Corn fatigue continues with prices falling below 800 this week and unable to retake that level thus far and unless something changes longer term prices look destined for 673 but Wheat headed in the other direction instead of following corn retaking 907 after falling below that level earlier staying within reach of 950 with solid support seen at 800 while Soybeans pauses although buyers did support an earlier challenge of 1685 to keep prices over 1700 as new highs remains on the horizon. Oats managed to stay over 387 but price momentum stalls with a lower high and lower low this week looking like a possible double top at 420 is in the works. Coffee really woke up this week bouncing higher taking out 171.90 and 172.50 effortlessly and challenging 182.70 long term can't rule out a trade to 201.75 and new lows in Sugar were also rejected however positive that may be, still have to clear significant resistance at 20.80 before it's off to the races. Inside week for Cocoa as the market pauses after the recent move with prices remaining within 2,691 and 2,564, depending on which level fails determines the direction although a pull back to 2,469 could be an opportunity to buy and Orange Juice continues higher after a classic technical breakout looking for 137.20 while support remains at 117.10 and Cotton manages to stay over 73.49 as buyers support while encouraging still too early to rule out a trade to 70.85. Inside week in Hogs after challenging 70.00 support last week which held as the market likely has its sights set on a challenge of 75.625 however Cattle continues higher finally able to exceed 126.325 looking like the stage is set for a stampede to 130.00. Crude drives higher as sellers get run over once again unsuccessful in their attempt to keep prices under 96.23 although buyers have the 100.00 speed bump to contend with to potentially slow down gains as prices already retraced 61.8% of the move off the June lows and Natural Gas also had a good week blowing through 2.864 but stopped by 3.08 so its not unexpected to see a pull back and can't rule out a trade to 2.864 although prices could try for 2.794 again. Gold continues to shine with prices only 27.30 away from 1,800 the upper end of its 11 month trading range so the third challenge be the charm as support remains far below at 1664.90. Silver ends the week with impressive gains as well breaching 33.460 but pausing at 35.000 which acted as resistance since last year and prices are making their third attempt to challenge it but a failure could invite profit-taking. Copper continues to play catch up looking for 4.000 which is a significant resistance level for prices to try to overcome if can close over 3.8745 as near support seen at 3.6780. Stocks traded to new highs as S&P500 takes the path of least resistance which is up closing within 9% of the 2008 highs something I didn't think I would see anytime soon as support remains at 1407.35 it might be a while before its challenged. Nasdaq 100 continues higher as well trading over 2,800 also to new highs with support seen as 2,738.75. 10yr Treasuries sell off trading under 132-18 with next downside target of 130-17 although this decline could be just the beginning and the Dollar sags falling under any support level encountered thus far with the last line in the sand 78.585 as buyers are nowhere to be found.
DISCLAIMER:
The risk of loss trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Trading futures without protective stops or options is not recommended. Past performance is not indicative of future results.