Author: Mike Seery

Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Gold Futures

Gold futures in the June contract settled last Friday in New York at 1,287 an ounce while currently trading at 1,279 down about $8 for the week ending on a sour note. I had been recommending a bullish position from around the 1,301 level as it is time to exit and move on as prices hit a two week low experiencing another false breakout. Gold prices hit a five-week high earlier in the week looking to break out, however, then the stock market stabilized as it generally does throughout history sending money flows back into equities and out of the metals. The U.S dollar is hovering near a two year high as I have a bullish position in that currency as that also has put pressure on gold prices which now look to test the major support around the 1,267 area so sit on the sidelines and let's wait for another trend to develop. Silver prices are hitting a five-month low today, and that is also putting pressure on gold as I also have a bearish copper recommendation which continues to drip lower weekly as the commodity markets, in general, remain weak. Gold prices are now trading under their 20 and 100-day moving average as the trend has turned south, however for the real breakout to occur we have to break the May 2nd low of 1,267 and if that does happen, expect lower prices ahead.
TREND: LOWER
CHART STRUCTURE: EXCELLENT
VOLATILITY: AVERAGE

Copper Futures

Copper futures in the July contract are currently trading at 2.7715 after settling last Friday in New York at 2.7375 a pound continuing its bearish momentum as the whole precious metal sector looks weak in my opinion. I have been recommending a bearish position from around the 2.8240 level, and if you took that trade the stop loss has now been lowered to 2.8410 and then in Tuesday's trade will drop all the way down to 2.8100 as the chart structure will improve daily. Copper prices are trading far below their 20 and 100-day moving average as the trend is lower, however for the bearish momentum to continue we have to break the May 13th low of 2.7090 in my opinion as I will possibly be looking at adding more contracts to the downside. The U.S dollar is right near a two year high as I also have a bullish recommendation in that currency as that is also putting pressure on copper and most of the commodity sectors. The volatility is high as that should remain that way throughout the summer months as historically speaking copper can have crazy daily price swings with high risk so stay short.
TREND: LOWER
CHART STRUCTURE: EXCELLENT
VOLATILITY: HIGH
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Copper Futures

The highly anticipated trade agreement with China has failed at this time as the U.S has added more tariffs which were supposed to send shockwaves throughout many of the commodity sectors, but it fizzled big time as there are very few major reactions in today's trade. Copper prices are currently trading at 2.7680 a pound after settling last Friday in New York at 2.8190 down about 300 points continuing its bearish momentum as prices are trading right near a 14 week low. I have been recommending a bearish position from around the 2.8240 level & if you took the trade continue to place the stop loss above the 2 week high which remains at 2.9235, however in next week's trade the stop loss will be lower therefor the monetary risk will also be reduced. Copper prices are still trading below their 20 and 100-day moving average as clearly the trend is to the downside. However, we keep bouncing off of major support around the 2.75 level as that has to be broken on a closing basis to continue the bearish momentum as I still believe we can test the contract low around 2.56 in the coming weeks ahead so stay short.
TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH

S&P 500 Futures

The S&P 500 in the June contract settled last Friday in Chicago at 2947 while currently trading at 2853 down almost a 100 points for the trading week hitting a 6 week low all because there is no trade agreement between the United States and China. If you had followed any of my previous blogs you understand that I've been bullish the stock market forever, but this is why you need an exit strategy as the 2 week low was at 2890 as that's where you should have been stopped out if you had a bullish position as prices have dropped rather dramatically. When you trade the commodity markets buying and never getting out is not the way to trade as you must have some type of strategy to exit as mine is if prices hit a 2 week low it's time to move on. The S&P 500 is now trading below its 20 but still above its 100-day moving average as the volatility certainly has increased and that's going to remain the same until we find out more about this trade agreement. The next major level of support is down at the 2800 area & if that is broken, then a bearish trend could develop. However, I still have a bullish bias towards the stock market as the U.S economy is outstanding coupled with the fact of strong corporate growth. However, I am currently sitting on the sidelines as the risk/reward is not in your favor.
TREND: MIXED
CHART STRUCTURE: POOR
VOLATILITY: HIGH
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.

Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.

S&P 500 Futures

The S&P 500 in the June contract settled last Friday in Chicago at 2941 while currently trading at 2939 unchanged for the trading week, but ending on a positive note up over 20 points due to the incredibly strong monthly unemployment number which was released this morning. The economic figures that have been released in the last week have been impressive as we had a 3.2% first-quarter GDP and now we added 263,000 jobs with an unemployment rate of 3.8% as I see further growth in the U.S. economy and higher stock prices. I have been talking about the S&P 500 for months, and I still believe we will continue the bullish trend as 3000 is my next level of resistance. If you are long a futures contract, I would continue to place the stop loss under the 2 week low standing at 2899. However, the chart structure will not improve so you will have to accept the monetary risk. The volatility in the S&P remains historically low especially at these elevated prices as I see no reason to be short as the U.S. economy is astonishing at the current time. The S&P 500 is trading far above its 20 and 100-day moving average telling you that the trend is to the upside, but for the bullish momentum to continue, we have to break the May 1st high of 2961 which was also the all-time high which I think will be breached possibly in next weeks trade.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Chart Structure, Futures Trading, gold futures, how to trade futures, mike seery, seeryfutures.com, weekly futures recap, Guest Bloggers, Risk Management,

We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.

Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.

Gold Futures

Gold futures in the June contract settled last Friday in New York at 1,276 ending the week on a positive note up $11 to close around 1,290 an ounce. Gold prices hit a 4 month low earlier in the week only to rally the last four trading sessions as I think it's just a kickback due to the oversold conditions as the downtrend line remains intact. Gold prices are now trading under their 20 and 100-day moving average as the trend has turned south in the short term with the next major level of support around the 1,250 area as the U.S. dollar hit a fresh yearly high this week as that has put pressure on the precious metals. Low inflation in the United States continues to keep a lid on gold as prices have gone nowhere over the last 6 months as the commodity markets, in general, are lacking trends and excitement at this time. If you are bullish gold I would buy it at today's price level while placing the stop loss under the most recent low which was hit on April 23rd at 1,267 as an exit strategy as the risk would be around $2,300 per contract plus slippage and commission, however like I've stated before I'm recommending clients to sit on the sidelines.
TREND: MIXED - LOWER
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE
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