Highlights
A relatively calm week with commodities. Energy and metals still look like they can work lower but they held recent lows. Corn and wheat look like short ideas
BLOOMBERG COMMODITY INDEX
Bloomberg Commodity Index daily still could be in a topping pattern
Bloomberg Commodity Index Weekly is one of the big reasons why I believe commodities might have topped
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Subindex Daily held the 20 day and that’s been the moving average to watch
Bloomberg Energy Subindex Weekly still has a Sequential in progress albeit it’s late in the Countdown.
WTI Crude futures daily
Brent Crude futures daily
WTI Crude futures bullish sentiment with lower highs
WTI Crude futures Commitment of Traders shows speculators increasing long exposure
Natural Gas futures daily
Natural Gas futures bullish sentiment still overbought
Natural Gas futures Commitment of Traders shows speculators covering some of the short
Metals
Gold futures daily has a 1900 level to watch
Gold futures bullish sentiment backed off and held the 60% level
Gold futures Commitment of Traders shows speculators decreasing long exposure
Silver futures daily continues to break bullish hearts
Silver bullish sentiment slammed
Silver futures Commitment of Traders shows speculators decreasing long exposure
Copper futures daily has been a difficult long for a while
Copper futures bullish sentiment dropped hard now well under the 50% level. I’m not sure why the Copper and Coffee pricing breaks so often. We will fix
Copper futures Commitment of Traders shows speculators selling hard and now turning negative
Platinum daily gave up all Ukraine move
Platinum bullish sentiment looks better than the price action
Platinum Commitment of Traders shows speculators decreasing long exposure and turning negative
Palladium daily also lost all Ukraine gains
Palladium bullish sentiment also looks better than the price action
Palladium Commitment of Traders shows a more neutral setup for both speculators and commercials
Grains
Corn futures daily is overbought and could be shorted here
Corn futures bullish sentiment has been and remains extreme
Corn futures Commitment of Traders shows speculators decreasing long exposure
Wheat futures daily can be shorted
Wheat futures bullish sentiment breaking the 20 day moving average of bullish sentiment
Wheat futures Commitment of Traders tightly wound with speculators decreasing long exposure
Soybean futures daily sideways
Soybean futures bullish sentiment decreasing vs the pricing which holds steady
Soybean futures Commitment of Traders shows speculators increasing long positions
Livestock
Cattle futures daily remains weak
Cattle futures bullish sentiment with a new recent low
Cattle futures Commitment of Traders shows speculators adding to long exposure
Lean Hogs futures daily also remains under severe pressure
Lean Hogs bullish sentiment getting back of extreme oversold levels
Lean Hogs Commitment of Traders had speculators setup long selling down exposure
Softs
Cotton futures daily is really getting close to exhaustion
Cotton futures bullish sentiment has been in the extreme zone
Cotton Futures Commitment of Traders shows speculators setup long and decreasing long exposure
Coffee futures daily has held the 200 day after making a lower low
Coffee futures bullish sentiment chart like copper has some bug. What is important is the sentiment has been trending lower
Coffee futures Commitment of Traders shows speculators setup long and mostly unch last week
Sugar futures daily backed off as expected
Sugar futures bullish sentiment broke 50% and could dip further
Sugar futures Commitment of Traders shows speculators set up long reversing and decreasing long exposure
Cocoa futures daily chop fest
Cocoa futures bullish sentiment also trend less
Cocoa futures Commitment of Traders shows speculators decreasing long exposure
Lumber futures daily held the 200 day
Lumber bullish sentiment is one of the more fun sentiment charts
DeMark Sequential Basics
MORE DETAILED COMMITMENT OF TRADERS DEFINITIONS
