The dollar finally backed off and some interesting action at key levels is starting to show itself in the commodity space.
It's a huge day in the nat gas trade with inventories out at 10:30. This week marks the first time it's closed above the 50D moving average since December.
Oil is attempting to spring back above it's major low. The next few days will tell us plenty about it's prospects moving forward.
Cotton has found support at this key long term level after briefly breaking below it early in the year.
Silver has fallen within a very sharp channel for two months now as price falls right into the prior low area and long term pivot level.
MY TAKE: All of these markets are showing signs of selling exhaustion and multi-week corrective rallies are likely in store.
Trade 'em well!
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