HIGHLIGHTS AND THEMES
- The Bloomberg Commodity Index broke down hard on Friday
- Energy is mixed with Crude getting a new DeMark Combo but lacking any response so far but it’s early. Natural Gas has potential for a little upside here.
- Gold remains resilient but watch the sentiment at 60% for support
- Silver could move a little lower with a Setup in play and Setup 9’s have seen decent inflection.
- Grains have been OK on the upside but stalled on Friday. Wheat is my favorite but the conviction is moderate with all commodities under pressure.
- Copper could move into downside wave 5 of 5 breaking recent lows
- Cocoa could also move lower
Comments on charts. If you have questions or would like more context, please email.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily did qualify the Sequential buy Countdown 13 but broke down. It’s in downside wave 3 of 5
Bloomberg Commodity Index Weekly broke down and is in downside wave 5 of 5 with Propulsion downside targets and wave 5 price objective lower.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily broke to a new low
The weekly is in downside wave 5 with a new buy Setup 9. Continuation down would start a new Sequential Countdown we need to watch.
WTI Crude futures daily continued lower and will need to show some stability with this new Sequential 13.
WTI Crude futures bullish sentiment broke the 50% midpoint level.
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators shows the breakdown
Natural Gas futures daily has an upside Propulsion target at 2.48
Natural Gas futures bullish sentiment doesn’t look bad if the 50% level can be surpassed.
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily has been steady and the most resilient commodity. 50 day is first support
Gold bullish sentiment has been steady but a break of ~60% could signal a directional change
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily with big reversal down on Friday with Setup on day 7 of 9. Completion of the Setup 9 on Tuesday would cancel the pending upside Sequential Countdown.
Silver bullish sentiment could test 50% this week
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily could qualify into downside wave 5 with a new low
Copper futures bullish sentiment has been making lower highs from May
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily with lower highs and lower lows with new buy Setup 9. Will be watching if this can lift from here.
Platinum bullish sentiment trying to hold the 50% midpoint level.
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily failed again at the 200 day
Palladium bullish sentiment hasn’t been able to clear the 50% midpoint level
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily halted the recent advance
Corn futures bullish sentiment halted the recent advance
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Several recent 13’s
Wheat futures daily has been working but stalled on Friday. First time over 50 day since June
Wheat futures bullish sentiment halted the recent advance
Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Soybean futures daily halted with new Sell Setup 9. I could see several downside days and perhaps a higher low that could be a decent buy the dip trade.
Soybean futures bullish sentiment halted the recent advance
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Live Cattle futures daily has weakened after the recent top with Sequential sell Countdown 13.
Live Cattle futures bullish sentiment broke down to a new low
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily reversed with recent Combo 13 and Sequential left pending on day 12 of 13
Lean Hogs bullish sentiment has been stronger vs price action
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily started to work but gave up gains and should get the DeMark Sequential 13 on Monday.
Cotton futures bullish sentiment remains under pressure failing to hold recent levels over the 20 day moving average of bullish sentiment.
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily with a large drop on Friday under the 50 day which has been decent support on this move up
Coffee futures bullish sentiment weakened
Sugar futures daily couldn’t get through resistance
Sugar futures bullish sentiment stopped at the 50% midpoint level again
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily with Sequential on day 11 of 13 pending
Cocoa futures bullish sentiment continues to weaken
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Another sell Countdown 13
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
