CURRENCIES: The June Euro currency closed down 9 points at 1.2728 today. Prices closed near mid-range today and hit another fresh four-month low. Bears have the solid near-term technical advantage. Prices are in an 11-week-old downtrend on the daily bar chart.

The June Japanese yen closed up 3 points at 1.2462 today. Prices closed near the session high today. Bulls still have the overall near-term technical advantage. Prices are in a gentle two-month-old uptrend on the daily bar chart.

The June Swiss franc closed down 10 points at 1.0597 today. Prices closed near mid-range today and hit another fresh four-month low. The bears have the solid near-term technical advantage in the Swissy. Prices are in a 2.5- month-old downtrend.

The June Canadian dollar closed down 72 points at .9875 today. Prices closed nearer the session low today and hit a fresh four-month low. Bulls are fading and bears have the slight near-term technical advantage.

The June British pound closed down 86 points at 1.5914 today. Prices closed nearer the session low and hit a fresh four-week low today. Bulls have faded and are on a level near-term technical playing field with the bears. A four- month-old uptrend on the daily bar chart has been negated.

The June U.S. dollar index closed up 14 points at 81.52 today. Prices closed near mid-range today and hit another fresh four-month high. More safe-haven buying of the greenback was seen today. Bulls have gained solid upside near-term technical momentum and have the solid overall near-term technical advantage.

ENERGY MARKETS

ENERGIES: June crude oil closed down $1.23 a barrel at $92.75 today. Prices closed near mid-range today and hit a fresh 6.5-month low. The bears have the solid overall near- term technical advantage. A stronger U.S. dollar index today was again bearish for the crude market.

June heating oil closed down 410 points at $2.8917 today. Prices closed near the session low and hit another fresh 4.5-month low today. Bears have the solid near-term technical advantage as prices are in a 2.5-month-old downtrend on the daily bar chart. Prices this week have seen a breakout from a bearish pennant pattern on the daily bar chart.

June (RBOB) unleaded gasoline closed down 293 points at $2.9136 today. Prices closed nearer the session low today and hit a fresh four-month low. Bears have the near-term technical advantage. A seven-week-old downtrend is in place on the daily bar chart.

June natural gas closed up 12.5 cents at $2.625 today. Prices closed near the session high again today and hit a fresh 10-week high. More short covering and bargain hunting buying were featured today. The bulls have upside near-term technical momentum. The bears do still have the slight overall near-term technical advantage, however.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

SOFTS: July sugar closed up 45 points at 20.85 cents today. Prices closed near the session high today and saw more short covering in a bear market. Prices also scored a mildly bullish “outside day” up on the daily bar chart. Prices Monday hit a 12-month low. The key “outside markets” were bearish for sugar again today as the U.S. dollar index was higher, while crude oil prices were lower. Yet, sugar posted decent gains which does begin to suggest a market bottom is in place.

July coffee closed down 125 points at 177.15 cents. Prices closed nearer the session low today and scored a bearish “outside day” down on the daily bar chart. The key “outside markets” were bearish for coffee again today as the U.S. dollar index was higher, while crude oil prices were lower. Coffee prices are in an 8.5-month-old downtrend on the daily bar chart.

July cocoa closed up $11 at $2,279 a ton. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. Cocoa bears still have the slight near-term technical advantage.

July cotton closed down 219 points at 79.97 cents today. Prices closed near the session low today and hit a fresh 1.5-year low. The key “outside markets” were bearish for cotton again today as the U.S. dollar index was higher, while crude oil prices were sharply lower. The cotton bears have the solid near-term technical advantage. There are no early clues of a market low being close at hand.

July orange juice closed down 120 points at $1.1280 today. Prices closed near mid-range today and hit another fresh contract low. The key “outside markets” were bearish for FCOJ today as the U.S. dollar index was higher, while crude oil prices were lower. FCOJ bears have the solid overall near-term technical advantage. There are still no early clues of a market low being close at hand. Prices are in a 3.5-month-old downtrend on the daily bar chart.

July lumber futures closed down $2.80 at $282.50 today. Prices closed near the session high. Bulls and bears are on a level near-term technical playing field.

