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Commodity Currents: Line In The Sand Thursday.

Previously mentioned prices were crossed as of this writing where the S&P500 needed to get a close over 1357.25 and not only did it do that but exceeded 1363.25 as well effectively negating the short-term downtrend leaving it within reach of 1377, the monthly high. The market got a lift in the pre-market which set the tone for the session, something we have seen before when markets are about to correct only to be pumped up in the pre-market. Bears needed Nasdaq 100 to close under 2598.90 and not only avoiding to do that but instead closing over 2623.65 negating its negative outlook putting it within reach of its 2650.00 contract high. The Dollar was rebuffed from another attempt to retake the 50day average as well as the 80.00 area, dropping to 79.15 support holding for now but could easily resume its downtrend. This was supportive of the crosses except the Yen which couldn't close over 1.2328 again selling off back to 1.2200 which has held in the past. Crude rallied but again ran into sellers at 107.53 area thus far being unable to move higher although with support from its distillates given time it will exceed that level then its off to challenge 109.03 one small step toward 110.00. Natural gas continues to hang in at these levels much to my surprise given short's repeated attempts to push it toward 2.000. The metals continue to move higher with Gold now over 1700.00 and needs to retake 1718.70 to really get the longs excited whereas Sliver encountered resistance at 34.139 turning the metal away for now with upside targets of 34.325 and 34.620 sliver bulls are looking for if it can hold 33.473. Copper was moving higher encountering resistance at 3.8000 and 3.8269 halting its advance but the bounce lacks enthusiasm. Split decision in the grains with Soybeans leading the charge higher after bouncing off 1324-00 back to the recent highs seemingly unstoppable thus far while Corn dropped through support 6.4000 before bouncing off 631-00 and Wheat reversed direction when unable to move over 649 1/2 looking more bearish after failing to hold 647-25. Sugar still consolidating at 23.80 but needs a close over 24.00 to rule out a move to 23.50 while Cocoa surged over 5 percent on a spike in volume as sellers gave up the struggle to break 2,282 taking prices over 2,377 setting stage for higher ground if gains hold. Orange Juice churned higher after testing support but taking too long to get a close over 190.00 with Cotton failing to make any upside being rejected from 90.51 reversing to head lower toward 88.00 again as buyers not too willing to catch a potential falling knife.