Market Overview

Global Commodities Tanking Today

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Global commodities and equity markets are taking a tumble this morning. US housing #’s came out below expectations as deep concern builds over the US fiscal cliff situation. DEC12 emini SP futures are down almost 1 percent this morning, while the Nikkei futures are down around 1.5%.  The 1385 level is a key level we are watching in the SP 500. If the market continues its bearish activity below this level, our next potential target comes in at 1310.


In other major commodities news, natural gas futures continue their major volatility expansion, trading down almost 2.5% today. Crude Oil futures are also experiencing heavy selling, trading down almost 2 percent. We are firm in our opinion that we will see $82 in crude oil as the supply glut gains stronghold on the market.


Precious metals are a big story of the day, as gold futures are down over 30$, or almost 2%.  Silver futures are down even more percentage-wise, trading down 77 cents, or 2.27% in the red. Platinum futures are also below the key $1600 level, trading down 1.85% at $1588.


We maintain our bearish outlook on Sugar futures. Our key support level is $19, which has served as a floor since the summer. We believe sugar will break below this key $19 level as global economic concerns weigh on demand, along with increased sugar supplies.


Our technical focus is on the DEC12 emini SP futures contract. This market has been below our key 1420 pivot almost all of November. 1385 is another very important pivot level. If 1385 can serve as a base, we could see a slow grind back up to 1420. However, if a US slowdown story starts to dominate the market psychology, we could see this market stay below 1385 and head towards 1310. We think a first congestion area will be at around 1340.


SP Futures chart


SP emini Futures chart


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