Futures Market Technical and Fundamental Recap
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Today's Futures Analysis summary
The U.S. Treasury markets finished the trading session sharply lower. Traders pressed the market all day encouraged by the thought that the U.S. banking system was in sound shape. Thursday’s Treasury auction went well but the yield on the 30-year bonds increased. A better than expected U.S. Unemployment Report tomorrow could hit this market hard tomorrow morning
Equity futures broke sharply from tops early in the morning and remained under pressure throughout the day. Some traders believe that a break is needed to shake out some of the weaker longs and to put stock prices at more reasonable levels. Traders will be watching tomorrow’s U.S. Non-Farm Payroll Report for signs of the start of an economic recovery
June Euros rallied on Thursday after the European Central Bank cut interest rates to 1.0%. Many traders believe this cut was already priced into the market. The ECB also revealed its plan to buy back government assets. The Bank of England left rates unchanged by bought another $75 billion in government debt. This kept pressure on the June British Pound all day.
June Gold traded higher today. Some traders were hedging their bets as they awaited the Fed’s bank stress test reports. Most traders were watching the bonds and seeing interest rates rise. This led to speculation that inflation would soon return to the commodity markets.
June Crude Oil continued its uptrend. Speculation that OPEC will cut production again is helping to drive this market higher. Indications that the global economy is in a position to mount a recovery is also leading traders to believe that demand will soon increase causing inventories to drop.
Lower production in South America and increased demand from China is helping to support July Soybeans. Inventories are low which makes this market vulnerable to adverse growing conditions later during the growing season.
Forecasts of wet weather are helping to support July Corn. Fieldwork is being limited and farmers may not be able to get 100% of their crop in the ground in time.
Bullish supply and demand fundamentals are helping to drive July Cotton higher. The planting season began with fewer acres being planted, but surprise demand from China is helping to sustain the current rally.
India continues to be a major factor driving July Sugar prices higher. Production is down, causing India to import Sugar. This increase in demand is triggering a breakout rally to the upside.
By FuturesHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis.
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