In This Issue
Reports and Expiration Notices
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Chicago Wheat Bears Strong, But Mkt. Oversold
May soft red winter wheat futures at the Chicago Board of Trade on Tuesday hit a fresh two-month low of $3.38 1/2 a bushel. Prices have backed off around 50 cents in three weeks, after scoring a contract high of $3.90 on March 10. Bears have the solid near-term technical advantage as prices are in a steep downtrend on the daily bar chart, at present. The past two weeks have seen key technical support levels violated on the downside, including psychological support at $3.50. Also, three Fibonacci retracement levels of the move from the December low to the March contract high have been penetrated on the downside: 38.2%, 50% and 61.8%. The next downside technical objective for the May wheat bears is support at the January low of $3.32 1/2. For the bulls to regain some upside technical momentum, they will need to push May wheat futures above solid technical resistance located in a zone between $3.53 and $3.56. In this resistance zone are located the December high, the mid-February "reaction low" and the 50% Fibonacci retracement level. The slow stochastics oscillator does show May wheat having been in oversold territory for two weeks, as both the %D and %K lines are reading just above 3.00. Any stochastics line readings below 20.00 do suggest a market that is in a short-term oversold posture.
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results. This is not a solicitation of any order to buy or sell, but a current futures market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 03/30 Thu |
7:30 AM CST - GDP-Final(Q4) 7:30 AM CST - Chain Deflator-Final(Q4) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - Help-Wanted Index(Feb) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Mar Feeder Cattle(CME)
Mar Feeder Cattle Options(CME) |
| 03/31 Fri |
7:30 AM CST - Personal Income & Spending(Feb)
7:30 AM CST - Dairy Products Prices 7:30 AM CST - Grain Stocks 7:30 AM CST - Prospective Plantings 8:50 AM CST - Michigan Sentiment-Rev(Mar) 9:00 AM CST - Chicago PMI(Mar) 9:00 AM CST - Factory Orders(Feb) 2:00 PM CST - Quarterly Hogs & Pigs |
FN: Apr Gold(CMX)
Apr Platinum(CMX) LT: Mar US 2-Year Notes(CBT) Mar Fed Funds(CBT) Apr Heating Oil(NYM) Apr Unleaded Gas(NYM) Apr Lumber Options(CME) |
| 04/03 Mon |
9:00 AM CDT - Construction Spending(Feb)
9:00 AM CDT - ISM Index(Mar) Auto & Truck Sales |
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| 04/04 Tue |
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| 04/05 Wed |
9:00 AM CDT - ISM Services(Mar)
9:30 AM CDT - API & DOE Energy Stats |
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| 04/06 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
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* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!