The GSCI Commodity Index ((GSG)) consists primarily of Energy (71%), but also contains Agriculture (14%), Industrial Metals (7%), Livestock (4%), and Precious Metals (4%). After breaking out to the upside in January, the index quickly reversed course and broke down technically, moving below both its 50-day and 200-day moving averages. But since April it was been working on building a base, and in early July the index finally broke out, crossing both moving averages on its way up. This despite a strong US Dollar and weakening global demand from around the world. Technically, the index looks to be on solid footing. The fundamentals point towards an entirely different direction though. GSG is down 1.04% year-to-date.

The Dow Jones-AIG Energy Total Return Index ((JJE)) consists of Natural Gas, Crude Oil, Heating Oil, and Unleaded Gas. The index broke out in March after testing support at the 200-day moving average, but has been trending down for a few months now. The index is up 3.27% for the year.

The DJ-AIG Grains Total Return Index ((JJG)) consists of Corn, Wheat, and Soybeans. The index was a spectacular performer in 2012. Things are not looking nearly as well this year though. The index is breaking down once again, after support at the 48 level failed. The index is down 12.66% so far in 2013.

The DJ- AIG Industrial Metals Total return Index ((JJM)) includes Aluminum, Copper, Nickel, and Zinc. The index has not stopped falling since it broke support back in March. It currently resides below both MAs, and failed to break resistance at the 29.50 level this past week. JJM has been the one of the hardest hit by the strengthening dollar, down 18.33% YTD.

The DJ-AIG Precious Metals Index ((JJP)) includes Gold and Silver. The gold market has been very volatile of late, tumbling over 10% in a matter of days in mid-April, and once again in June. While it did recover slightly following its latest episode, it now finds itself at the lows for the year. As a result, the index is the worst performer of 2013, down 27.62% in just a little under six months.

The DJ-AIG Softs Index ((JJS)) includes Coffee, Cotton, and Sugar. JJS is very weak technically, and has been for some time. It also finds itself below the 50 and 200-day MAs and mired in an ugly downtrend. The index is down 12.13% YTD.