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Updated 05/11/08
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June S&P 500 (SPM8)
WEEKLY CHART
The 20 & 40 week moving averages show the S&P in a downtrend and should be a strong resistance areaThe weekly upper 10-10 bands are also a strong resistance area.
DAILY CHART
The S&P has put in an MACD sell signal as well as a parabolic indicator sell signal which means a trading top could be in.Odds are with sharply lower prices from here.
BEAR MARKET.
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June Bonds (USM8)
WEEKLY CHART
The 20 & 40 week moving averages, as well as the weekly 10-10 bands show that Bonds are in an uptrend.DAILY CHART
the 20 day moving average has crossed below the 40 day moving average which says that Bonds could have started a downtrend.The current minor rally could be a test of the 40 day moving average before the downtrend continues.
Bonds are choppy so they could break in either direction short term.
If Bonds do continue lower and break 114.00 that will change it to a bear market.
BULL MARKET.
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June Dollar (DXM8)
WEEKLY CHART
the 20 & 40 week moving averages show the Dollar in a downtrend, as do the weekly 10-10 bands.DAILY CHART
The Dollar looks to have made a base on the daily chart, which has caused alot of people to say the Dollar has made a low.Odds are still this is a bear market rally, and we'll look for the Dollar to continue lower from here.
If the Dollar were to continue higher from here, then we would look at the idea that a bottom could be in.
BEAR MARKET.
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June Gold (GCM8)
WEEKLY CHART
the 20 & 40 week moving averages show that Gold is in an uptrend.Gold has traded right down to the uptrending 40 week moving average which should be strong support.
The weekly 10-10 bands show the uptrend and is also a support area for what is most likely a bull market correction.
DAILY CHART
On the daily chart Gold has put in an MACD buy signal, which says a correction low could be in.If Gold continues higher and trades above the 10-10 bands we'll be looking to go long.
BULL MARKET.
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June Crude Oil (CLM8)
WEEKLY CHART
The 20 & 40 week moving averages show that Crude is in an uptrend.The weekly 10-10 bands shows the uptrend as well.
DAILY CHART
the 20 & 40 day moving averages show that Crude is in a strong uptrend.The 10-10 daily bands show the same.
Odds are with sharply higher prices from here.
BULL MARKET.
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July Lumber (LBN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Lumber is in a downtrend.The weekly 10-10 bands show that Lumber is trending lower, so we'll stay bearish with the trend.
DAILY CHART
the daily chart has put in an MACD buy signal which means a major low could possibly be in, but we'll need to see more upside from here to confirm low is in.The trend is still down, but Lumber is starting to look bullish, and it may be changing to bull market soon.
BEAR MARKET.
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July Cotton (CTN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Cotton is in an uptrend.The lower weekly 10-10 bands are a support area for this correction.
DAILY CHART
The daily chart has put in an MACD buy signal, which means the correction low could be in.If Cotton continues higher and trades, above the daily 10-10 bands we'll be looking to go long.
BULL MARKET.
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July Cocoa (CCN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Cocoa is in an uptrend on the weekly time frame.The weekly 10-10 bands show the uptrend in Cocoa.
DAILY CHART
The 20 & 40 day moving averages show that Cocoa is in a uptrend on the daily chart.The daily 10-10 bands show the same. Odds are with sharply higher prices from here in Cocoa.
BULL MARKET.
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July 2008 Sugar (SBN7)
WEEKLY CHART
the 20 & 40 week moving averages show that Sugar is in an uptrend.Sugar has traded right to the uptrending 40 week moving average which should be strong support.
The lower 10-10 weekly band is a strong support area for this correction.
DAILY CHART
If Sugar moves higher from here - as expected and moves above the daily 10-10 bands, we'll be looking to go long.BULL MARKET.
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July Coffee (KCN8)
WEEKLY CHART
the 20 & 40 week moving averages show the weekly trend is up for Coffee.The 10-10 weekly moving averages are still bullish for Coffee.
DAILY CHART
On the daily chart Coffee is making a narrow range on the Bollinger Bands.Narrow range moves normally lead to strong trend moves, because the market is consolidating (bulls & bears fighting it out) and when one side wins, the breakout should lead to a strong trend move in that direction.
The Bollinger Bands don't forecast the direction the breakout will be, so it is better to wait for the breakout to actually happen, before making a trade.
The daily MACD is on a buy signal and shows the daily upside momentum is increasing, which puts the odds with the breakout being to the upside.
I'm looking for sharply higher prices from here in Coffee.
BULL MARKET.
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August Lean Hogs (LHQ8)
WEEKLY CHART
the 20 & 40 week moving averages show that Lean Hogs are in an uptrend.The 10-10 bands show the same and we'll look for higher prices from here.
DAILY CHART
On the daily chart the 20 day moving average has moved above the 40 day moving average which says the daily chart has probably moved to uptrend.The daily 10-10 bands show Lean Hogs is a clear uptrend. We'll look for sharply higher prices from here.
BULL MARKET.
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August Live Cattle (LCQ8)
WEEKLY CHART
the 20 & 40 week moving averages show that Live Cattle is in a uptrend.As do the weekly 10-10 bands.
DAILY CHART
On the daily chart the 20 & 40 day moving averages show the uptrend.The 10-10 bands also show the uptrend. Odds are with sharply higher prices from here
BULL MARKET.
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July Corn (CN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Corn is in an uptrend.The weekly 10-10 bands also show the strong weekly uptrend.
DAILY CHART
The 20 & 40 daily moving averages have a railroad track look which is very bullish and puts the odds with higher prices.The daily 10-10 bands show the strong uptrend. Odds are with sharply higher prices from here.
BULL MARKET.
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July Soybeans (SN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Beans are in an uptrend.Beans traded down to the 40 week moving average which was strong support and turned Beans higher.
The lower 10-10 weekly band has also been support for this bull market correction.
DAILY CHART
The 20 day moving average has moved back above the 40 day which says the correction is probably over on the daily chart.Beans put in 1 full bar above the 10-10 daily bands and if Beans continue higher from here, we'll be looking to go long.
Odds are with sharply higher prices from here
BULL MARKET.
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July Wheat (WN8)
WEEKLY CHART
the 20 & 40 week moving averages show that Wheat is in a strong uptrend.Wheat has traded right to the 40 week moving average, which should be strong support.
The lower weekly 10-10 band is a support area.
DAILY CHART
On the daily chart Wheat has put in an MACD buy signal, which means the bull market correction is probably over.Odds are with sharply higher prices from here.
BULL MARKET.
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July Oats (ON8)
WEEKLY CHART
the 20 & 40 week moving averages show that Oats are in an uptrendas do the weekly 10-10 bands.
DAILY CHART
The 20 day moving average has crossed above the 40 and shows the daily chart is in an uptrend.The daily 10-10 bands also show Oats in an uptrend.
Odds are with sharply higher prices from here.BULL MARKET.
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THANKS!
Jim
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