Commodity Market Milestones this week: Record-Breaking Trends Across Commodities and Economic Indicators - Support & Resistance Levels

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Commodity Market Milestones this week: Record-Breaking Trends Across Commodities and Economic Indicators

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 The Rest of the Short Trading Week:

By Mark O’Brien, Senior Broker

General: 

 

Breaking records – either multi-year or all-time – has been in style for commodities in recent months.  Notable markets to set new all-time record highs include all three major stock index futures: S&P 500, Nasdaq, Dow Jones, cocoa, gold, silver and Bitcoin.

 

Not to be overlooked, in February natural gas traded to lows not seen in nearly 30 years.

 

One other record is garnering attention lately because of its sheer persistence and no sign of ending.  And while it’s not a futures market, it is an economic indicator futures traders and others watch closely – known as an inverted yield curve, in which yields on short-term Treasurys exceed those of longer-term government debt.  Long taken as a nearly surefire signal that an economic pullback is on the horizon (it happened prior to each of the last eight downturns in the U.S.), the current yield curve inversion has now stretched for over 400 trading sessions with no measurable signs of a major economic slow-down in sight.

 

It harkens to one of the principal rules in trading that we strive to drill into the minds of traders: Past performance is not indicative of future results.

 

Energies: 

 

Due to the short trading week, both the natural gas and the crude oil numbers will be released tomorrow.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a collection of nations that produces 40% of the world’s crude oil are getting together to decide their strategy at OPEC’s ministerial meeting on Sunday, June 2nd.  Traders and analysts are predicting the 2.2 million barrels per day voluntary production cuts will stay in place.

 

Metals: 

 

Last Tuesday, July silver closed at $32.20/ounce and at this typing, the contract is trading barely 3 cents from there at ±$32.17 per ounce.  Sandwiched between there – within five trading sessions – the contract dropped ±$2.00/ounce then rallied right back, a ±$10,000 per contract swing in both directions.

 

Crypto: 

 

Bitcoin futures have threatened to breach the 70,000 mark over the last eight trading sessions – dating to May 20.  The front month June contract’s all-time high close on March 13: 75,900.  This is a ±$12,000 per contract move from its last correction low on May 1 near 58,000.

 

 

If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.

Questions? We are happy to help!

 

Daily Levels for May 30th, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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