HIGHLIGHTS AND THEMES
- The short-term pullback in the Bloomberg Commodity Index has occurred and might still have a little more to go.
- The weekly chart still looks constructive; however, it’s possible to see a few weeks of softness before higher levels.
- Energy is mixed with Crude, still failing to clear the 50-day, while Natural Gas remains steady on the upside.
- Metals have stalled and moved sideways. I have expected more downside, and that is still possible.
- Livestock is still going lower
- Grains are a buy on a pullback mode
- Softs are mixed, oversold, and have bounce potential
Comments on charts. If you have questions or would like more context, please email.
BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily backing off after the strict version of the Combo 13. It tested the 50 day on Friday and closed well off and above the open
Bloomberg Commodity Index Weekly still has the potential upside with a new Sequential pending qualified in upside wave 3
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
WTI Crude futures daily remains under pressure lacking a turn above the 50 day. Until that happens this is dead money
Crude weekly with recent Sequential 13 but no turn yet
WTI Crude futures bullish sentiment remains under risk
Natural Gas futures daily still looks fine holding above the flat 200 day. I would like a pullback to buy
Natural Gas futures bullish sentiment has made a series of higher lows
Metals
Gold daily sideways with 50 day support but might be lower high wave 2 so there is a risk of breaking into downside wave 3
Gold bullish sentiment holding steady
Silver daily with recent Sequential 13 and lower high.
Silver bullish sentiment need to watch 50% level
Copper futures daily holding 50 and 200 day with upside Sequential still pending
Copper futures bullish sentiment trying to hold the 50% midpoint level
Platinum daily with downside Sequential in progress larger support at TDST at 1380
Platinum bullish sentiment with support at the 50% midpoint level
Palladium daily still holding the 50 day
Palladium bullish sentiment backing off holding the 50% level
Grains
Corn futures daily with possible another higher low wave 4 corrective pullback
Corn futures bullish sentiment steady despite the recent pullback
Wheat futures daily backing off possibly making higher low holding 50 day
Wheat futures bullish sentiment backing off small from elevated zone
Soybean futures daily backing off from overbought levels with potential still there with Sequential in progress
Soybean futures bullish sentiment reveresed down after a one year high
Livestock
Live Cattle futures daily still with downside Sequential in progress
Live Cattle futures bullish sentiment hit 1 year low
Lean Hogs futures daily still with Sequential on day 8 of 13
Lean Hogs bullish sentiment with a deeply oversold level
Softs
Cotton futures daily with new Sequential buy Countdown 13. Potential reversal due
Cotton futures bullish sentiment made a 5 month low
Coffee futures daily re-tested the TDST support on Friday but closed off lows and above the open
Coffee futures bullish sentiment back to the 50% midpoint level again
Sugar futures daily – I’ll post tomorrow
Sugar futures bullish sentiment with small turn
Cocoa futures daily no turn yet at downside wave 5 price objective and exhaustion signals
Cocoa futures bullish sentiment remains under pressure
