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Commodities & Futures – Technical Analysis of the Week Ahead

           Expect continued choppiness in the soybean complex, and trendless markets in the grains. Hogs are desperately seeking support at 80, while cattle looks to be in a freefall possibly testing last year’s double bottom. Sugar has retraced nearly a third of its multi-month slide, but looks to resume the underlying down trend. Cocoa and coffee remain trendless and look to stay that way for the near term. Gold and silver have given back some of their gains from the last few weeks, but longer-term trends are still bullish.

            Natural gas is forming a solid base, looking to breakout on the upside. Would wait for the break before entering this market, however. Crude oil remains bearish looking for support on the way down. US TBonds still flash a buy signal, though the move is becoming a bit overbought. The Canadian and Australian Dollars both are still trending nicely down, as in the Euro and Pound. Japanese Yen is trendless, and the US Dollar is still in an intermediate-term uptrend even with the pullback from this week.  Longer-term, however, one cannot be as bullish. The US equity indexes have all broken significant trendlines and moving averages, signaling a sell. Expect to see continued volatility in these markets, but with a bearish slant.

Disclosure: No positions