5.  Commodities – Breadth Divergence
Commodities as an asset class are seeing breadth divergence for the S&P GSCI [note: this chart has been prepared using the individual commodities that make up the GSCI]
On a similar (arguably bearish) note, average speculative positioning across commodities is stretched to the upside at a 10 year high
Appears to be an ascending triangle forming, this will serve as an important trigger point (downside break vs upside break) in setting direction, as the breadth divergence could resolve to the upside and the stretched positioning is common around a market bottom.
Overall technical view: Bearish bias, but on watch for a breakout (either way)
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