DBC is on track to close below its 200-day moving average for the first time since October 2020 pic.twitter.com/DWNFyF5mvI
— Scott Brown, CMT (@scottcharts) September 7, 2022
Today’s Chart of the Day was shared by Scott Brown (@scottcharts). It’s a daily candlestick chart of the Commodity ETF, $DBC, over the past two years. This ETF tracks 14 of the most important Commodities including WTI Crude, Heating Oil, Gasoline, Brent Cude, Gold, Silver, Copper, Wheat, Corn, Soybeans, and more. $DBC closed at a 5-month low today, and Scott points out that it’s below its 200-day moving average for the first time in nearly two years. Commodities have been one of the only places to hide out this year in terms of asset classes. $DBC is still up more than 18% YTD, but it’s down nearly 20% from its June highs, and the uptrend is clearly in jeopardy. Was that it for the bull market in Commodities?