Commodities Countdown

Commodities Continue To Weaken 2018-09-07 Video


Commodities continue to weaken again this week. Whether it was Copper or Aluminum, Natural Gas or Gasoline, it was another tough week for the commodity arena. The $CRB closed below the midpoint on the week and reversed the two week counter trend rally. The index also closed at a major horizontal support/resistance level around 190.5.

Both Oil and Natural Gas pulled back. 

Copper and Aluminum. Copper continues to unload. Aluminum is struggling to hold above support but it still is above.

Gold continues to hold at support. A few things suggest this is worth watching but it continues to be a setup. A move above $1225 would probably launch a change in trend for Gold. The Full Stochastic turning up is a nice start to the signal. 

While Gold has a setup, the rest of the world has some meaningful trend line damage. Be cautious here as the foreign markets start to make 52 week lows.


Here is the Commodities countdown video for the week. 

Attached are some recent videos I have posted. The Final Bar. 

The Canadian Technician. While I was becoming more bullish when I recorded this on Monday August 26th, the Canadian market has since given back its breakout and closed at fresh three month closing lows. I would have to interject a note of caution on the failed breakout created. A false breakout is usually followed by a larger move in the other direction.  The real problem is the Canadian market is back to prices we saw in May while the US markets are significantly higher. 

If you are missing intermarket signals in the market, follow me on Twitter and check out my Vimeo Channel often. Bookmark it for easy access!

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts for Dummies

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Want to read more from Greg? Be sure to follow his two StockCharts blogs:
Commodities Countdown and The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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