HIGHLIGHTS AND THEMES
- The Bloomberg Commodity index continues to struggle
- Energy price action remains poor while crude sentiment
- Metals bounced off recent low and have lower high wave 2 of 5 patterns
- A few other markets are getting closer to put in bottoms while livestock is toppy
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily has been making lower highs for the last 3 months. Downside Sequential in pending on day 12 of 13 with the need for a lower low to qualify the 13.
Bloomberg Commodity Index Weekly
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily and weekly remain weak with downside Sequential Countdown’s in progress.
WTI Crude futures daily has continued to trade poorly with lower highs and possible lower lows soon.
WTI Crude futures bullish sentiment has been steady despite the weak price action.
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily back to lows with pending Sequential on day 12 of 13.
Natural Gas futures bullish sentiment remains weaker vs price action which caught down this week
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals
Gold daily still with lower high bounce wave 2 of 5. Sequential still in progress on the downside. Breaking the recent wave 1 will qualify downside wave 3 with a potential price objective of 2424
Gold bullish sentiment recovered off lows
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily still has the Sequential in progress with Setup on day 6 of 9. Lower high wave 2 remains
Silver bullish sentiment remains under pressure
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily lacking upside momentum. Downside Sequential remains in progress with TDST support
Copper futures bullish sentiment had a decent week holding 40%
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily trading absent any DeMark signals in no-man’s land
Platinum bullish sentiment with a new recent low
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily still could move lower to get the Sequential 13
Palladium bullish sentiment remains under pressure
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily has been trying to turn with near term breakout levels closer.
Corn futures bullish sentiment improving to make a new 2024 sentiment high
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Wheat futures daily has not been able to make a solid turn higher.
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
Soybean futures bullish sentiment trying to rebound but has a lot of work to do.
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock
Live Cattle futures daily had a recent Sequential sell Countdown 13 and reversal down.
Live Cattle futures bullish sentiment with a lower high
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily could get the Sequential 13 on Monday.
Lean Hogs bullish sentiment holding steady.
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs
Cotton futures daily still has lacked any upside momentum with Sequential 13 likely on Monday.
Cotton futures bullish sentiment remains under pressure
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily with a very strong week with Sequential on day 10 of 13.
Coffee futures bullish sentiment in the extreme zone at 87%
Sugar futures daily has faded off highs but established support at 21
Sugar futures bullish sentiment held the 50% midpoint level this week.
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily with strong surge with new 13’s developing.
Cocoa futures bullish sentiment back in extreme zone at 80%
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
DeMark Sequential Basics
DETAILED COMMITMENT OF TRADERS DEFINITIONS
