From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley

Commodities continue to churn as they digest recent gains. This has been a recurring theme over the past several weeks.

However, there are signs that this might be changing.

For instance, Lumber pushes to new all-time highs, Steel futures hit new highs, and Platinum is back above a key level of resistance.

Pockets of renewed strength have started to pop up across various groupings within the Commodities space. That's valuable information.

Consider Rebar Futures forcefully breaking out of a 3-year consolidation while most of the market chops sideways.

We've been observing Aluminum for some time now and also included it in our Three Charts for the Week post, and the move seems to have picked up the pace.

Aluminum has been leading the base metals space for a while since Copper took a back seat, and we're now seeing the follow-through of that action in the price breakout.

From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley

Many of the same themes that we came across in last week's Commodity Report continue to play out.

Overhead supply keeps demand at bay while price churns sideways, offering mixed signals.

Like many areas of the market, Commodities are a bit messy.

While sideways price action and choppy market conditions are the norms at the moment, there is one consolidation in the Commodity space that demands our close attention.

As JC pointed out in last night's Monthly Strategy Session, one of the most important charts right now is the Copper/Gold ratio as its intermarket implications span far and wide.

This is the video recording of our April 1, 2021 Monthly Charts Live Strategy Session

From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley

I think we can all agree that the market is an absolute hot mess right now.

The Precious Metals complex is as good an example of this as any right now.

In this post, we’ll use this shiny group of commodities as a case study to illustrate the mixed signals we see not just here but in asset classes all over the globe these days. 

It’s a major development, to say the least - so we’d be irresponsible not to monitor it closely as the way things resolve from here will likely have implications that span across markets, far and wide. 

We’ll also provide an update of our post from earlier in the month whereby we outlined a trade idea in Gold Miners.

From the desk of Steve Strazza @sstrazza

At the beginning of each week, we publish performance tables for a variety of different asset classes and categories along with commentary on each.

Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.

While the same themes we've laid out in previous reports continue to hold strong, we have seen some recent deterioration, particularly in the large-cap sectors and indexes.

Despite an increase in bearish developments, the overall weight of the evidence is still firmly in the bull camp, and we remain aggressive buyers of stocks and risk assets, particularly over any longer-term timeframe.

From the desk of Steve Strazza @Sstrazza and Ian Culley @IanCulley

Similar to last week, many areas of the Commodity space continue to chop sideways below overhead supply.

Healthy digestion of recent gains makes total sense given the explosive moves since last summer and in many cases is much needed.

Given that sideways price action is the main theme across Commodities at the moment, one particular consolidation stood out this past week.

And that consolidation is in the Corn market.

Corn futures have ripped off of their March-2020 lows, taking out key multi-year highs along the way.

From the desk of Steve Strazza @sstrazza

At the beginning of each week, we publish performance tables for a variety of different asset classes and categories along with commentary on each.

Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.

We continue to reiterate the same themes and pillars that support our bullish macro thesis. This would include an abundance of evidence pointing to risk appetite, rising developed market yields, strength from commodities, and of course the ongoing rotation toward cyclicals, value, and international stocks, among others...

Just about anywhere we look, we're seeing investors gravitate further and further out on the risk spectrum.

We've been talking about base metals and precious metals for quite some time now, highlighting the levels to track and trends to watch out for.

It's time to look at what's happening in the agricultural commodities space as well. In the past week, we saw some good moves in two names in particular and we're here to discuss just that.

From the desk of Steve Strazza @Sstrazza and Ian Culley @IanCulley

Overall, Commodities came under pressure this past week.

We noticed many markets running into resistance at former highs, and this was most prevalent in the Energy sector, with the exception of Ethanol.

Other areas of the Commodity space like Grains and Softs also showed short-term weakness. However, there were still some bright spots as usual.

Two of the markets that really stood out were Lean Hogs and Palladium.

First up, Lean Hogs broke out of a 6.5-year base, clearing its pivotal 2019 highs.

You know when Livestock futures are breaking out of half-decade long bases that Commodities are most likely in a bull market.

I believe the saying goes, "the bigger the base the higher in space."

From the desk of Steve Strazza @Sstrazza and Ian Culley @Ianculley.

We recently held March’s Monthly Conference Call which our Premium Members can access and rewatch here.

In this post, we’ll provide a summary of the call by highlighting 5 of the most important charts/topics we covered along with commentary on each.

Let’s dive into it.

From the desk of Steve Strazza @sstrazza

At the beginning of each week, we publish performance tables for a variety of different asset classes and categories along with commentary on each.

Looking at the past helps put the future into context. In this post, we review the absolute and relative trends at play and preview some of the things we’re watching to profit in the weeks and months ahead.

The market continues to fire on all cylinders right now. Last week's gains were nothing but a continuation of the same resiliency and momentum we've come to expect from risk assets over the last year.