New Opportunities are Emerging in Commodities

April 22, 2024

Mish's Daily

By Mish Schneider


In our research as we start a new week, there is a good chance that:

  1. Wheat futures have bottomed.
  2. Natural gas futures bottomed.
  3. Sugar futures bottomed.

And while gold and silver futures are correcting, we are still bullish in the longer term.

We do not expect the precious metals to peak until 2025-2026.

On another note, Bitcoin, another commodity, should it clear through 68k we see a test of the highs at least.

And the almighty US dollar appears to have peaked already.

For now though, lets focus on natural gas and the illustrated daily futures chart.

This is a chart of the natural gas May 2024 contract.

While future months have traded above their 50-daily moving averages (blue line), the May contract has yet to clear it.

As natural gas futures go, we want to see the front month leading to fully support the case for a potential bottom.

As many of you trade the ETF UNG, it is very important to always base any trade in UNG on what the underlying contract is doing.

In the case of May futures, 1.85 is the price to trade above.

As far as wheat and sugar, the same rule applies.

Make sure you look at the spot underlying futures before buying the corresponding ETFs.

 

For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media - All clips here

Singapore Breakfast Bites Where are rates going? Mish talks about the higher for longer and why the FED could pivot on that 04-19-24

Neil Cavuto Coast to Coast Fox All About Netflix-Mish predicted that the stock peaked BEFORE the earnings report 04-18-24

Schwab Network Where the consumer will go next to spend money with Nicole Petallides 04-17-24

CMC Markets Technical trading-what how mish points out why the dollar could peak against the Yen 04-17-24

Stockpick.app Partial-sign up for the app and hear the analysis every week 04-15-24

Kitco News with Jeremy Szafron A clear explanation on why gold is up, inflation, Fed’s next moves and where things are going from here 04-13-24

CMC Markets Take a ride with Mish and she goes through commodities, indices and currencies and gives you a short-term game plan using long term bias 04-10-24

CNBC Asia Inflation is Coming Which bodes well for industrial and precious metals.04-10-24

Making Money With Charles Payne Mish talks about small and mid-cap stocks and why sticking to companies with strong balance sheets and earnings growth makes for best investments 04-02-24

CNBC Worldwide Exchange Tesla is one aspect of a much larger megatrend in EVs. Mish covers the advantages/disadvantages of the company and the space 04-02-24

 

Coming Up:

April 25 FOREX Trader’s Summit Pre Market with Dale Pinkert

April 26 Live Coaching for MG members

May 3 Benzinga Pre Market Prep

Weekly: Business First AM, CMC Markets, and new to us-stockpick.app

 

ETF Summary

S&P 500 (SPY) 480 should be bottom line support but a move over 500 could give a bounce

Russell 2000 (IWM) 192 support

Dow (DIA) 372 the January low

Nasdaq (QQQ) 411 the January 6-month calendar range low and support

Regional banks (KRE) 45-50 range

Semiconductors (SMH) 204 now resistance with support at 175

Transportation (IYT) 67 pivotal with 65 bigger support

Biotechnology (IBB) 128 pivotal 123 support

Retail (XRT) 71.50 area needs to hold

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 75.50 the 200 DMA-through 76.50 relief!

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