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Daily Corn Market Update: Fundamental/Techncial Analysis 6.14.22Corn Fundamentals: Yesterday’s weekly Crop Progress report showed corn is 97% planted, 88% emerged, and Good/Excellent conditions at 72%. All within the range of expectations. Yesterday’s weekly export inspections came in at 1,199,976. This was also within the range of expectations. Dr. Cordonnier increased Brazilian corn production by 3mmt to 110mmt. The USDA is at 116mmt, we believe the market is pricing in somewhere in the middle of those two estimates. Technicals (July): July corn futures were lower yesterday, but finished off the lows, closing right near our pivot pocket, 769-773 ½. We are seeing some of yesterday’s weakness spill over into the overnight/early morning session following yesterday afternoon’s crop progress report. Technical levels remain largely intact. Resistance remains intact from 789 ½-790 ½. A continued failure to reclaim ground above here would mark a lower high, which would keep the door open for a potential lower low and a drop back to the 100-day moving average, 726 ½. The inflection point for a bigger drop would be a break and close below 747-753. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 789 ½-790 ½**, 800-803 ¾**, 809-810 ¼*** Pivot: 769-773 ½ Support: 747-753****, 720-726 ½**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZCN2022
by OliverSloup_BlueLine
Daily Wheat Market Update (6.14.22)Wheat Technicals (July): More of the same for wheat, as we continue to trade in a range, albeit a wide range. Wheat futures continue to chop around from about 1030 on the low end and 1100 on the high end. A breakout or breakdown from these levels could pop or drop the market 50 cents relatively quickly. Our bias is Neutral at the moment, but we would be looking to be lean bearish at higher levels. When we say higher levels, we are talking about a retracement of the May 31st breakdown point near 1150. Bias: Neutral Previous Session Bias: Neutral Resistance: 1142 ¾-1150***, 1200-1205 ¼** Pivot: 1095-1102 Support: 1027 ¼-1034 ¼**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZWN2022
by OliverSloup_BlueLine
Key markets to watch and levels for entry setupsShare markets bounced back as the European and US markets brush aside higher inflation on the back of resilient Consumers. Markets are only in correction mode and have not built a longer term base so I expect a grind up prior to another bout of selling pressure to come in to the action. The Fed does not seem as intent on containing inflation as first thought as we see the USD re-adjust lower. The general trend for major Indexes remains down with the the USD in the driving seat....continuing to be careful into shares as prices could continue the trend lower. BITCOIN and ETHEREUM are struggling to find buyers as prices hold lower highs and edge down into major low territory. Concern is that there is more downside to come as bulls remain on the sidelines. Markets covered US - DOW, Nasdaq and SP500 Europe - DAX and FTSE100 Asia - Hang Seng, ASX200 and Nikkei FX - Dollar Index (USD), EURUSD , GBPUSD , AUDUSD and USDJPY Commodities - GOLD , Oil and Copper Crypto - Bitcoin and Ethereum
COINBASE:ETHUSD
by TradeTheStructure
Volatility is contained, but for how long?Despite the Russia-Ukraine war, despite inflation being at record highs, the DXY making a new high since 2015-2016, the bond market being in its largest bear market and with equities down 20-30%, the VIX hasn't really spiked yet. So far volatility has been contained and every time the VIX would get overbought at 35 or above, it would slowly get back down. However I don't believe that it can get much lower without spiking first. In the short term it could get down to 20, but given the current circumstances, it is very hard for me to imagine that the top for the VIX won't come at around 48 or above. It is also very hard for me to imagine that it would get significantly below 20, therefore going long the VIX at 20 or below is a great strategy until the Fed pivots. However once it gets to 48 or higher it is time to start going long everything as the Fed is probably going to step in and try to save markets.
TVC:VIXLong
by BitcoinMacro
1
Trading plan and review of Key Levels for major marketsReview of the key levels in the major markets as the US bounces back Friday following of from a strong Asian and European session. Bargain hunters taking the opportunity to buy in an extended market so the questions is whether this bounce can gather momentum higher. The general trend for major Indexes remains down with the USD, Inflation and Interest Rate Rises in focus. BITCOIN and ETHEREUM took a beating as BTC spiked below $30k to take out some stops. Crypto enthusiasts will be hoping to see BTC back above the $30K area to fend off more selling pressure. Markets covered US - DOW, Nasdaq and SP500 Europe - DAX and FTSE100 Asia - Hang Seng, ASX200 and Nikkei FX - Dollar Index (USD), EURUSD , GBPUSD , AUDUSD and USDJPY Commodities - GOLD , Oil and Copper Crypto - Bitcoin and Ethereum
COINBASE:ETHUSD
by TradeTheStructure
USDCNH Update - Major Breakout UnderwayIf you bought this pair when I first featured it here, you have made money. If you were leveraged 50:1 - which - often is the case in forex, you have likely returned more (% returned) in this trade than what you can expect in three years of investing in a vanilla benchmark-tracking 401K. I remain long USDCNH and will continue to cover it for the foreseeable future. Something to consider: such a rapid deterioration of the Yuan is reason to speculate the Chinese economy is becoming increasingly decoupled from anything that resembles the last 10-12 years of price action. For example, if the Yuan were to surpass $7.20, I would start to suspect two possible (again I can't "predict" anything) situations: 1. The Chinese economy in severe distress (hopefully not). 2. Intentional disregard for participation in the global economy, as it exists currently (hopefully not). Again, we are not there YET; all we can do is read the chart and analyze information / data as it becomes available. Pray for peace. God Bless
