Hi guys,

I was hesitant to call market top last week and I still am. HOWEVER, some indicators are no longer bullish.

Weekly Summary - Speculators

Index of speculators is 96%. Previous reading was 98%.

During the week speculators were selling at low speed. They sold 1844 contracts. Last 3 weeks show sporadic selling pattern.

Speculators index sits at extreme levels. During last weeks index moved away from extreme values. Current market balance indicates limited bullish potential (and good potential for bears), however this indicator alone is not enough to make good decisions.

Weekly Summary - Producers

Index of producers is 20%. Previous reading was 18%.

During the week producers were buying at low speed. They bought 1385 contracts. Last 3 weeks show sporadic buying pattern.

Producers index sits in the lower quartile. During last weeks index moved away from extreme values. Current market balance indicates limited bullish potential (and good potential for bears), however this indicator alone is not enough to make good decisions.

Further analysis is on my site https://www.valknut-analytical.com

Speaking of other markets zones of depression and euphoria:
- gold is still in euphoria zone, no reason to short the market, there is still bullish potential,
- soybeans confirmed bottom again. Speculators have been quietly buying last few weeks and this week they generated a strong buying signal,
- gasoline is still in depression zone,
- nat gas remains in depression zone.

Happy trading!