From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
Commodities have been on a tear to start the year.
The CRB Index is up almost 16% year to ate, while our equal-weight commodity index is up 9.5%.
But, with such explosive moves over the past few months, we think it might be time for some corrective action.
Our commodity indexes and a handful of individual contracts are now testing potential resistance levels.
Though we still think this bull market has plenty left in the tank, it’s starting to look like commodities are due for a break over the short term.
Let’s discuss some of these charts now.