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Commodity Futures Weekly ReportTuesday, February 12th, 2013

Volume 3 Issue 6

Technical Analysis

Highlights

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J eremy Berkovits, CMT(Compliance)

(212) 879-0596

jberkovits@i10research.com

David Truffelman(Analyst)

(919) 267-3974

dtruffelman@i10research.com

Aaron Uitenbroek(Analyst)

(646) 535-1012

auitenbroek@i10research.com

.

This report is copyrighted by i10Research. It is authorized for subscribers ONLY. Do not photocopy, otherwise copy or further

distribute this information. i10Researchstrictly prohibits these practices. i10Research employs tracing technologies and, for the

protection of all subscribers, will prosecute violators.

S&P 500 E-mini maintains its upward bias with supports at 1490 / 1450 -70. While above these levels,

longs on any pullbacks to support are favored as buying opportunities.

Nasdaq-100 E-mini is attempting to break out of consolidation and longs are favored above 2760 for a

move likely to the upper end of resistance at 2822. Falling back below 2750 would indicate a failure and

target the opposite side of the consolidation down at 2700.

Mini Russell 2000 continues to move higher with longs favored on any pullbacks to support at 891 or 900.

Lower support is at 871 72 and only a drop below 865.4 would negate the bullish bias.

Euro FX Longs remain favored above the trend line support targeting a retest of recent highs at 1.3700

with further resistance/target at 1.3885 in extension. Near-term price action is vulnerable to a further

retracement down to 1.3285 should price fail to break above 1.3490.

30-yr Bonds continue to work lower and are in position to favor shorts while below 14413 targeting a

move to the 14000 level. If price can regain 14413 and move higher, it would be back into an area of

rotation and the bearish scenario would be put on hold.

Light Sweet Crude Oil bounced from support at 94.95 96.25 targeting a continued move higher to 99.62

/ 100.42 / 101.78. Only a drop below 94.95 would suggest the recent uptrend is transitioning to rotational or

downward.

Brent Crude remains bullish while above 115.00 .70. We favor longs while above this level targeting a

move higher toward the next resistance / target at 119.39 - .43.

Gold remains within a zone of rotation. Support remains at 1613 29 and shorts should look to take

profits into this zone and reposition if price manages to push lower. Rotational longs are a consideration if

support proves to be holding.

Copperis respecting the upward sloping trendline support. A test of support at 3.65 - .70 is a spot to

consider longs for a continuation of the uptrend and test of the 3.8395 highs.

Wheat continues to move lower and make progress toward our target / support at 696 708. The bias will

remain downward while below 756.

mailto:jberkovits@i10research.commailto:dtruffelman@i10research.commailto:auitenbroek@i10research.commailto:auitenbroek@i10research.commailto:dtruffelman@i10research.commailto:jberkovits@i10research.com

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Table of Contents

Page 3: Trade Update Summary

Page 4: E-mini S&P 500, E-mini Nasdaq-100

Page 5: Mini Russell 2000, Euro FX

Page 6: 30-yr Bond, 10-yr Note

Page 7: 5-yr Note, 2-yr Note

Page 8: Light Sweet Crude Oil, Brent CrudePage 9: Natural Gas, Heating Oil

Page 10: Gold, Silver

Page 11: Copper, Corn

Page 12: Soybeans, Soybean Oil

Page 13: Soybean Meal, Wheat

Page 14: Live Cattle, Lean Hogs

Page 15: About i10 Research

Page 16: Disclaimer

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S&P 500 E-mini maintains its upward bias with supports at 1490 / 1450 -70. While above these levels, longs on any

pullbacks to support are favored as buying opportunities.

ES Continuous Contract Daily Bar Chart Volume-at-Price overlay

NQ Continuous Contract Daily Bar Chart Volume-at-Price overlay

Nasdaq-100 E-mini is attempting to break out of consolidation and longs are favored above 2760 for a move likely to the

upper end of resistance at 2822. Falling back below 2750 would indicate a failure and target the opposite side of the

consolidation down at 2700.

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Mini Russell 2000 continues to move higher with longs favored on any pullbacks to support at 891 or 900. Lower support is

at 871 72 and only a drop below 865.4 would negate the bullish bias.

TF Continuous Contract Daily Bar Chart Volume-at-Price overlay

6E Continuous Contract Daily Bar Chart Volume-at-Price overlay

Euro FX remains in an uptrend since making lows at the end of July. Longs remain favored above the trend line support

targeting a retest of recent highs at 1.3700 with further resistance/ t arget at 1.3885 in extension. Near-term failure to regain

1.3487 would target a retracement back to the lower ascending trend line around 1.3285.

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30-yr Bonds continue to work lower and are in position to favor shorts while below 14413 targeting a move to the 14000

evel. If price can regain 14413 and move higher, it would be back into an area of rotation and the bearish scenario would be

put on hold.

ZB Continuous Contract Daily Bar Chart Volume-at-Price overlay

ZN Continuous Contract Daily Bar Chart Volume-at-Price overlay

10-yr Notes remain rotational while above 130230. A break lower in earnest, below 130230, would favor short positions

targeting 129000. A move over 132155 would instead favor longs.

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5-yr Notes have probed below their long-standing range which is a bearish indication. Price is not likely to move down in

earnest unless it can move below the recent 123320 low. While above this level, price is likely to continue to be two-sided.

ZF Continuous Contract Daily Bar Chart Volume-at-Price overlay

ZT Continuous Contract Daily Bar Chart Volume-at-Price overlay

2-yr Notes remain in consolidation between support at 110040 and resistance at 110095. There is higher resistance at

110115 and 110260. We expect continued two-sided action while within this long-standing range.

