HIGHLIGHTS AND THEMES
- The Bloomberg Commodity was down on the week and risks moving below the May lows
- Crude and Natural Gas both have downside DeMark Sequential Countdown’s with Natural Gas closer to buy Countdown 13
- Gold and Silver remain steady; however, both saw sentiment fall hard on Friday
- The short lived bounces with Platinum and Palladium were just that – short lived
- Copper is steady and has an upside Sequential pending only on day 3 of 13
- Livestock with Sequential sell Countdown 13’s with cattle and hogs
- Grains have no upside momentum which is nothing new
- Softs trending lower
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily broke the May lows and is under pressure
Bloomberg Commodity Index Weekly had a tough week and continues sideways
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY – remains under pressure
Bloomberg Energy Index daily remains under pressure and could break recent lows
WTI Crude futures daily with downside Sequential on day 5 of 13. A potential lower high wave 2 of 5 exists yet with Sequential risk remains lower. A move over the upside TDST Setup Trend red dotted line would shift this with upside conviction.
WTI Crude futures bullish sentiment remains under pressure.
Natural Gas futures daily with downside Sequential in progress on day 10 of 13
Natural Gas futures bullish sentiment remains in oversold zone
Metals – steady with gold and silver
Gold daily still has a potential lower high wave 2 of 5. Breaking the May closing low will qualify downside wave 3 with a potential downside wave 3 price objective of 3019
Gold bullish sentiment fell hard on Friday from the extreme zone
Silver daily remains steady with pending upside Sequential Countdown in progress
Silver bullish sentiment fell hard on Friday from the extreme zone
Copper futures daily still moving sideways with an upside Sequential pending on day 3 of 13
Copper futures bullish sentiment reached overbought zone >80% and slight move down. Price issue continues to occur with this one.
Platinum daily with sharp upside move reversing down again
Platinum bullish sentiment was overbought and reversed down
Palladium daily continues sideways after short lived bounce
Palladium bullish sentiment with sharp drop
Grains – lacking any upside momentum
Corn futures daily with risk remaining lower
Corn futures bullish sentiment with hard drop in oversold zone
Wheat futures daily with secondary Sequential after failing under 50 day.
Wheat futures bullish sentiment steady under 50% midpoint level.
Soybean futures daily slightly below 50 day and 200 day. To qualify the Sequential 13 a low under the 8th red bar close (at April) lows is needed.
Soybean futures bullish sentiment stalling with a slip under 20 day moving average of bullish sentiment
Livestock – sequential sell Countdown 13’s
Live Cattle futures daily with new Sequential sell Countdown 13’s
Live Cattle futures bullish sentiment steady for now
Lean Hogs futures daily also with new Sequential sell Countdown 13
Lean Hogs bullish sentiment steady for now
Softs – trending lower
Cotton futures daily short lived bounces but the trend remains lower with downward sloping 50 day
Cotton futures bullish sentiment stalling holding 50% midpoint level. Sentiment looks better than price.
Coffee futures daily on day 7 of 9 with downside Setup. A break of the TDST support is near.
Coffee futures bullish sentiment slipping below the 50% midpoint level
Sugar futures daily getting closer to the buy Countdown 13, perhaps mid week
Sugar futures bullish sentiment remains under pressure
Cocoa futures daily with bounce off 50 day
Cocoa futures bullish sentiment at oversold levels
