-09-08T08:22:21-05:00September 8th, 2023|Charts|

As I mentioned in Basis Analysis, the December Minneapolis futures contract is in position to complete a bullish reversal pattern on its weekly chart. This week has seen Dec post a new contract low of $7.5675, and now needs only [...]

December Gold Daily Chart

2023-09-06T14:46:46-05:00September 6th, 2023|Charts|

December gold extended its minor (short-term) downtrend Wednesday, hitting a new 4-day low of $1,940.00. This was test of the next downside target at $1,939.00, a price marking the 61.8% retracement level of the previous minor uptrend from $1,913.60 (August [...]

December-March Corn Spread

2023-09-01T08:40:00-05:00September 1st, 2023|Charts|

As I mentioned in Friday's Morning Commentary, we need to keep an eye on the December-March corn futures spread. We saw the spread close Thursday at a carry of 15.75 cents and covering 49.5% calculated full commercial carry, after extending [...]

October Lean Hogs Daily

2023-08-30T14:31:46-05:00August 30th, 2023|Charts|

The October lean hog contract is slicing through the waves on its short-term daily chart like a Miami Vice speed boat (those of a certain age will get that reference). If we squint our eyes just right we can make [...]

October Crude Oil

2023-08-28T06:49:42-05:00August 28th, 2023|Charts|

I had a request come in to talk a look at October crude oil. To begin with, thank you for your suggestions. As always, I appreciate your input. From a technical point of view, October crude oil looks to be [...]

December Corn Daily

2023-08-23T03:21:42-05:00August 23rd, 2023|Charts|

Another technical factor I pointed out in Tuesday's Afternoon Commentary was December corn holding above last week's low of $4.7350. As of this writing it keeps the contract in a 5-wave short-term uptrend. Wave 1 was from last Wednesday's low [...]

November Soybeans Weekly

2023-08-22T15:59:08-05:00August 22nd, 2023|Charts|

As I mentioned in Tuesday's Afternoon Commentary, we need to keep a close eye on the November 2023 weekly chart. The contract looks to be in a secondary (intermediate-term) 3-wave downtrend dating back to the bearish spike reversal the week [...]

Euro: Looking Ahead

2023-07-20T15:26:53-05:00July 20th, 2023|Charts|

As I mentioned in Thursday's Afternoon Commentary, the US dollar index was stronger late in the day, showing a gain of 0.69. The flip-side of the global coin, the euro, was showing a loss of 0.00725 late in the day. [...]

Dec23 Corn: Both Sides Now

2023-06-26T08:20:31-05:00June 26th, 2023|Charts|

Dec23 corn extended its recently established minor (short-term) downtrend to a low of $5.7550 overnight before finishing the session near unchanged. Note the low was a test of the initial short-term downside target near $5.7650, the 38.2% retracement level of [...]

Dec23 Corn: Tough Call

2023-06-22T08:23:50-05:00June 22nd, 2023|Charts|

The Dec23 corn contract came under pressure overnight through Thursday morning's intermission, dropping as much as 12.25 cents from Wednesday's close. We can make a few observations about the contract based on its short-term daily chart: Corn's Round Number Reliance [...]

Boxed Beef: Boom Time

2023-06-09T07:27:39-05:00June 9th, 2023|Charts|

While cattle futures have cooled their jets the last couple days, the boxed beef market continues to boom. Thursday afternoon, USDA's latest reported prices had choice at $328.73 (per 100 pounds) with select at $304.10. This was $3.54 and $2.54 [...]

Wednesday’s Key Prices

2023-05-31T05:17:06-05:00May 31st, 2023|Charts|

I went through all the markets I cover in Monthly Analysis and found 10 that could complete long-term reversal patterns Wednesday and 1 (Lean Hogs Cash Index) that had already posted a new 4-month high during May. In the corn [...]

Dec Corn: The First Step

2023-05-18T15:27:59-05:00May 18th, 2023|Charts|

I know we haven't reached the end of the month yet, but as I mentioned in Thursday's Afternoon Commentary a number of markets are in position for possible bullish long-term reversal patterns. As always, I'm keeping a close eye on [...]