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Light Sweet Crude Oil bounced from support at 94.95 96.25 targeting a continued move higher to 99.62 / 100.42 / 101.78.

Only a drop below 94.95 would suggest the recent uptrend is transitioning to rotational or downward.

CL Continuous Contract Daily Bar Chart Volume-at-Price overlay

BRN March Contract Daily Bar Chart Volume-at-Price overlay

Brent Crude remains bullish while above 115.00 .70. We favor longs while above this level targeting a move higher toward

the next resistance / target at 119.39 - .43.

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Natural Gas is rotational while between 3.232 and 3.50. A move beyond either of these levels would favor a continuation to

next support or resistance, which is 3.10 on the downside and 3.646 on the upside.

NG March Contract Daily Bar Chart Volume-at-Price overlay

HO Continuous Contract Daily Bar Chart Volume-at-Price overlay

Heating Oil nearly touched our target at 3.26. Price is likely to become rotational or to pullback from this level. We favor

taking profits on longs on tests to the middle 3.20s and repositioning on a decline to support at 3.15 - .168. A drop below

3.15 would favor shorts back toward 3.096.

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Gold remains within a zone of rotation. Support remains at 1613 29 and shorts should look to take profits into this zone and

reposition if price manages to push lower. Rotational longs are a consideration if support proves to be holding.

GC Continuous Contract Daily Bar Chart Volume-at-Price overlay

SI Continuous Contract Daily Bar Chart Volume-at-Price overlay

Silverbroke lower from its triangle consolidation and if moving back to lower support at 29.86 30.39. Price is likely to turn

rotational between this support and the recent break down area near 31.535.

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Copperis respecting the upward sloping trendline support. A test of support at 3.65 - .70 is a spot to consider longs for a

continuation of the uptrend and test of the 3.8395 highs.

HG Continuous Contract Daily Bar Chart Volume-at-Price overlay

ZC March Contract Daily Bar Chart Volume-at-Price overlay

Corn is in position to favor shorts while below 715 targeting a retest of the low at 678 and then lower toward 650. Only a

move back above 715 would put the bearish bias on hold.

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Soybeans moved lower from resistance and reached our initial target at 1400 -1450 for the pullback. This zone between

1351 and 1508 remains an area of rotation. A move beyond one of the extremes would signal a larger directional move.

ZS Continuous Contract Daily Bar Chart Volume-at-Price overlay

ZL March Contract Daily Bar Chart Volume-at-Price overlay

Soybean Oil moved lower from the test of resistance at 53.31 and has now reached support at 50.85, which extends down to

49.12. This is a zone of rotational trade and two-sided price action is expected to develop.

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Soybean Meal moved aggressively lower, negating the bullish, upward bias. The near-term is pointed solidly downward and

support at 405.5 could potentially lead to rotation back higher. A breach of this level would be a further bearish development

and favor shorts for move to the 392.4 low and lower.

ZM Continuous Contract Daily Bar Chart Volume-at-Price overlay

ZW March Contract Daily Bar Chart Volume-at-Price overlay

Wheat continues to move lower and make progress toward our target / support at 696 708. The bias will remain downward

while below 756.

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Live Cattle is threatening a break below 129.35, which would favor shorts into 127.15. If price can hold above this support

evel, we would expect a continuation of the rotational price action back toward 133.7.

LE April Contract Daily Bar Chart Volume-at-Price overlay

HE April Contract Daily Bar Chart Volume-at-Price overlay

Lean Hogs broke below support and shorts are now favored targeting a move to next support at 84.025. A move back above

87 would put this bearish bias on hold.

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The views expressed in this research report accurately reflect the personal views of the

research analysts responsible for the content of this report, Jeremy Berkovits, DavidTruffelman and Aaron Uitenbroek. The research analysts further certifies that he receives no

compensation that is directly or indirectly related to the specific recommendations or views

contained within this report.

This publication does not constitute and should not be construed as an offer or the solicitation

of any transaction to buy or sell any securities or any instruments or any derivatives of the

securities mentioned herein or to participate in any particular trading strategies. Although the

information contained herein has been obtained from recognized services, and sources

believed to be reliable, its accuracy or completeness cannot be guaranteed. Opinions,

estimates or projections expressed in this report may make assumptions regarding economic,

industry and political considerations and constitute current opinions, at the time of issuance,which are subject to change without notice.

The products or securities mentioned in this report may not be eligible for sale in some states

or countries. Their value and any income which they may produce may fluctuate and / or be

adversely affected by interest rates, exchange rates and other factors.

This information is being furnished to you for informational purposes only, and on the condition

that it will not form a primary basis for any investment decision. Any recommendation

contained in this report is not intended to be, nor should it be construed or inferred to be,

investment advice, as such investments may not be suitable for all investors. When preparing

this report, no consideration to ones investment objectives, risk tolerance or other individual

factors was given; as such, as with all investments, purchase or sale of any securitiesmentioned herein may not be suitable for all investors. By virtue of this publication, neither the

Firm nor any of its employees shall be responsible for any investment decisions.

Before committing funds to ANY investment, an investor should seek professional advice. Any

information relating to the tax status of financial instruments discussed herein is not intended

to provide tax advice, or to be used by anyone to provide tax advice. Investors are urged to

consult an independent tax professional for advice concerning their particular circumstances.

Past performance should not be taken as an indication or guarantee of future performance,

and no representation or warranty, either expressed or implied, is made regarding future

performance.

The authors of this report may, from time to time, have long or short positions in, and buy or

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Additional information relative to securities, other financial products, or issuers discussed in

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Disclaimer & Analyst Certification

i10 Research 2013

All Rights Reserved

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