Bruno Mars sang it and there is a lot of funky stuff going on in the markets.
FEEDER CATTLE
According to the LAWG 647 Model (LAWG) August Feeder Cattle were able to avoid turning bearish two weeks ago while the November Feeder Cattle did turn bearish. Last Friday however the November Feeder Cattle turn back bullish and according to LAWG paint a very friendly picture. It will take a close tomorrow (Friday, July 21) at or below 138.55 to turn November Feeder Cattle Bearish. Even more interesting is that the key values used to determine reversal values will make a reversal even more difficult over the next several weeks.
CATTLE
August Fat Cattle turned bearish two weeks ago and remain bearish. The October Fat Cattle turned bearish two weeks ago but then reversed back to bullish on the close of last Friday as was confirmed by LAWG. It will take a close tomorrow (Friday, July 21) at or below 101.90 to turn October Fat Cattle Bearish. Even more interesting is that the key values used to determine reversal values will make a reversal even more difficult over the next several weeks.
HOGS
There is a little uptown funk going in the Hogs also. According to LAWG August Hogs remained in an uptrend last Friday (closed at 79.90) needing a close at or below 77.90 tomorrow (Friday, July 21) to reverse to bearish. October Hogs remained in an uptrend last Friday (closed at 67.17) but a close at or below 67.05 reverse the trend to bearish. Even more interesting is that the key values used to determine reversal values will make it more difficult for Hogs to remain in an uptrend. Be mindful they can remain in an uptrend but will be faced with the need for bounce from present levels.
CRUDE OIL
Per LAWG October Crude Oil remained in a downtrend last Friday but is presently getting close to a potential trend change. A close tomorrow at or above 48.88 will reverse the October trend to bullish. It will become more difficult over the next several weeks for Crude Oil to turn bullish should it fail tomorrow.
COFFEE
How about a little caffeine uptown funk? LAWG tells us that September Coffee will turn bullish tomorrow if it closes at or above 137.30, or 134.50 on July 28.
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.