Futures Market Technical and Fundamental Analysis
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Today's Futures Analysis summary
July Sugar surged to a new high for the year as demand from India continued to support this bull market. India's production is expected to be considerably lower this year because of a failed crop. This should keep demand steady throughout the year.
Traders have to be careful that the rise in prices isn't too fast as India may stop buying to prevent excessive speculation.
July Gold is finding support inside of the 865.00 to 919.70 range. As long as the two bottoms at 865.60 and 865.00 hold then the main trend has a chance to continue the rally started last week.
July Silver is in an uptrend but feeling pressure because of the lack of strong bullish fundamentals. A new bull market has the possibility of forming if the market can build a support base between 11.77 and 13.25.
July Platinum is in a downtrend and showing few signs of bottoming yet. Concerns over the survivability of the U.S. auto industry are hurting demand for catalytic convertors.
Talk of a recovery in the U.S. economy is providing support for July Copper. Traders have been lightly buying since Wednesday when the Fed indicated that the pace of the U.S. economic decline is leveling off.
July Corn is receiving support on concerns this year's crop may be limited because rain is delaying seeding. So far July Corn has only been reflecting a strong short-covering rally but could break out to the upside when it changes trend on a move through 417 1/2. Pressure is building on corn producers because they have limited time to get their crop planted.
July Soybeans surged to the upside on Thursday, putting the market in a position to take out two recent swing tops at 1057 1/2 and 1064 1/2. The next target will be the high for the year at 1076.
June Crude Oil is hovering near the $50 per barrel price. This is inside of the 56.10 to 46.72 range. The trend is down but there hasn't been much bearish news to drive it lower so traders seem content with keeping it in a range.
The trend is down in the June Treasury Bonds and June Treasury Notes. Investors are approaching this market with caution as they feel they may be trapped by aggressive buying by the Fed at any time.
Although the Stock Indices have made new higher tops for this current rally, they do appear on the charts to be flattening out. This could be a sign that a top is building.
By FuturesHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis .
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