Long
by ChiefMacro
US saved from another red session thanks to a late rallyUS markets rallied in the last hour to move from negative to positive territory ahead of the FOMC statement on inflation and interest rates. Gold took a beating as Gold and inflation bulls shake their heads. The USD continued to hover around highs which I expect will be the same theme for the coming few sessions before the FOMC meeting. Traders remain mixed with regards to inflation so expecting to see more choppy intraday action. Markets covered US - DOW, Nasdaq and SP500 Europe - DAX and FTSE100 Asia - Hang Seng, ASX and Nikkei FX - Dollar Index (USD), EURUSD, GBPUSD, AUDUSD and USDJPY Commodities - GOLD, Oil and Copper Crypto - Bitcoin and Ethereum
COINBASE:ETHUSD
by TradeTheStructure
That's how market respects 200 Day Average!Nifty has been around in a range since last 10 trading sessions but during that it has respected 200 day average perfectly around 17200 level. It has closed at or below 200 day average for 9 sessions out of last 10 . For a technical breakout , its a guideline that we should sustain for two consecutive days on closing basis above breakout level for a confirmation and that is why that one day could be considered as false breakout. Yesterdays closing has been again way below 200 day average and volumes on future were comparatively higher which opens the gate for more downside. Considering Elliot Wave, we are into corrective wave and it seems we have completed Wave B yesterday at 17399 . Now we are into Wave C which could be equal in length of Wave A and we might see 1270 points correction from 17399 i.e., to 16150. And if we analyze worst case then we can test downside trend line on channel which could be at 15900. P.S. Stop loss for short trade is just 360 points away at 17468 while again is approximately 1000 points.
NSE:NIFTYShort
by KushGhodasara
NDX Key Area - How Deep Will It Go?In the event that this chart breaks $13,000 and proceeds to consolidate below $13K, I would be more convinced of a deeper selloff. That is not to say that it couldn't just collapse to $10k without any kind of subsequent bearish structure; it definitely could. That said, we also see price caught "awkwardly" between the top of a longer term 12-Year structure, and the bottom of a newly formed - post-covid "recovery market". So the question becomes, how strong / weak is it? In my current "view", as per the chart, the bullish case would be a corrective move back to previous highs, followed by another pullback into a sideways move, before continuing higher. This would all have to be substantiated by price obviously. I understand I am overlooking a lot. Hope you appreciate the "view". Be well! God bless!
NASDAQ:NDX
by ChiefMacro
USDCAD - Long | Closed Oil LongTaking a risk here with USDCAD to the long side, as it looks like a great risk-reward setup. This trade implies some a bias to the downside in oil. As previous posts will confirm, I have been bullish on oil; however - the recent failed move at $109, represents the second lower-high within a bearish structure. As such, I am comfortable with the expectation that oil needs some time to figure out a direction. That's all for now. May the Lord bless you! -Chief
Long
by ChiefMacro
$DXY About to Break Out? I mentioned recently on twitter that I am long USDJPY. Not much to say about the dollar, other than it looks like it wants to break out to the upside. Additionally, the macroeconomic tailwinds support a bullish dollar thesis in a couple of ways: 1. The Federal Reserve has been very transparent about their intention to continue to raise interest rates through 2022. Increasing interest rates make the dollar more attractive via the risk-free rate of return. 2. The war in Ukraine: as an added measure towards defeating Russia's war machine, raising interest rates in the US makes exporting dollars to Russia that much less attractive. When I say "exporting dollars to Russia", I am describing a situation in which other sovereign countries who might otherwise be willing to engage in trade with Russia, can now look to the risk free rate of return in dollar-denominated asset classes... so, why would you trade with Russia when you can buy US bonds that pay interest and allow you to stabilize your currency and rebalance your trade policy? 3. Oil prices continue to rise. Russia may pretend to be in control of the market for crude, but so far - this is empty dictatorial rhetoric. 4. Bitcoin continues to deteriorate ( I identified the top in October 2021 ). A stronger dollar, resulting from real world economic conditions, will continue to put adverse pressure on Bitcoin and cryptos alike. last, I am now a little unsure on stocks overall. I am *guessing* stocks will continue to drift sideways for now. God bless, -Chief
TVC:DXYLong
by ChiefMacro
SPY Prediction Update and New Prediction.Good Afternoon Traders, I hope all of you are having a great holiday and were able to benefit from my previous predictions, which turned out to be pretty close to perfect. Today, I'd like to make another prediction. We're still in a Ranging Market. It looks like it will only last another few weeks, but who knows, really. I've created 2 new prediction range boxes. We are getting a little more Bullish, but by no means are we in a Bull Market. As I said before, we will likely be hugging the 200MA until we have a clean break. Still a lot of unknowns at the moment continuing to feed into creating this Range. I expect some short term bearish PA followed by bullish recovery in the very short term. Check out my previous posts referred to above: Original Prediction: Febuary: Clearer image. March: Last March Post: As you can see In the chart above, the bullish continuation did, in fact, break through from that fib marked on the chart in this post; it moved up to the top fib, which is now approximately the red one on this current chart (462) . Clearer image of current chart: If you enjoyed/appreciated this post: Please like, subscribe,follow, support website , etc. Best Regards, Mike L. (UPRIGHT Trading)
AMEX:SPY
by UPRIGHTTrading