The chart exhibits what number of days have handed since any important rain within the main crop rising areas within the U.S.
Preliminary yield estimates for this yr’s U.S. winter wheat crop have been hammered by persistent drought. 12 Southwest Kansas counties dominate the realm of drought. Wheat, corn, and oats are the key crops. But the futures costs don’t mirror these rising (pun meant) issues.
A part of the reason being that Russia, the primary exporter of wheat, is promoting the grain at an enormous low cost.
Nonetheless, a few weeks in the past on March twenty eighth, we featured the agricultural ETF DBA as a purchase alternative. And over this previous weekend, our Market Outlook mentions that one large threat off indicator is that the “Soft Commodities (DBA) made a golden cross proper as they’re operating into multi-month technical resistance and are already at probably overbought ranges on each value and momentum. based on Actual Movement. Nonetheless, if DBA takes out the $21 degree, then it will sign a breakout of a multi-year base.”
So right here we’re with drought, technical resistance, and one other very low threat entry for wheat or WEAT the ETF.
Over the weekend, we wrote about Regional Banks (KRE) as a possible double backside and key to this data-heavy week. As a facet be aware, KRE remained inexperienced on Monday. One other push larger, and most of the picks from the weekend’s Daily also needs to work out.
Again to mom nature, although — 2 charts and a couple of distinct views. The chart on the left is of WEAT, the ETF for wheat futures. In a day by day timeframe, it’s in a bearish part. Nonetheless, it’s holding the March low and, by way of the cyan line, may arrange for an extended with an excellent cease level.
DBA, in a robust bullish part, now has 2 tops at 20.75 (right this moment and in February). Ought to that clear, 22.00 is the following goal.
Lastly,
Be part of Mish together with Bob Lang from Explosive Choices for a technique session for 2023!
- When: Tuesday, April 11
- Time: 4:30 ET
Click here to reserve your seat now!
On this presentation, you may uncover Mish and Bob’s outlook on:
- Current occasions which have affected the markets – and their long-term impacts;
- What we’d anticipate from the Fed’s financial coverage and rate of interest hikes this yr;
- The world of commodities;
- And most significantly: How one can strategy buying and selling for the rest of 2023.
Deliver your questions, as a result of these classes are uncommon, interactive, and energetic!
For extra detailed buying and selling details about our blended fashions, instruments and dealer schooling programs, contact Rob Quinn, our Chief Technique Guide, to be taught extra.
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Comply with Mish on Twitter @marketminute for inventory picks and extra. Comply with Mish on Instagram (mishschneider) for day by day morning movies. To see up to date media clips, click here.
Mish and Charles Payne rip by way of a number of inventory picks in this appearance on Fox Business’ Making Money with Charles Payne.
Mish talks Past Meat (BYND) on this look on Business First AM.
In this guest appearance on the Madam Trader podcast, recorded March 20, Mish shares her journey from particular schooling trainer to commodoties dealer and now buying and selling educator. Hear her insights on the spring 2023 market situations and easy methods to harness the fitting expertise to succeed.
Comply with Mish as she breaks down present market situations for her mates throughout the pond on CMC Markets.
Mish talks about Dominion Power with Angela Miles in this appearance on Business First AM.
Coming Up:
April eleventh: Webinar with Bob Lang and Twitter Areas with Mario Nawfal (8am ET)
April thirteenth: The Ultimate Bar with David Keller on StockCharts TV and Twitter Areas with Wolf Monetary
April 24-26: Mish at The Money Show in Las Vegas
Could 2-5: StockCharts TV Market Outlook
- S&P 500 (SPY): 405 help and 410 pivotal.
- Russell 2000 (IWM): 170 help, 180 resistance nonetheless.
- Dow (DIA): By 336.25 may go larger.
- Nasdaq (QQQ): 325 resistance, 314 10-DMA help.
- Regional banks (KRE): 41.28 March 24 low held, now has to clear 44.
- Semiconductors (SMH): 247 is essentially the most important help.
- Transportation (IYT): Held weekly MA help and now should clear 224.
- Biotechnology (IBB): Nice job altering phases to bullish, however should affirm over 130.
- Retail (XRT): Do not need to see this break underneath 59.75; finest if clears 64.50.
Mish Schneider
MarketGauge.com
Director of Buying and selling Analysis and Schooling
Mish Schneider serves as Director of Buying and selling Schooling at MarketGauge.com. For practically 20 years, MarketGauge.com has supplied monetary data and schooling to hundreds of people, in addition to to giant monetary establishments and publications comparable to Barron’s, Constancy, ILX Programs, Thomson Reuters and Financial institution of America. In 2017, MarketWatch, owned by Dow Jones, named Mish one of many prime 50 monetary individuals to observe on Twitter. In 2018, Mish was the winner of the High Inventory Choose of the yr for RealVision.
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