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Commodity Currents: Thrilling Thursday.

Two sides session in the S&P500 offering something for both buyers and sellers as market traded down to support then chopped back up to resistance only to drop into the close ending the session slightly lower with resistance seen at 1312 while the Nasdaq 100 is supported at 2500 and resistance at 2534.65 although equities still look lower over the short term. 10yr treasuries continued to move inversely with equities other time moving with equities adding more confusion to the ultimately direction but for now with new contract highs at one point before closing off the best levels, that direction is higher. The Dollar managed to eek out another gain looking more like running in place then actually making upside but still moving higher toward 84.00 regardless. Crude drives lower approaching the next downside at 84.40 as more sellers enter the market with upside seen at 90.00 whereas Natural gas tries to figure out where it wants to go now as prices hover over support but unable to close over 2.439. Near indecision day in Gold as buyers are finding value at lower prices but upside still limited by 1570 with Silver remaining under 28.08 for the 2nd time and Copper continues its churn lower toward 3.300 taking the path of least resistance. Inside day in Corn consolidating over my downside target at 550 with more profit-taking in Wheat heading closer to 640 support with profit-taking in Soybeans sends prices through 1350 support with next downside seen at 1307 while resistance remains at 1373 and similar selling in soybean meal sending it through 400 support putting its next downside objective of 388 within reach and buyers chased Oats over 4 percent higher. Coffee grinds to new contract lows as prices continue their slow drips lower with next support level seen at 158.80 while Sugar is starting to sour slipping under 19.50 which has held prices during past several sessions as buyers remain noncommittal. Cocoa managed to gain after holding 2,050 from the prior session however turned away from 2,100 with buyers becoming interested, Orange Juice challenges but unable to close over 113.50 this time supported at 110.00 and an inside day for Cotton as the market pauses after recent selling with near term resistance seen at 74.00.


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