GRAINS http://quotes.ino.com/exchanges/?c=grains

GRAINS: July corn futures closed up 22 cents at $6.19 1/4 today. Prices closed near the session high again today on short covering and bargain hunting amid some more fresh demand for U.S. corn. The key “outside markets” were bearish for corn again today as the U.S. dollar index was higher, while crude oil prices were lower. Yet, corn posted solid gains, which is an early clue that a market low is in place. The bulls did gain some fresh upside technical momentum today.

July soybeans closed up 8 1/4 cents at $14.21 1/4 a bushel today. Prices closed nearer the session high today and saw more short covering and bargain hunting. The key “outside markets” were bearish for soybeans today as the U.S. dollar index was higher, while crude oil prices were lower. Yet, soybeans rallied which is an early clue that the market has put in a near-term low.

July soybean meal closed up $7.10 at $424.30 today. Prices closed near the session high today. Meal bulls have the overall near-term technical advantage and have regained some upside momentum.

July bean oil closed down 103 points at 50.44 cents today. Prices closed nearer the session low and hit a fresh five- month low today. The key “outside markets” were bearish for bean oil again today as the U.S. dollar index was higher, while crude oil prices were lower. Bean oil bears have the solid near-term technical advantage. Bean oil prices have been trending lower for six weeks.

July Chicago SRW wheat closed up 30 1/4 cents at $6.38 3/4 today. Prices closed near the session high today and saw short covering in a bear market and some bargain hunting on some dry and hot weather in the U.S. plains. Wheat bears still have the overall near-term technical advantage.

July K.C. HRW wheat closed up 28 1/2 cents at $6.56 today. Prices closed near the session high today and saw more short covering and bargain hunting. The bears still have the overall near-term technical advantage.

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed weaker again today. The European Union debt crisis has intensified. The EU debt crisis has created keen trader/investor uncertainty in the market place, which is bearish for the U.S. stock indexes. Trading action Thursday and Friday will be extra important for the stock indexes.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June U.S. T-Bonds closed up 18/32 at 146 31/32 today. Prices closed near the session high today and hit another fresh contract high on more safe-haven investment demand. Bulls have the solid overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. There are no early technical clues to suggest a market top is close at hand.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed up $0.47 at $116.90 today. Prices closed near the session high and hit a fresh four-week high today and saw more short covering. The key “outside markets” were again bearish for the cattle market today, as the U.S. dollar index was higher and crude oil prices were lower. The fact that cattle were able to rally amid bearish outside markets is a bullish clue.

August feeder cattle closed up $0.65 at $158.32 today. Prices closed near the session low today and saw more short covering and bargain hunting. Bulls have regained the slight near-term technical advantage.

June lean hogs closed up $0.10 at $86.50 today. Prices closed near the session high today. Tepid short covering in a bear market was featured. The key “outside markets” were bearish for hogs again today as the U.S. dollar index was higher, while crude oil prices were lower. My bias is that a market low is in place for hogs.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

METALS: June gold futures closed down $25.20 an ounce at $1,531.70 today. Prices closed nearer the session low today and hit a fresh 10-month low. The key “outside markets” were again in a bearish posture for gold today, as the U.S. dollar index was higher and the crude oil market was lower. Serious near-term chart damage has been inflicted recently. Now, gold prices are nearing major psychological support at the $1,500.00 level.

July silver futures closed down $1.19 an ounce at $26.895 today. Prices closed near the session low again today and hit another fresh 4.5-month low. The key “outside markets” were in a bearish posture for silver again today, as the U.S. dollar index was higher and the crude oil market was lower. Silver prices are in a 2.5-month-old downtrend on the daily bar chart. The silver bears have the solid near- term technical advantage.

July N.Y. copper closed down 580 points 345.90 cents today. Prices closed nearer the session low again today and hit another fresh four-month low. The key “outside markets” were in a bearish posture for copper again today, as the U.S. dollar index was higher and the crude oil market was lower. Copper bears have the near-term technical advantage and have gained downside technical momentum this week.