CRB Index (383.30)

The CRB has worked at penetration of the all-time high resistance level at 400 for several months and failed to succeed. On the short term it has now pushed above its 100-Day Moving Average in the area of 380, as it makes another attempt to approach all-time high resistance.

I now suspect that the struggle to push above 400 may take many more months to accomplish, and for this reason I'm changing my intermediate term view from positive to neutral.

I continue to maintain a positive outlook beyond the intermediate term.