Checking in the the commodities model, which has been lagging the lagging the equity markets for several months, shows that the P3 and P6 are upslope, having risen above the RSQ line. The big concern is that the RSQ remains downslope, suggesting that the otherwise bullish indicators may be subject to some retracement and a possible return to the RSQ line.
The view here is of the 3 month chart. On the longer term 2 year chart (not shown) it can be seen that the commodity model is still lagging the SPY benchmark, albeit overdue for a bullish run back up to the RSQ.
It's often helpful to compare the shorter term and longer term charts to get a better perspective on the possibilities.
Click once on chart to clarify.
