Fundamentals: March corn futures finished yesterday’s session little changed as market participants continue to look for new news on the wires. Those wires will probably be pretty bare until we get to next week’s USDA report, out on December 10th. Until then, our focus will be on crop developments in South America, along with money flow and technicals.
Technicals: The market has settled into our resistance pocket; we have had that defined as 381 ¼-382 ¾. The bulls need to see consecutive closes out above here, if they can achieve that we would expect to see a round of short covering take us back into the mid … Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day.
Fundamentals: The market seems more optimistic this morning on talks that the December 15th tariffs could get kicked down the road, that has been a bigger concern for the market(s) than a Phase 1 Deal. Outside of trade the market is focusing in on the South American crop development, weather has been friendly as of late. The next USDA report will be out on December 10th, 11am ct.
Technicals: January beans are trading in the green this morning, but will they hold when the floor opens? The market held our 4-star support pocket perfectly over the last two days, we have had that defined as … Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day.
Chicago Wheat (March)
Fundamentals: Chicago wheat futures gave back a lot of ground yesterday, erasing all of Friday’s gains and then some. Much of the weakness came on technical selling and concerns that the demand side of the equation may be slowing as we inch towards the new year.
Technicals: The market failed to get back above our pivot pocket which led to profit taking down to the low end of our support pocket, we defend that as 525 ¾, ¼ of a cent above where we closed. The market fished for stops in the overnight and has found some footing into … Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day.
Kansas City Wheat (March)
Technicals: Kansas City wheat futures have softened up some but are managing to hold 4-star technical support, we have defined that as 431-434. This pocket represents trendline support, along with the 50 and 100 day moving average. We are bullish until we see a breakdown below support. On the resistance side of things, the bulls need to see a close out above … Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day.
Technicals: March cotton futures broke down yesterday, along with trade optimism. Those headlines reversed this morning which are offering support to the market. The technicals have softened up considerably over the last month and the bulls should tread lightly. The bears have an advantage until we see consecutive closes back above … Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each day.
Disclosure: Blue Line Futures
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.
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Blue Line Futures and is being posted with permission from Blue Line Futures. The views expressed in this material are solely those of the author and/or Blue Line Futures and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Margin Trading
Trading on margin is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment.
For additional information regarding margin loan rates, see ibkr.com/interest
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.