Markets With Solid Trends…
The big
story today in the commodity futures is the continued blood bath in the U.S.
dollar market. What added to the declines in the dollar today was an
economic report released this morning that showed an expanding U.S. trade
deficit. The weekly chart for the September dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) shows that
prices are in a steep downtrend. Solid support is at the 108.00 area.
Historically, downtrends tend to last longer in major currencies. This means that
there is a possibility that we could see further declines in the dollar in the
coming weeks. The September dollar closed at 109.48, down .71. The Japanese
yen for September
(
JYU2 |
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Chart |
News |
PowerRating) rose .23 to 81.34, and the September
euro
(
ECU2 |
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News |
PowerRating) was unchanged at .96.
The September S&P 500
futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) attempted to pull up higher today and actually rose
above the resistance line at 1022. The SPU2 quickly retreated then fell to 1008,
down 12.80, or 1.21%. The S&P 500 futures for September has support at 1004.45.
The
September Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating) pulled back to test the 1022.00 support
level. The NDU2 closed at 1069, down 34, or 3.08%.
In the Agricultural commodities at the Chicago
Board of Trade, grain prices rose and soybean futures were slightly lower.
Wheat for July delivery
(
WN2 |
Quote |
Chart |
News |
PowerRating) rose 1/4 of a cent to $2.91 1/4 a bushel;
July corn
(
CN2 |
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Chart |
News |
PowerRating) rose 1.50 cents to $2.1.0 1/4 a bushel; July
soybeans
(
SN2 |
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Chart |
News |
PowerRating) dropped 2.25 cents to $4.87 3/4 a bushel.
In the metals that trade on the Comex division of the New York Mercantile
Exchange, August gold futures
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) rallied to hit an eight-day
high of $324.20. The three pieces of economic news that sparked gold’s rally
were the record U.S. account deficit, weakness in the U.S. dollar and a
softening in the U.S. equity markets. August gold ended the session at $323.69
an ounce, up 3.39. July silver
(
SIN2 |
Quote |
Chart |
News |
PowerRating) rose on the gold movement,
gaining 3.29 cents to $4.87 an ounce. July copper
(
HGN2 |
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Chart |
News |
PowerRating) dropped .60
to 75.15 a pound.
Crude oil futures were rolling back and forth in
and out of negative territory in today’s trade. More rising tensions in the
Middle East were offset after Norway and Russia said they won’t extend oil
production cuts past the first half of this year, this according to the Wall
Street Journal. August crude oil
(
CLQ2 |
Quote |
Chart |
News |
PowerRating) rose .39 to $25.96 a
barrel. August heating oil
(
HOQ2 |
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Chart |
News |
PowerRating) rose .83, or 1.26%, to 66.65.
August unleaded gasoline
(
HUQ2 |
Quote |
Chart |
News |
PowerRating) rose .31 of a cent to 77.44 cents a
barrel. And natural gas gave up .11 of a cent to end the session at 3.27.
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