Time to keep an close eye on commodities

 CRB - Index

 Crude Oil

Soybeans

It's time to keep an close eye on the commodity sector. The CRB-Index is sitting right at its important support at 294 and a break below here will have very bearish implications.

Crude oil broke below its support-line on Friday and the next support comes in near 90, but I would not be surprised to see a decline below the 74.95 low back from October 2011.

Finally one of the commodities that have excelled during 2012 Soybeans may have topped at 1,509 in late May. We still need a clear break below the trend-line support near 1,456, but  a break below here will call for an important top being in place an a much deeper decline.