HIGHLIGHTS AND THEMES
The expected pullback with the Bloomberg Commodity Index continued harder than expected, with a new Sequential starting on the downside. Most of this was due to the outside downside move with Crude. Natural Gas finally showed some momentum on the upside, and one can start a position on the long side with Natty. PLEASE NOTE: The events in Israel will likely see upside moves with energy tomorrow. Gold and Silver have been dropping as well, and had DeMark buy Setup 9’s with price flips on Friday. These also could see bounces on Monday. Other commodities remain under pressure with nothing new. I will discuss more in this week’s notes.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily backed off hard into corrective wave 4 of 5 with a new potential upside wave 5 price objective of 113.18. The risk lower exists with the new Sequential and if the downside wave pattern in downside wave 3 compromises the recent upside move from May.
Bloomberg Commodity Index Weekly backed off last week and qualified corrective wave 2 of 5
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily backed off and held the TDST support line at 35.45. A move higher could get the pending Sequential to continue on the upside.
The weekly still has a pending upside Sequential on week 6 of 13. This has bullish intermediate-term implications.
WTI Crude futures daily spiked lower last week and could see a strong bounce on Monday due to the news events in the Mid East.
WTI Crude futures bullish sentiment backed off HARD after hitting 93%. A pullback to the 50% level is a decent corrective move. Let’s see how this trades on Monday.
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily spiked this last week and has potential to make a move on the upside.
Natural Gas futures bullish sentiment is trying to make a turn after being in the oversold zone all year
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily USDXAU achieved the downside wave 5 price objective and has a new buy Setup 9 and price flip up. Setup 9’s have seen inflection point turns in this tight range.
Gold bullish sentiment has been oversold
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily bounced with the buy Setup 9 which has seen inflection point turns. The pending Sequential still has risk for lower if this doesn’t follow through on the upside.
Silver bullish sentiment trying to turn off lows and above the 20 day moving average of bullish sentiment
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily failed to hold the August and May lows
Copper futures bullish sentiment remains under pressure
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily made new lows last week
Platinum bullish sentiment remains under pressure
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators has risk lower with weekly Sequential in progress
Palladium daily made new lows last week
Palladium bullish sentiment remains under pressure
Grains
Corn futures daily trying to hold recent lows
Corn futures bullish sentiment remains under pressure
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Wheat futures daily has lacked any upside reversal momentum
Wheat futures bullish sentiment remains under pressure
Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Soybean futures daily has risk lower with Sequential in progress
Soybean futures bullish sentiment is under pressure
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Cattle futures daily with buy Setup 9 holding August lows
Cattle futures bullish sentiment holding the 50% midpoint level
Lean Hogs futures daily choppy
Lean Hogs bullish sentiment have been under pressure
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily with 85-90 range
Cotton futures bullish sentiment steady above the 50% midpoint level
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily with several buy Countdown 13s and new buy Setup 9 in downside wave 5. Not sure this is going to reverse after several failed attempts.
Coffee futures bullish sentiment remains under pressure
Sugar futures daily with possible corrective wave 4 complete with another move higher coming
Sugar futures bullish sentiment backed off from recent highs and remains in a positive position
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily cold see a little deeper move with the Sequential Countdown pending
Cocoa futures bullish sentiment backed off the 50% midpoint level.
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
