All of these technical levels have been calculated from both volume-based continuation and contract specific weekly bar charts.
Live Cattle (AUG): the 109.72 -110.20 can absorb selling through July (assuming we open Monday above this important support region), above which 123.87 is attainable within 3-5 weeks where the August contract can top out into expiration, and the broader complex into later year. Overall, the ultra-long-term dynamic remains heavy through 2016 while trading below 123.87-125.30, the 100.95 region remaining a 5-8 month target. With that said, a weekly settlement Friday below 109.72 should yield the targeted 100.95 within 5-8 weeks.
Lean Hogs (AUG): The 85.42 level can contain selling into July, above which the 91.60-92.55 region remains a 2-3 week target able to contain buying into contract expiration. A weekly settlement above 92.55 maintains a decidedly bullish dynamic into later contract life, 102.55 then expected by August expiration. Downside, a weekly settlement below 85.42 indicates a good contract high, 77.27 then anticipated over the following 3-5 weeks.
Corn (JUL): The 419.25 level can contain weekly selling pressures, above which long-term resistance at 448.00 remains a 2-3 week target able to contain strength through summer trade. A settlement above 448.00 maintains a bullish dynamic into later summer, 472.00 then considered a 2-3 week target, the wind 530.50-550.75 region becoming an 8-12 week objective able to contain 2016 highs. Downside, a weekly settlement below 419.25 indicates 385.25 over the following 3-5 weeks, able to contain selling into August trade.
Soybeans (NOV): The 1067.25 – 1080.75 region can absorb selling through summer trade, above which 1316.50 remains a 5-8 week target, 1417.00 expected within 3-5 months. On the other hand, a weekly settlement below 1067.25 indicates a good high through July, 998.50 then becoming a 2-3 week target able to contain selling into August trade and the level to settle below for indicating a good 2016 high. Upside this week, 1205.00 can contain weekly buying pressures, with a settlement above 1205.00 indicating the targeted 1316.50 within 2-3 weeks, able to contain strength through July trade.
Wheat (JUL): The 498.25 level can contain strength through the balance of June, below which 459.50 remains a 2-3 week target able to contain selling through July. A weekly settlement below 459.50 indicates a test within several more weeks of long-term support at 424.50 where the broader complex can bottom out into next year. Upside, a settlement above 498.25 maintains a bullish dynamic through July trade, 551.00 then considered a 3-5 target able to contain strength through August trade and the level to settle above for yielding long-term resistance at 653.00 within another 3-5 weeks.
Crude Oil (AUG): Long-term support at 44.72 can contain selling not only through July trade, but into later year, with continued weekly settlements above 44.72 maintaining a recent long-term buy signal, 54.66 expected over the next 3-5 weeks, 69.68 attainable into later year. On the other hand, a weekly settlement Friday below 44.72 would be considered a failed long-term buy signal, essentially a valid sign of weakness into later year, then expecting 35.84 within 3-5 weeks, last February’s 26.05 below attainable again within 3-5 months.
SP-500 E-Mini (SEP): The 2023.75 level can contain selling through July activity, once tested 2125.50 attainable within 3-5 weeks, higher trade expected into later Q3. Upside this week, 2090.25 can contain weekly buying pressures, with a settlement above 2090.25 indicating 2125.50 by the end of next week, able to contain strength into July and a meaningful upside continuation point into later year. Downside, a daily settlement below 2023.75, especially early in the week, allows 1987.25 by Friday’s close. Overall, a weekly settlement this Friday below 2023.75 indicates 1928.50 within 3-5 weeks (or sooner), long-term support at 1814.25 potentially in reach by the end of August.
Dow Jones Mini (SEP): The 18030 level can contain buying through July activity, below which 17155 is attainable over the next several weeks and able to contain selling into August trade. A settlement below 17155 indicates 16635 within several weeks, potentially allowing 15770 by the end of August where the Dow should bottom out into 2017. Upside, a weekly settlement above 18030 maintains a decidedly bullish dynamic into later year, 18640 then considered a 3-5 week target, 19790 attainable by the end of the year.
SPI-200 (SEP): The 5077 level can contain weekly selling pressures, above which 5295 is attainable over the next week or two where the market should top out into later July. Overall, holding below 5295 maintains a 4958, 2-3 week target, while closing the week above 5295 indicates 5550 within several weeks, 5785 attainable within several months. Downside, a daily settlement below 5077 should yield 4958 within the week, targeted support able to contain selling into August trade. A weekly settlement below 4958 indicates 2-3 more weeks of bearish continuation to 4548-4681, a range of long-term support able to contain selling into 2017 and above which a seven-year bull trend remains intact.
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