HIGHLIGHTS AND THEMES
- The Bloomberg Commodity Index was down last week and wasn’t able to continue recent bounce
- Crude and Natural Gas traded lower
- Gold now has a downside DeMark Sequential in progress with Silver topping with anticipated Sequential and Combo 13’s. Other precious metals were weak. Copper still looks constructive albeit extended
- Grains still can’t get any momentum on the upside
- Cattle trades better than hogs
- Softs mixed also lacking upside momentum bounce
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BLOOMBERG COMMODITY INDEX DAILY AND WEEKLY
Bloomberg Commodity Index daily closing on lows for the week after short term bounce failing
Bloomberg Commodity Index Weekly with a downside week with pending Sequential still on week 8 of 13. Clear breakout levels above.
COMMODITY SENTIMENT OVERVIEW
OIL AND ENERGY
Bloomberg Energy Index daily with not a great week slightly below the June low.
WTI Crude futures daily with a downside weeks but did qualify the potential higher low wave 4
WTI Crude futures bullish sentiment stalling
WTI Crude futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Natural Gas futures daily with failed lower high wave 4 of 5 bounce now in downside wave 5 with a Sequential on day 6 of 13
Natural Gas futures bullish sentiment with sharp drop last week failing at 50% again
Natural Gas futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Metals – reversals down
Gold daily has been moving sideways and now nows a downside Sequential on day 4 of 13
Gold bullish sentiment with sharp drop lower
Gold futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Silver daily with the secondary Sequential and Combo 13’s as anticipated. Price flip down
Silver bullish sentiment with sharp drop last week with support ~60%-50%
Silver futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Copper futures daily with secondary Sequential pending on day 8 of 13. It’s extended however
Copper futures bullish sentiment just below the extreme zone
Copper futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Platinum daily trying to hold the 20 day.
Platinum bullish sentiment stalling and reversal at extreme levels
Platinum Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Palladium daily reversal nearly back to 20 day where it bounced several times
Palladium bullish sentiment with sharp drop last week
Palladium Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Grains – another failed bounce attempt
Corn futures daily couldn’t keep the recent bounce going
Corn futures bullish sentiment remains under pressure
Corn futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Wheat futures daily continues to trade poorly
Wheat futures bullish sentiment still over the 20 day moving average of bullish sentiment but can’t break clear
Wheat futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Soybean futures daily continued choppy mess
Soybean futures bullish sentiment struggling to break clear
Soybean futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Livestock – steak vs bacon
Live Cattle futures daily hit a new high this week with Setup 9 with Sequential in progress
Live Cattle futures bullish sentiment holding steady in elevated zone
Live Cattle futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Lean Hogs futures daily still has Sequential however it could be a lower high bounce
Lean Hogs bullish sentiment modely sideways holding 50% for most of the last year
Lean Hogs Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Softs – still under pressure
Cotton futures daily still sideways while sentiment improves
Cotton futures bullish sentiment made a YTD high this week while price lags
Cotton Futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Coffee futures daily with lower high high wave 4 bounce with pending downside Sequential
Coffee futures bullish sentiment small bounce
Sugar futures daily bounce failed
Sugar futures bullish sentiment remains under pressure
Sugar futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Cocoa futures daily bounced but still needs to make a higher high over June highs
Cocoa futures bullish sentiment remains under pressure
Cocoa futures Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
