HIGHLIGHTS AND THEMES
- The Bloomberg Commodity Index was higher this past week after hitting a new recent low on Wednesday with two days bouncing on Thursday and Friday.
- Energy markets remain slippery on the downside with Crude holding still the support levels I have highlighted. Natural Gas with new Combo 13’s and desperately needs a bounce soon.
- Gold has continued to move sideways despite the elevated talk of people buying gold due to the Fed actions. Silver bounced and is still below the recent high.
- Platinum and Palladium are near support and must hold. Copper, after the large drop, is building a base and is worth a shot on the long side here.
- Livestock – steak continues to outperform bacon
- Grains are mixed with Soybeans doing OK nearing resistance, Wheat can’t turn, Corn bouncing and needs more upside confirmation.
- Softs – Coffee has been one I have liked on the long side, and it’s been a caffeinated ripper. Cocoa has backed off, while Sugar might be OK to buy here, with a key support level at 16.
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily bounced on Thursday and Friday despite the pending downside Sequential Countdown holding the lows from Q2 again.
Bloomberg Commodity Index Weekly bounced with Sequential now on week 9 of 13.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY – slippery still on the downside
Bloomberg Energy Index daily trying to hold the levels seen in Q2
WTI Crude futures daily still needs to hold the TDST Setup Trend support line.
WTI Crude futures bullish sentiment bounced on Friday
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Downside Sequential remains in progress.
Natural Gas futures daily with new Combo 13’s (two versions) at the downside wave 5 price objective. A price flip is desperately needed soon.
Natural Gas futures bullish sentiment remains under pressure
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Buy Setup 9 due this week.
Metals – precious over industrial metals
Gold daily has moved sideways with a pending downside Sequential.
Gold bullish sentiment bounced off 40% level again
Silver daily still with potential lower high Held the 50 day twice now.
Silver bullish sentiment nearly back in the extreme zone again.
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily topped with both daily and weekly sell Countdown 13’s and building a base. Worth a long trade here.
Copper futures bullish sentiment trying to recover
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Peaked with Sequential and Combo sell Countdown 13’s.
Platinum daily still has a pending downside Sequential early in the Countdown with important TDST support at 1298
Platinum bullish sentiment held 50% again and bounced
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily has a downside Sequential in progress and important TDST support
Palladium bullish sentiment reversed down and held 30%
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains
Corn futures daily bounced despite the Sequential in progress and might cancel if the Setup qualifies to 9 this week. 50 day resistance at 418
Corn futures bullish sentiment improving
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Wheat futures daily has not been able to turn with 13’s
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 running into other peak levels
Soybean futures bullish sentiment has been improving
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Recent Sequential buy Countdown 13 and price flip up
Livestock – steak over bacon continues
Live Cattle futures daily has seen short term pullbacks after 13’s with another Sequential possible this week.
Live Cattle futures bullish sentiment remains elevated
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily continues sideways
Lean Hogs bullish sentiment holding the 50% midpoint level again.
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs – coffee caffeinated ripper
Cotton futures daily has been steady with a price flip up on Friday. A move over the 200-day at 69 needs to happen
Cotton futures bullish sentiment remains elevated while price action has been muted
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily has moved higher after the recent Sequential buy Countdown 13. RSI is very overbought, so don’t be shocked by a pullback, which could be a buying opportunity.
Coffee futures bullish sentiment has been moving higher and is now at 80% extreme zone.
Sugar futures daily backed off but with possible higher lows. 17 is resistance
Sugar futures bullish sentiment improving
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Price flip up after recent 13’s
Cocoa futures daily made a lower high wave 4 with downside Setup in progress. Very important support near 7000
Cocoa futures bullish sentiment backed off from recent bounce
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators. Breakdown?
