The chart above shows that the Continuous Commodity Index (CCI) remains in a downtrend. There is no clear break on the upside. At the same time, there is also no break down towards new lows yet either. When major indices do not give us clues on the next direction, what we can do is look at the underlying breadth to see if there are any leading indications from sub-components.
We can see that the Crude Oil has broken out during the summer, but has stalled and pulled back since then. Interestingly, two of my favourite agricultural commodities (Wheat and Sugar) seem to be breaking out of their downtrends. Finally, precious metals sector still remains under pressure as Gold and Silver move back towards retesting their lows. Other commodities not shown here are also showing signs of weakness. These include persistent downtrends in Corn, Soybeans, Coffee, Copper and Platinum.
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A Look At The Commodities Downtrend
Published 10/15/2013, 07:42 AM
Updated 07/09/2023, 06:31 AM
A Look At The Commodities Downtrend
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