My schedule is quite packed this weekend. Coincidentally, this weekend is qing ming as well. I believe many Chinese friends are going to back to pay their respects to their ancestors. So, I will keep this outlook super clean, super straightforward with no bull shit. Let’s started!

Emini S&P 500

In last week’s video, I mentioned that prices will have an uptrend as long as it’s able to stay above 2,820. Prices did that and went up to hit our uptrend target of 2,880. Going forward, we expect Emini S&P to retest it’s historical high of 2,947 shall prices able to stay above this resistance turned support level 2,880. 

Furthermore, the EMA 200 days still telling us that the long term trend is still bullish. 

FKLI

The long term trend is bearish, because we have prices trading below the ema 200 days. So any upside momentum for FKLI is limited. 

If buyers can support prices at 1,632 and then clear 1,650 level, we could see prices went up and hit 1,664 support turned resistance level. If buyers by then are still strong, we can expect a retest of 1,688 previous structure high.

 

Soybean oil

Prices had a technical rebound but buyers were stopped at $29.50/ ema 200 days level that we discussed last week. We can look for buying opportunities this week shall buyers forced a close above this level. When this scenario happens, we can probably expect a retest of either $30 or the major structure high of $31. 

If buyers fail us, then we expect prices hovering above 28.53.