Check out Oliver Sloup on RFD-TV: It's a quiet start to the week as traders await new news, which may not come until Thursday's USDA report.
https://youtu.be/CuwKkbOviBc
Live Cattle
Technicals (June-M)
June live cattle futures were able to find some relief in yesterday's trade, following a weekend that didn't offer any new scary headlines. The Bear's remain in control of the technical landscape, but relief towards 175.70-176.40 is not out of the question in the near term. On the support side, 169.00-170.00 is the pocket for the Bulls to defend through the week.
Resistance: 175.70-176.40, 177.72-178.45
Pivot: 172.90-173.425
Support: 169.00-170.00***
Seasonal Tendencies (June Live Cattle)
Below is a look at historical seasonality's (updated each Monday) VS today's prices (black line). Seasonally we start to see June futures soften up, but if you've been watching cattle at all over the last year you know that seasonals tendencies tend to have had a lower correlation this year.
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday's Commitment of Traders report showed Funds were net sellers of roughly 6k contracts. This drops their net long position to 53,281.
Check out the full report at: https://bluelinefutures.com/2024/04/09/live-cattle-futures-firm/
Connect with Oliver: https://bluelinefutures.com/2023-signup/?utm_source=Oliver-Sloup-
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Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
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