Key Nasdaq Pivot Points
July soybeans pulled back
at
the beginning of early trade, then rallied higher to make a 20-day new high.
Then it was reported that the Chinese government will impose a
severe tariff on U.S. soybeans, which caused July beans to sell off before the
close. July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating) closed at $4.90 a bushel, down 1 1/4 of a
cent. July wheat
(
WN2 |
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Chart |
News |
PowerRating) pulled back today, losing 4 cents to end at
2.72 3/4. July corn
(
CN2 |
Quote |
Chart |
News |
PowerRating) dropped 1/2 cent to close at $2.11 a
bushel.
In the crude oil markets, Iraq announced
that it will try to increase its daily export of oil to 2.1 million barrels a
day by June. This news pushed the oil markets lower.
July crude oil dropped .80 to $26.42 a barrel. This set the tone for the rest of
the energies, which had a negative day as well. July heating oil
(
HON2 |
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Chart |
News |
PowerRating)
lost 2.22 cents to close 67.36 cents a gallon. July unleaded gasoline
(
HUN2 |
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Chart |
News |
PowerRating) dropped 2.04 to 78.93 and July natural gas
(
NGN2 |
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Chart |
News |
PowerRating) dropped
to 3.47, down .10.
After some profit-taking in the early part of
trade, gold found its footing and regained its three-year-high mark. June gold
ended at $316.10 an ounce, up .10. Silver had a very strong day to the upside,
closing at 4.845, up 6.50. And copper finally had an up day closing at 72.75 a
pound, up .15.
June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) was slammed
immediately early on and never recovered. By
11:00 a.m. ET, it broke below the S1 pivot point
of
1284 and then fell below the 1269.50 S2 pivot point, before settling down 38 or
2.93% to 1260.50.
The June S&P 500 futures fell in similar
fashion today. Read
“Through The Support Zone” by Lewis Borsellino for the key levels on the
day. The June S&Ps ended at 1083.09, down 10.40.