Thursday, June 4, 2009

Price Levels to Beware on Several Markets

I am not going to post charts on these, but I am just going to give some price levels on several markets that should be watched. If price falls to or below the levels specified without making new highs, then that would be good indication of that market forming a significant top. Also, realize that stocks and commodities have been running up together, and if/when they top, they will likely be topping together.

S&P 500 cash value - 878.00

July Oil futures - 63.40

August Gold futures - 93.82

July Soybeans - 1110-00

July Corn - 442-00

I hope to get a video up tomorrow to show the importance of the location of Tuesday's high
in the S&P 500. Until 878 is exceeded on the downside, it is safest to assume the trend is still up. If new closing highs are made above Tuesday's high, there is no major chart resistance until the 1000 level, but from looking at several other related markets, I don't think that is most likely.

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