I did a quick look at the charts and picked out the following resistance levels, as it seems most of these commodities tonight are heading higher.
In the crude oil, I would think of selling 80.40, 80.88 and then 81.67.
In the Jan Beans, 1058, 1063 and then 1068.
In the Dec Wheat, 572 1/4, 584, and then 585.
In the Dec Corn 409 1/2 and then 413 1/2
For the stock indexes, resistance would be the following;
DJZ, there are two points 10412 and the 10427
SPZ, there are two as well, 1108.50 and 1,112.25
All of these levels are major points on the daily charts, recent high ticks which should 1) attract activity because everyone will be focused on them.
Once these levels are touched, it is up to you individually to either, 1)go with the up move looking for continuation or a new break-out higher, or 2) use it to initiate shorts with a buy stop protection where you are willing to lose a specific amount in return for a retracement lower as you anticipate a move lower. In any event, you have to use stops to limit your losses mechanically.
Good Trading
