CommodityTrends Weekly Newsletter

Sep Rough Rice has formed a 1-2-3 top within a trading range. First Notice Day (FND) is August 31, and Last Trading Day (LTD) is September 14. With volume likely to begin drying up as we get closer to FND, I’m going to stop watching this contract for now. I’ll keep an eye on the November contract from the sidelines, and if something begins to develop, I’ll bring it back onto the watchlist.

Dec Soybean Meal developed a mid-level high at 337.30 (the high on July 24) and then sold-off dramatically into a daily chart support zone. Price continues to trade in and slightly above this zone. I'm watching from the sidelines until a "solid" visible pattern can develop.

Dec High Grade Copper has developed a #1 top point at 6.9600, the August 6 high, followed by a #2 top point at 6.5950, the August 13 low. Continue watching to see if the remaining criteria for our 1-2-3 top strategy are met.

Sep 10-Year T-Note has developed a #1 bottom point at 107-315 (the low on July 31). It's also produced a #2 bottom point at 6.5950, the August 13 high. Keep watching to see if the remaining criteria for our 1-2-3 bottom strategy are met.

Dec Cocoa has developed a large triangle pattern on the daily chart. Price is currently trading just inside of a weekly chart resistance zone. Keep watching. 

Amazon.com Inc (AMZN) is nearing the top of a large price gap (highlighted with a blue rectangle). A break of the July 31 low could trigger a possible MET entry. Keep watching.