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Commodity Currents: Turn Around Tuesday.

No follow through today in the E-mini S&P500 as prices bounced from the 1300 area retracing roughly 50% of yesterday's drop but still contained by 1341.50 likewise E-mini Nasdaq 100 is supported roughly around 2,515 with resistance seen at 2,613 if this was short covering then could expect to see prices head back to test the low of the range. 10Yr Treasuries were rejected from 134-00 again to end back at 133-07 so have to see if buyers can support or if sellers can take prices lower so far the buyers have been supportive. The Dollar challenged 82.33 again as more sellers enter to try to force a close under which will support the crosses with the Yen one exception as it seems unable to advance 1.2615 while the Euro needs to hold 1.2501 to advance to 1.2553. While buyers supported Crude at 81.40 again need more drive to overtake resistance seen at 84.23 whereas Natural gas continues to trend lower as more buyers are starting to show interest. Gold advanced after 1580 held with prices trading within reach of 1620 before pulling back somewhat with near term support seen at 1603 and upside now 1620 and Silver advanced after buyers supported 28.25 with upside target of 30.00 remains within reach. Outside day in Hogs suggesting lower prices after 94.00 was rejected although 92.30 held while a close under could see prices visit 89.000 whereas Cattle traded to unch. after sellers sold at 121.00 with support seen around 119.85. Split decision in the grains with Soybeans challenging 1450 again with sellers checking gains and new highs 10 cents shy of 440.00 in Meal also greeted by sellers as buyers are looking just a little fatigued here with Corn finding 577 as buyers supported and Wheat approaches support around 612 unable to stay over 627. Nothing new with Coffee as it continues to grind lower as more shorts enter with 158.66 seen as resistance and Sugar continues higher looking for 21.00 while supported at 19.87. Cocoa clears 2,224 after advancing as 2,178 holds with 2,300 remains the bull's upside objective. Orange Juice headed in the other direction although holding 110.67 as upside resistance proved too much and Cotton chops higher likely looking for 88.00.


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. Past performance is not indicative of future results.