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Commodity Currents: Moving Monday.

The moment of truth is here for the S&P500 as sellers were waiting to sell into strength again taking the market to the lows before buyers supported toward the close but lacked firm commitment as seen with previous dip buying to take prices positive suggesting for now waning momentum. Sellers will be looking to force a close under 1357.50 while buyers need a close over 1366.75 to keep the uptrend alive. After an indecision day Friday, Nasdaq 100 made up its mind today heading lower on slightly increasing volume after another failed test of 2650.00 ending the session under 2613.50 support with sellers next objective to force a close under 2590.53 unless buyers can defend 2600.00 to realize their upside objective of 2620.00 to regain the initiative. Ten year Treasuries reversed lower although still largely range bound between 131-19 and 130-04. Yields need to exceed 2.100% to possibly mark a top something they have not been able to do. The Dollar was unable to build on last session's gains heading lower but unless it closes under 78.89 short term outlook is encouraging. An inside day resulted in a reversal in Gold today although obvious lack of commitment on part of sellers but longer it stays under 1716, greater the chance more longs could sell. Sliver was lower with a slight increase in volume with traders defending the lows 33.05 for now keeping the trend alive but need to take prices over 35.157 to resume the upside or expect a trade to 32.000 if sellers get committed. Crude tried to gain upside traction but failed to take out resistance of 107.53 not closing far from that price to try again tomorrow but with volatility starting to increase, buyers might lose control if they can't push prices higher. Natural gas gave up the ghost making new contract lows again with sellers showing more willingness to sell at these levels suggesting even lower prices, under 2.000 as no low is too low for this commodity. Mixed performance in the grains with Soybeans and Wheat reversing under mild profit-taking from recent moves with Corn the biggest beneficiary although buyers weren't too committed challenging the Jan highs. Movers in the softs include Sugar reversing direction souring longs attempt to close over 25.00 with a pullback to 24.00 if existing support fails. Toppy trading in Orange Juice with more selling into the highs for the second session looking like it could pull back to 185.00 to try to move higher from. Cotton traded up the 4 cent exchange limit on news of India's decision to ban cotton exports lead to massive short covering shearing sellers who had chased the market lower previous sessions.