Commodity weakness broadening, but could bottom out in July Array ( [cookie] => 798499-cc71a0-bebbd3-1f03e9-6bfe24 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 221867 [user_id] => [reason] => [method] => ) 1 and can accesss
The bounce in US equities in recent days finished the day on a strong note, giving hope that a bit more is in store before prices stall out. As discussed in recent days, this snapback has been far more defensive than what’s needed to have lots of confidence about a bottoming out process getting underway. While Growth has perked up a bit along with high growth “FAANG” stocks, the underlying damage in Energy, Materials, Industrials has proven quite severe recently. This is largely due to commodity weakness, which should be exactly what the FOMC is looking for. At present, the equity market’s bounce can’t be called complete just yet with any proof. I expect strength does prove short-lived and likely finds strong resistance directly overhead near SPX 3850 before turning back down to challenge and briefly undercut lows. Friday and/or next Monday might prove important as a time-based turning point before weakness down into end of quarter.
Commodities decline looks to be broadening out, yet larger uptrend remains very much intact


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