A potential “green shoot” for the raw commodities markets is a bullish technical signal coming from the Goldman Sachs Commodity Index (GSCI), which is a basket of several major commodity futures markets rolled into one composite price index. The weekly GCSI chart shows prices in April careened to a 17-year low, including producing big gaps down on the bar chart in March. However, in May price action on the weekly chart reversed course, including producing a big gap to the upside. The price action in April and May created a very significantly bullish “island bottom” reversal pattern, to strongly suggest a major low is in place for the GSCI, and that prices are now likely to trend higher in the coming weeks and months, or even longer.–Stay tuned! Jim