HIGHLIGHTS AND THEMES
- The weekend news with Iran spiked crude but has seen a sharp reversal from highs
- Bloomberg Commodity index is still trending higher, but getting late on a daily and weekly time frames
- Gold and Silver have not been able to clear recent highs
- Grains are mostly supportive led by Wheat and Soybeans
- Livestock is mixed with catttle dropping hard with hogs steady but likely to exhaust soon
- Softs remain just that with coffee, sugar, and cocoa under pressure still
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily has a Sequential deferred on day 12 of 13 with requirement for 13 to clear the 8th red bar close of 124.59
Bloomberg Commodity Index Weekly with Sequential on week 9 of 13 and Setup on week 8 of 9
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily is supportive with Sequential on day 7 of 13
WTI Crude futures daily reversal after opening up 10%
Crude weekly bottomed with Sequential and Combo 13’s. Setup on week 8 of 9
WTI Crude futures bullish sentiment in the elevated zone and might make a new high with recent news
Natural Gas futures daily with new buy Setup 9 might be OK to try again on the long side after selling the last sell Setup 9
Natural Gas futures bullish sentiment isn’t as dire as price action
Metals
Gold daily with Sequential deferred on day 12 of 13. A move over the 8th red bar close is required for the 13. New Aggressive Sequential 13
Gold bullish sentiment back nearly in the extreme zone holding the 50% level well
Silver daily with sell Setup and Sequential deferred on day 12 of 13. A move over the 8th red bar close is required for 13
Silver bullish sentiment in the extreme zone
Copper futures daily with lower high and new Sequential sell Countdown 13
Copper futures bullish sentiment might be making a lower high
Platinum daily with Setup 9 – continuation with new Sequential or lower high bounce over?
Platinum bullish sentiment back in the elevated zone
Palladium daily with sell Setup 9. Stalling or continuation?
Palladium bullish sentiment steady in the elevated zone
Grains
Corn futures daily is drifing higher near resistance again
Corn futures bullish sentiment steady
Wheat futures daily with a strong move reversing Friday with Sequential in progress
Wheat futures bullish sentiment with sharp move up near levels where it peaked
Soybean futures daily might be getting late into this upside move
Soybean futures bullish sentiment continues now into elevated zone 70%
Livestock
Live Cattle futures daily finally broke after recent 13’s
Live Cattle futures bullish sentiment with sharp drop
Lean Hogs futures daily with bounce lower for now with Sequential on day 11 of 13
Lean Hogs bullish sentiment might revisit 40% level again
Softs
Cotton futures daily slight bounce but under resistance
Cotton futures bullish sentiment small bounce failing to clear 50% midpoint
Coffee futures daily trying to hold but the Sequential Countdown in progress is a concern
Coffee futures bullish sentiment remains under pressure
Sugar futures daily small bounce and under 50 day still
Sugar futures bullish sentiment remains under pressure
Cocoa futures daily no turn yet – deeply oversold
Cocoa futures bullish sentiment remains under pressure
