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Once support gave way in 2008, commodities (MS Commodity Index) weren’t a good place to hide as a sizeable decline took place. Of late support was broken and then tested as resistance. It appears a “kiss good-bye” took place at (2).
The pattern and situation at (2) is not pretty at all if “hoping” commodities will head higher.
Some might like to see Crude Oil drop further, which could lead to falling gasonline prices, yet a large decline in this index most likely would be suggesting a softening global economy.