HIGHLIGHTS AND THEMES
- The Bloomberg Commodity Index moved sideways all week and would have been a down week but Friday’s action bounced.
- I have wanted to start to look for long ideas however after going through everything I’m still hesitant – most of this view is based on the weak dollar backdrop
- Gold has been the best most resiliant commodity all year however new DeMark sell Countdown 13’s and Setup 9’s could see a pause or reversal
- Crude bounced on Friday after recent weak action holding the recent support level but I still see risk with the Sequential in progress
- Grains made new lows last week… again
- They say, “Bulls make money, bears make money, but pigs get slaughtered.” However, lean hogs have a great-looking chart for some more upside.
Comments on charts. If you have questions or would like more context, please email.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily held the recent lows and still has the Sequential pending and will take some downside to qualify the 13.
Bloomberg Commodity Index Weekly lost the Setup on the downside with a price flip up. It remains in downside wave 5 with very narrow trading range
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily and weekly. Both had a tough-looking past week; however, Friday was strong.
WTI Crude futures daily back to recent bounce levels. Pending Sequential still has risk lower
WTI Crude futures bullish sentiment has held the 50% support level well despite the lackluster trading action with crude
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily with new Sequential buy Countdown 13.
Natural Gas futures bullish sentiment back to 50% and up on a down day is odd
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily XAUUSD at the upside wave 5 price objective with several DeMark sell exhaustion signals in play. Previous 13’s only saw moderate pullbacks and stalling action.
Gold bullish sentiment has been the most resilient commodity all year holding in steady elevated zone. A breakdown under 60% would be significant if and when it happens.
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. New Sell Setup 9 which has seen pullbacks occur shortly after this signal
Silver daily bounced off nearly hitting the downside wave 3 of 5 price objective. Bounce with another potential lower high wave 4 of 5. Sell Setup 9 but watch to see if the Sequential Countdown continues trend.
Silver bullish sentiment held the 50% midpoint level
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily bounced off wave 3 of 5, the downside price objective. A potential lower high, wave 4 of 5, corrective bounce is possibly now. Sell Setup 9, but if the strength continues, a new Sequential Countdown will begin.
Copper futures bullish sentiment with strong bounce off recent oversold levels
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily with potentially another lower high wave 4 of 5 bounce.
Platinum bullish sentiment has held the 50% midpoint level recently
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily testing the 200 day once again
Palladium bullish sentiment has not been able to break out above 50% midpoint level for over a year
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains – new lows this past week
Corn futures daily with new lows this week
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 with new lows made this week.
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 sideways on the downside
Soybean futures bullish sentiment remains under pressure
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Live Cattle futures daily remains under pressure
Live Cattle futures bullish sentiment fell hard last week
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily continues higher. This has had a Sequential in progress on the upside
Lean Hogs bullish sentiment bouncing on Friday
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily has had trouble at the 50 day this year and is trying to hold above it
Cotton futures bullish sentiment trying to turn up
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily has been holding the 50 day well (red line) in upside wave 5
Coffee futures bullish sentiment remains in the elevated zone
Sugar futures daily bounce after recent DeMark Combo 13. A move over 18.94 the 50 day then this could make a decent upside move
Sugar futures bullish sentiment another bounce off oversold levels
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily slight improvement above June/July highs
Cocoa futures bullish sentiment first time over 50% in last two months
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Next week should qualify the Sequential sell Countdown 13
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
