Quick Looks

January 24, 2019

S&P 500: The market is basically in recovery mode since December’s epic downdraft. The upside should be limited by resistance at 2680-2700 while a close below 2620 is now needed to put the bears back into control

10-Year Note This market is crawling back from an initial downside correction at 12104. Market hits serious resistance at 12128-12200, with a close over 12204 setting the market back into the bulls hands

Euro Currency: The Euro continues to slide lower week by week. While the market should slow its descent selling all rallies back to 11460-11500 is the only way to play.

Gold: The gold market has lost a good deal of its upward momentum due to a somewhat stronger dollar. Support at 1276-1280 is crucial as any liquidation below leads to 1240-1250. Resistance stays at 1296-1300. A close over resistance and it’s up and away.

Crude Oil:  Crude prices are also in recovery mode since its price swoon in December. Demand fears still are persistent in favor of the bears while chaos in Venezuela sparks the bulls. For now the top look like 5400-5500, with 5000-5100 as key support

Natural Gas: Nat Gas prices are all over the board depending on what time you check the weather forecast. The market is showing signs they think winter is over. Still plenty of bad weather possible so prices at 290 basis Mar are a good risk/reward

Heating Oil: The distillate market has seen a good recovery off the December lows. It’s the strongest market in the energy complex. I’d be looking at 18300-18500 as support and opportunity on the long side

RBOB Gasoline: Prices continue be a drag on the energy complex. There’s just too many available barrels in inventory. But summer grade is just around the corner and a seasonal low is due. Watch the 13400-13500 area for entry.

Soybeans: Beans prices are holding their own despite a massive global supply. Traders are hoping for a successful U.S./China trade agreement. Support stays at 900 but not for ever

Corn: Corn prices too are basically going nowhere fast despite most analyst’s being in agreement the market has upside potential. It’ll take a close over 384 to get traders buying

THERE IS A SUBSTANTIAL RISK OF LOSS ASSOCIATED WITH TRADING FUTURES CONTRACTS.  FUTURES� TRADING IS NOT SUITABLE FOR ALL INVESTORS.