Overview

(ZSX24) (ZCZ24) (ZWZ24) 

Grains

There were good rallies in Soybeans, Corn and Wheat this week, however they have not taken out even the tightest resistance so far. This rally does allow us to put in some retracements below to see if it can continue. In the early stages of a new Bull move the setbacks are more likely to go 61.8% and 78.6% until they can take out a key retracement above, once that happens we will look for 23.6% and 38.2% to hold.

November Soybeans were stopped by the 1032.75 major Gann square.

March Corn hit 23.6% back to the 5/15/24 high at 429.00.

December Wheat hit 23.6% back to the 5/28/24 high at 578.00.

Livestock

(LEV24) (HEV24) (GFX24) 

Live and Feeder Cattle have been unable to take out the key resistance above and this keeps the idea of new lows for this move alive. Lean Hogs had a small range this week with all of it above the 80.90 swing point, but could not get a solid close above the 82.47 major Gann square.

October Cattle could not get above 38.2% (179.60) back to the 7/25/24 high keeping the trend negative.

November Feeder Cattle failed to even get 23.6% back to the 2/2/24 high at 239.00 keeping the trend extremely negative and new lows followed.

October Hogs are back below 61.8% (80.90) and we are looking for 61.8% the other way based on the ONE44 61.8% rule.

9/5/24

Wheat

December
From last week,

It had a couple slight closes below the 530.25 major Gann square, but failed to get any follow through and now has 3 closes back above it keeping this a key level for next week. It did make a new low, so the retracements above have moved down.
 

Use 530.25 as the swing point for the week again.
 

Above it, the key high to retrace to is on 5/28/24. The short term target is 38.2% at 612.00. Any rally that can't get above 23.6% of the same move at 578.00 is a negative sign and new lows can quickly follow.....

The rally this week took it right to the tightest resistance at 578.00 and a setback from here can send it to new lows. We watch the 78.6% retracement back to the 8/27/24 low at 530.25, this is also a major Gann square, holding this area can be the start of a new leg up.

Use 578.00 as the swing point for the week.

Above it, the key high to retrace to is on 5/28/24. The short term target is 38.2% at 612.00. Taking out 612.00 will turn the short term positive and the longer term target is 61.8% of the same move at 669.00.

Below it, the short term target is 78.6% back to the 8/27/24 low at 530.25, this is also a major Gann square. A failure to turn up from this area will give us only major Gann squares to look for support and then use as a swing point when closed below, the next two are 495.25 and 468.25.

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.

Sign up for our Free newsletter here.
 

FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.