July Corn: Short-Term Turn

2023-04-25T15:19:49-05:00April 25th, 2023|Charts|

July corn completed a bullish reversal pattern on its daily chart, confirming a new minor (short-term) uptrend is in place. This move coincided with daily stochastics establishing a bullish crossover below the oversold level of 20% meaning a new minor [...]

July Soybeans: Breakout

2023-04-24T15:29:32-05:00April 24th, 2023|Charts|

Last Friday saw the July soybean contract complete its double-top formation at $15.0050 (April 3) and $15.01 (April 18). This created a top near $15.0075 with the interim low at $14.5575, a 45.0 cent range. Once the contract posted a [...]

US Dollar Index: New Lows

2023-04-14T08:23:11-05:00April 14th, 2023|Charts|

As I mentioned in Friday's Morning Commentary, the US dollar index extended its major (long-term) 3-wave downtrend below this past February's low of 100.82, hitting a mark of 100.78 overnight through early Friday morning. This tells us the index is [...]

Live Cattle: Running Wild

2023-04-11T15:08:58-05:00April 11th, 2023|Charts|

As I mentioned in Tuesday's Afternoon Commentary, the nearby April live cattle contract posted a new all-time market high as it hit $172.475 before closing at $172.30. This was up $0.925 for the day with April gaining $0.675 on June. [...]

July Corn: A Big Boost

2023-04-10T15:33:02-05:00April 10th, 2023|Charts|

As discussed in Monday's Afternoon Commentary, July corn posted a strong rally over the course of the day. This sets up a number of possible technical patterns. First, not the low of $6.1575 was a test of the 61.8% retracement [...]

May Corn: 4 x 4

2023-02-23T15:03:29-06:00February 23rd, 2023|Charts|

As I mentioned in Thursday's Afternoon Commentary, it was a bearish day for the corn market. Leading the pack was the May issue as it registered a whopping 258,800 contracts (preliminary) changing hands. As the day progressed, May corn took [...]

April Gold: Gold Fish

2023-02-08T09:22:38-06:00February 8th, 2023|Charts|

As mentioned in Wednesday's Morning Commentary the April gold contract is in position for a couple different possibilities today: First, a higher daily close would be its third consecutive against the ongoing minor (short-term) downtrend that began with the bearish [...]

Euro: Down For a While

2023-02-06T07:18:21-06:00February 6th, 2023|Charts|

As I mentioned in Monday's Morning Commentary, the euro completed a bearish key reversal on its weekly chart last week, confirming it has moved into a secondary (intermediate-term) downtrend. This also confirmed the latest bearish crossover by weekly stochastics above [...]

May Coffee: A Foamy Top

2023-02-01T13:25:49-06:00February 1st, 2023|Charts|

I had a question come in about May coffee, and my friend was spot-on about the contract completing a topping pattern on its daily chart. After posting a new high for the move of 184.00 early Wednesday, the contract collapsed [...]

Markets to Watch

2023-01-27T08:28:46-06:00January 27th, 2023|Charts|

As I mentioned in Morning Commentary, there are a number of markets to watch Friday for potential reversal patterns on weekly charts. USDX: A bullish spike reversal if if closes above last week's settlement of 102.01 Weekly stochastics posted a [...]

July KC Wheat: Follow-Up

2023-01-26T15:12:47-06:00January 26th, 2023|Charts|

During one of my market conversations Thursday, I actually made the comment that Kansas City wheat was following its technical patterns well. Having been around the HRW wheat market all my life, a chill immediately went down my spine after [...]

March S&P 500 Futures

2023-01-24T07:30:09-06:00January 24th, 2023|Charts|

I had a request for an updated look at the daily chart for March S&P 500 futures (ESH3) following the combined rally of last Friday through this past Monday. As always, I appreciate the input and feedback from all of [...]

March Corn: The Next Wave

2022-12-22T08:18:07-06:00December 22nd, 2022|Charts|

As mentioned in Morning Commentary, it's possible March corn posted a Wave 3 peak of its 5-wave minor (short-term) uptrend overnight. The contract hit a high of $6.4475, a solid test of the upside target near $6.4425, the 38.2% retracement [...]

S&P 500 and The Comedy Club

2022-12-21T03:53:01-06:00December 21st, 2022|Charts|

If nothing else, financial television is good for a laugh. In fact, one could make the argument there are better comedy writers on some of these networks these days than those that actually have programs actually classified as situation comedies [...]

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