July Wheat - 1.00 Higher
July Corn - 0.50 Higher
July Soymeal - 0.80 Lower
July Beans - 0.50 Lower
Cocoa is moving quickly. Look for some resistance, probably tomorrow around 10,000 in the July. You pretty much need to day trade it, in order to take advantage of these opportunities. It traded below 8400 for about 3.5 hours.
Most commodity markets are picking up volatility, with larger price swings, increasing opportunity.
June Crude Oil sold off today, but stayed slightly above support, and thus created higher support.
support - 81.40
80.65-80.30
resistance - 83.45
84.20
July Soybeans blew past support levels today - end of month, roll from May to July.
support - 1161.00
1148.00
resistance - 1184.00
1191.00
July Soymeal traded down to old support at 347.00 today.
support - 349.70
347.00
resistance - 361.50
371.00
July Corn marked it's low 2 ticks below the 445,00 support level, with a 5 cent trading range today.
support - 446.00
444.00
resistance - 450.00
454.00
July SRW Wheat marked the low 2 cents below the 597.50 support price, after selling off about 11 cents high to low.
support - 600.00
593.00
resistance - 620.00
634.00
July HRW Wheat marked it's low 4 cents above the 629.00 support level, after selling off about 16 cents from the high print.
support - 629.50
621.00
resistance - 650.00
664.50
July Spring Wheat marked a narrow range/inside day today, finding support on the 700 support price, increasing the likelihood of an expanded trading range tomorrow.
support - 700.00
690.00
resistance - 710.00
717.50
Notice how some of the first support prices for tomorrow's trading session are above today's low price. This indicates tomorrow is more likely an up day, in those cases. Not 100%, maybe 65-75%.
June S&P fell through the tight support levels, and although an expanded range after 2 tight range days occurred, it wasn't up. I gave up on a larger pattern working on the 1 - 2 hour charts, which I shouldn't have - patience. Tonight/Tomorrow should be a selling capitulation/exhaustion.
support - 4960-4950
4900
resistance - 5111
5147
Check out the S&P chart:
