Hello, askSlim members! The askSlim FutureSpeak “minutes” – 10/23/19 has been posted.
NOTE: Underlined titles are linked to video topic starting points. Comments can be posted below. Enjoy!
NOTE: Underlined titles are linked to video topic starting points.
ENERGY FUTURES
- Light Sweet Crude Oil – /CL
- Still fairly early in weekly cycle rising phase advance – likely to struggle at resistance however
- Weekly momentum still negative
- Projecting to around $55.75-$57.30
- Minor rally likely to continue for the next couple weeks or so
- Gasoline – /RB
- Looking weaker
- Consider short side if it tries to rally into resistance zone
- Heating Oil – /HO
- Moved into resistance zone
- Not likely to advance much further than $1.95-$1.97
- Natural Gas – /NG
- Not anticipating much significant upside action until next year
- Looks to pop to around $2.40
- Overall not a great pattern
CURRENCY (FX) FUTURES
- US Dollar Index Cash – $DXY
- In a period of risk for several weeks
- Momentum negative
- Projected to get down to around $96.60
- Euro FX – /6E
- Could see $1.1260-$1.1270
- Momentum has turned up – Weekly chart
- In a potential buy area – look for upside starting soon
- British Pound – /6B
- Traders preparing for end of Brexit
- $1.33 potential if Brexit deal gets done
- May see a correction in December
- Positive momentum
- US Dollar/Japanese Yen Spot – USD/JPY
- Likely to weaken significantly
- Look for $107.50 or lower in the next couple weeks
- AusDollar/US Dollar Spot – AUD/USD
- In a rising period with minor pullbacks
- Dips are likely buy
- Likely significant increases through the end of the year
- US Dollar/Canadian Dollar Spot – USD/CAD
- USD/CAD is a short
- Expect a decline to about $1.1286
PRECIOUS METALS
- Gold – /GC
- Higher prices likely starting in a couple weeks
- Likely one more dip coming
- Barely negative momentum
- Watching potential breakout above 1505
- Silver – /SI
- Likely to pull back if it gets to around $18
- Lagging at this point compared to gold market
- Platinum – /PL
- Nearing resistances on daily chart
- Copper – /HG
- Should see problems around $2.67-$2.71
- A very good sign if it gets above $2.71
TREASURIES
- 10 Yr Interest Rate – TNX
- May be one more dip
- Likely to get stuck in this range for a while
- Upcoming FOMC meeting could cause significant move
- 10- U.S. Yr Treas. Note – /ZN
- About to tick up
- Another week of decline – Daily chart
- iShares Barclays 20+ Yr Treas.Bond – TLT
- Expect a jagged move choppy period over potentially 2 months – Weekly chart
- 30- Yr U.S. Treas. Bond – /ZB
- About 6 weeks until low takes place
- A lot of sideways chop expected
STOCK INDEXES
- S & P 500 Index – SPX
- Only currently 3 weeks into rising phase
- Better chance of moving through the highs than a significant failure
- Rising phase should last into January
- Positive momentum
- Upcoming period of risk should be minimal
- Nasdaq -100 Index – NDX
- Rally should last into Mid January
- Momentum strong
- Significant declines are unlikely
- Projected to $7780-$7720 over the next couple weeks then up again
- Russell-2000 Index – RUT
- Evidence of beginning of overperformance
- Declines should be used as buying opportunities
- Projected to $1578 then a correction
GRAINS/SOFTS
- Corn Futures – /ZC
- Backing off for a few days then a move back to the upside
- Wheat Futures – /ZW
- Look for a modest decline over the next couple weeks
- In a peaking area
- Soybean Futures – /ZS
- In a corrective period
- Momentum strong, should see an attempt to the upside
- Correction could last until end of November
- Coffee Futures – /KC
- Watching the area around $101, could test $105
- Cocoa Futures- /CC
- Likely choppy period ahead
- Cotton Futures – /CT
- Likely to fail in sell zone and decline
- Not much upside potential
That’s it for this week!
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