Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are currently (5:00 am) unchanged at 130^20, 10 Year down 15 at 113^24 and the 5 Year down 15 at 108^12, Yesterday the Fed raised rates by 0.75% as expected, The result of which was a further widening of the yield curve in favor of the 2 Year note which is now yielding 4.06% almost 0.50% premium to the 10 Year. Comments by Chairman Powell lead us to believe there will be another rate hike in Nov. Suppo rt was tested below the 129^15 level and held in Dec. Bonds. Resistance is now 123^00.
Near term support
Grains: Dec. Corn is 2^2 at 688^0 and Nov. Beans 9 cents higher at 1470^0. Trends are up as we get close to harvest despite the recent sell-off. Support in Dec. Corn is 663^0 and resistance 706^0. Support in Beans is currently 1422^0 and resistance 1510^0.
Cattle: Yesterday Oct. LC closed 43 lower at 145.87 and Oct. FC 80 lower at 179.33. AS long as Corn remains in an uptrend I retain a negative bias particularly to Feeder Cattle. Near-term support for Oct. LC iis 144.30 and resistance 146.50’.
Silver: Dec. Silver is currently 9 cents higher at 19.57. Short-term trend is up, long term remains down with resistance at 20.12.
S&P: S&P is 7.00 higher at 3813,00. Support is 3730.00 and resistance 3950.00 for the near term. Trend remains down.
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