14th of June recap

The S&P made the bounce I was looking and I mentioned in today's market report that I think the low yesterday will hold for the rest of the week. I stick to this prediction. Next key level is the Thursday high at 1288.50, followed by last week's high at 1292.75.

The gap in the US 10 Year at 124'04 was finally filled. I have had this down move on the agenda over the last week. Next downside target is 123'20

Corn sold off after it failed to take out 800 last week. The weather forecast for the next 10 days has improved and USDA raised its weekly good to excellent rating to 69% from 67%. It filled the gap at 766 that I had as the downside objective after the selling interest emerged Friday (up bar that closed way off the highs, actually in the lower half of the bar). There has to be good amount of selling to knock down the price that much after making a new high. We have Fibonacci retracement at 747 1/2 as support and we have the rising support at 748. Might be interesting to look to trade long tomorrow for a bounce higher? Will have a fresh look tomorrow when we open, but looking at the chart now it looks interesting to buy dips tomorrow.

Last chart I want to mention is the Live Cattle. It looks like it is trying to bottom out and today's up bar on increased volume looks bullish. First objective is the 23,6% Fibonacci retracement of the recent down move from 122 to 102.