Note: The Commitment of Traders data is still not updating after a ransomware attack in January.
DeMark Indicators and Commitment of Traders basics at bottom of this note
HIGHLIGHTS AND THEMES
After the week before the Bloomberg commodity index breakdown, there was some stability in the energy markets while metals remain under pressure. A few others have seemingly trended sideways. I’ll have more updates on the daily notes. The movements in the US Dollar for metals have now turned the tailwind into a headwind. Tuesday’s CPI should see some moves in these markets.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily made a new low and did not have a DeMark signal as this low. It’s in downside wave 5, the final wave, and needs to make a higher high to give confidence on the long side.

Bloomberg Commodity Index Weekly has the buy Setup 9 still in play and nearly hit the downside DeMark Propulsion target and reversed on Friday. A little glimmer of hope.

COMMODITY SENTIMENT OVERVIEW

OIL AND ENERGY
Bloomberg Energy Subindex bounced after the DeMark buy Setup 9 from Monday, as I expected from what I wrote last week.

WTI Crude futures daily also had the buy Setup 9 and reversed up. The 9’s have been good at some inflection points and could have another on later this week.

WTI Crude futures bullish sentiment has clear upside resistance it needs to clear if this bounce is going to work.

WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. There is a downside Sequential on WTI pending on week 9 of 13 a little concerning if this can breakout to the upside

Natural Gas futures daily is trying to bottom after the cluster of DeMark buy Countdown 13’s

Natural Gas futures bullish sentiment trying to turn higher and is above the 20 day moving average of bullish sentiment which in itself is extremely oversold.

Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators also has some downside DeMark counts that need to complete

Gasoline Futures Daily also with a buy Setup 9 and reversal up

Gasoline Commitment of traders also has a DeMark Sequential late into the Countdown

Metals
Gold futures daily hit a new low this week. I remains short with downside risk to 1800

Gold futures bullish sentiment made a negative divergence vs price (lower low vs higher price) as showed last week.

Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Silver futures daily also broke after some upside sell Countdown 13’s. New buy Setup 9 needs to turn up or a new downside Sequential will start and see the trend continue lower.

Silver bullish sentiment also had a negative divergence like gold

Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Copper futures daily topped with the sell Countdown 13’s and with the recent buy Setup 9 this needs to turn, or a new Sequential will start and continue the trend lower.

Copper futures bullish sentiment will need to hold the 50% mid point majority line

Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Platinum daily continues lower

Platinum bullish sentiment ditto

Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Palladium daily saw a 4-day bounce after the buy Countdown 13 and with failed 13’s it’s telling us the trend lower is strong

Palladium bullish sentiment remains under pressure

Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. This should get the weekly buy Countdown 13 this week.

Grains
Corn futures daily boring

Corn futures bullish sentiment has been under pressure

Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Wheat futures daily trying again with a strong move Friday

Wheat futures bullish sentiment has been trending higher and could give some evidence this move might work this time.

Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Soybean futures daily continues to drift higher

Soybean futures bullish sentiment remains elevated and steady

Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Livestock
Cattle futures daily topp?

Cattle futures bullish sentiment has been elevated

Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. This has a weekly Sell Sequential 13

Lean Hogs futures daily in a downtrend

Lean Hogs bullish sentiment remains under pressure.

Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Softs
Cotton futures daily

Cotton futures bullish sentiment also sideways in the middle of the range

Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Coffee futures daily still remains as a long idea but needs to get over 180 pronto

Coffee futures bullish sentiment shows this back to elevated levels. (sorry about the data feed issue with Coffee – it’s driving our programmer nuts)

Sugar futures daily trying to move above 20.50

Sugar futures bullish sentiment remains elevated and needs to reemerge higher for the breakout

Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Cocoa futures daily will be interesting to see if the buy Setup 9 tomorrow can reverse this higher

Cocoa futures bullish sentiment has been breaking down

Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators

Lumber futures daily reversed down after the recent sell Setup 9

Lumber bullish sentiment usually goes from overbought to oversold very fast and now it’s dropping so expect this to see 20%

DeMark Sequential Basics

DETAILED COMMITMENT OF TRADERS DEFINITIONS
