CRB Index (367.51 Fri. close)

The CRB Index followed along the uptrending 100-Day Moving Average for months. This past week it finally penetrated down through the 100-Day and poked its nose down through the rising 200-Day Moving Average as well.

Once short term downside pressure subsides, it would seem reasonable to me to track along the uptrending 200-Day Moving Average for a month or so. Near term support is at the recent 364 low. Intermediate term uptrend support is at approximately 350.

We are marking time here in the process of digesting earlier rapid gains, without thus far damaging the positive underlying intermediate term trend.