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highlights and themes
Commodities have seen a lot of dispersion with the main two commodities Crude and Gold fading in the last week. The best commodities Cocoa and Sugar are overbought and might remain in an uptrend but are due to pullback. Crude backed off hard despite the situation in the Middle east and achieved the downside wave 3 price objective. A corrective lower high wave 4 of 5 is probable which will need a 13 days closing high to qualify. Gold and Silver have been range bound and have seen the DeMark Setup 9’s work well at recent inflection points on the upside and downside. Several have made recent lows including platinum, palladium, corn, and cotton. I’m watching wheat to see if this can bounce from here as it has been under a lot of pressure however it’s moved sideways recently and might try to bounce again as we saw recently.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily feel last week and on Friday qualified the downside wave 5 and bounced today.
Bloomberg Commodity Index Weekly has moved mostly sideways after bottoming in early summer.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily fell after the recent DeMark sequential sell Countdown 13 now at wave 3 price objective. A corrective lower high wave 4 of 5 is probable in the next couple of weeks.
Bloomberg Energy Index weekly still has the pending Sequential left on week 6 of 13.
WTI Crude futures daily bouncing after the buy Setup 9 at the downside wave 3 price objective. A corrective lower high wave 4 of 5 is what I will be watching for in the coming weeks. A 13 day closing high is required for wave 4 to qualify.
WTI Crude futures bullish sentiment backed off of 93% peak extreme highs. I am not sure this is done going down but a bounce from here is possible.
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily bouncing after the recent Combo 13 while a Sequential is still pending on the downside. Close over the 200 day and this might work on the upside.
Natural Gas futures bullish sentiment remains under pressure and where there has been some bounces
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily with buy Setup 9’s at recent inflection points.
Gold bullish sentiment with sharp reversal down to 50% midpoint after overbought
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily has made lower highs since March
Silver bullish sentiment with a sharp downside reversal after reaching overbought levels
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily trying to hold current support levels
Copper futures bullish sentiment remains under pressure
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily with a new low and some DeMark exhaustion. Potential for a bounce but color me skeptical.
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily with a new low.
Palladium bullish sentiment made a new oversold low last week
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily with a new low. ma
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 trying to bottom.
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 with another lower high wave 4 of 5
Soybean futures bullish sentiment with a quick reversal up and down
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Cattle futures daily broke down hard last week
Cattle futures bullish sentiment broke down hard
Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily with lower highs
Lean Hogs bullish sentiment with lower highs
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily back to lows seen in March and June.
Cotton futures bullish sentiment backed off hard
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily with Combo sell Countdown 13’s with Sequential pending
Coffee futures bullish sentiment improved recently
Sugar futures daily has been strong testing the 50 day
Sugar futures bullish sentiment has been elevated for most of the year.
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily has been the best commodity with new DeMark exhaustion developing
Cocoa futures bullish sentiment is extreme and has seen small pullbacks reached time it is here
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
