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Commodity Currents: Trading Tuesday.

Stocks tried but couldn't make any significant upside after a two sided session taking the path of least resistance which is lower with 1304 the next likely downside target in the S&P500 as more sellers enter the market whereas the tech heavy Nasdaq 100 while unable to rally is testing support at 2583.50 depending on what happens could determine the direction of equities in the short term. 10yr Treasuries were higher as well but sellers sold into the close this time instead of prices moving opposite of equities which also sold off into the close possible another sign of buyers' fatigue although still no sigh of a reversal either, support found at 133-00. The Dollar broke through 81.00 on a spike of volume so there still can be more to this move putting 82.00 within reach but should provide more of a technical challenge. The metals continued to tarnish under the stronger dollar with Gold taking the path of least resistance lower although doesn't look major selling but profit-taking meaning these longs are more likely to return but not today with some selling in Silver as prices continue toward 27.000 and Copper tried to stabilize at 3.500. Crude slipped again as sellers decided to sell when prices rallied into resistance at 95.48 sending prices to close at the low still looking for 90.00 but Natural gas headed in the other direction as buyers supported under 2.400 to close at 2.500 again although lacking conviction a gain is a gain with next upside objective is 2.600 with support at 2.435. Gains in the grains with Corn advancing nicely but could be short covering falling short of 601 near term resistance led by Wheat almost making it to 620 before pulling back with 605 to support prices in the interim while buyers bounced Soybeans right back into resistance at 1415 and Meal at 419 potentially halting further gains. Coffee managed to trade over 180.00 again but like in past attempts sellers were waiting to sell into the move although this time prices remain over 177.00 giving some hope for higher prices for buyers whereas Sugar challenged 20.50 but lacked committed buyers thus unable to close over that level for now with Orange Juice heading toward 110.00 although buyers offered token support again keeping new contract lows away for another day and Cotton tried to bounce but unable to get back over 80.00 as conviction lacks.

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.