In This Issue
Corn Bulls Still in Technical Command
Economic Reports and Expiration Notices
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by Jim Wyckoff
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July corn futures at the Chicago Board of Trade have been chopping in a sideways trading range for nearly three weeks. However, the overall near-term technical picture continues to favor the bullish camp. July corn is still in a five-week-old uptrend on the daily bar chart. Also, recent price action has formed a bullish ascending triangle pattern on the daily chart. But for the bulls to gain additional upside technical strength the will have to push and close July futures prices above stiff overhead technical resistance at last week's high of $4.34 3/4 a bushel. A close above that level would open the door to a quick challenge of solid chart resistance at the January high of $4.49 1/4 a bushel, basis July futures. Technical support for July corn is located at $4.20, at $4.17 1/5, at $.15 and then at $4.10 a bushel. Stronger chart support is located at the spike low of $4.06 1/4, with major psychological support located at $4.00 a bushel in July corn. For new-crop December corn futures, solid overhead technical resistance is located at last week's high of $4.56. A close above that key price level would open the door to a quick challenge of technical resistance at the January high of $4.71 1/2. Chart support for December corn is seen at $4.39, at $4.33 and then at $4.25.
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
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 05/28 Thu | 7:30 AM CDT - Durable Orders(Apr)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - New Home Sales(Apr) 9:35 AM CDT - EIA Gas Storage 10:00 AM CDT - API & DOE Energy Stats 3:30 PM CDT - Money Supply |
FN: Jun Natural Gas(NYM)
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| 05/29 Fri | 7:30 AM CDT - GDP Deflator(Q1)
7:30 AM CDT - GDP-Prelim(Q1) 7:30 AM CDT - Dairy Products Prices 8:45 AM CDT - Chicago PMI(May) 8:55 AM CDT - Mich Sentiment-Rev(May) |
FN: Jun 2,5,10 Yr Notes(CBT)
Jun Bonds(CBT) Jun Copper(CMX) Jun Gold(CMX) Jun Silver(CMX) Jun Platinum(CMX) Jun Palladium(CMX) LT: Jun Heating Oil(NYM) Jun RBOB Gasoline(NYM) May Fed Funds Options(CBT) Jun Lumber Options(CME) |
| 06/01 Mon |
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| 06/02 Tue | 1:00 PM CDT - Auto & Truck Sales
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FN: Jun Heating Oil(NYM)
Jun RBOB Gasoline(NYM) |
| 06/03 Wed | 9:00 AM CDT - Factory Orders(Apr)
9:00 AM CDT - ISM Services(May) 9:35 AM CDT - API & DOE Energy Stats |
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| 06/04 Thu | 7:30 AM CDT - Productivity-Rev(Q1)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:35 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!