HIGHLIGHTS AND THEMES
Commodities are still at risk of moving lower. The Bloomberg Commodity index made 5 month low today with risk lower on key commodity sectors either making new lows or having upside exhaution. Energy is still weak after recent moves lower. Gold and Silver have upside exhaustion signals to watch. Copper is holding recent lows and doesn’t look horrible. Grains continue to make new lows with Wheat, Corn very weak. Livestock made new lows today. Strongest commodities this year Cocoa and Sugar are extended and should consolidate gains.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily is now in downside wave 5, slipping under the late September low with lower risk levels.
Bloomberg Commodity Index Weekly still hasn’t moved to the lows seen last June but might round trip and possibly go even lower.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily has risk lower
WTI Crude futures daily has been trying to hold recent levels while there is a pending Sequential on the downside. Joe Biden will get another opportunity to refill the SPR on this move lower.
WTI Crude futures bullish sentiment continues to weaken
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily continues to weaken despite several fakeout spikes.
Natural Gas futures bullish sentiment remains under pressure. Note the current sentiment price is 13%
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily with a new Sell Setup 9. The Setup 9’s have been effective at inflection points this year.
Gold bullish sentiment back into the elevated zone.
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily should get the Sequential sell Countdown 13 tomorrow
Silver bullish sentiment held the 50% level on the last spike down
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily has been choppy
Copper futures bullish sentiment has been improving despite the choppy action.
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily is building a range
Platinum bullish sentiment is also off with the current sentiment at 46%
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily grinding in a downtrend
Palladium bullish sentiment remains under pressure.
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily making new 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 also grinding lower
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
Soybean futures bullish sentiment is currently at 51%
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Live Cattle futures daily breaking down to downside wave 3 price objective
Live Cattle futures bullish sentiment with a new 2023 low
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily in downside wave 5 with a new low
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 at the low end of the range. Nasty looking chart.
Cotton futures bullish sentiment with recent breakdown to 31%
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily consolidating recent gains with Sequential pending
Coffee futures bullish sentiment failing
Sugar futures daily with rounding top?
Sugar futures bullish sentiment nearing 60% recent low end of sentiment range
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily has been very strong and new Sequential sell Countdown 13. 13’s have seen pauses and small pullbacks.
Cocoa futures bullish sentiment remains in the extreme zone.
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
