S&P GSCI (COMMODITY INDEX)

In the last two weeks we have seen sharp sell-off in commodities and equities. Some asset classes were hit harder than the others. I’ve adjusted my trend channel on the commodity index. 200 day moving average is now short/intermediate term resistance at 660 level. On the weekly scale the commodity index rebounded from the lower boundary of the last 2 year’s trend channel and closed the week at the highest level. Uptrend is still intact and for the intermediate term uptrend to resume in the following weeks GSCI should hold above 600-650 range. It is important to note that RSI is still above 40 level (positive).