The CRB Index (Chart #23) is made up of various components the largest being energy (39%), agriculture (34%), industrial metals (13%), precious metals (7%) and livestock (7%). We will be watching each of these subsectors to see rising prices helping to lift each component. If there is a successful and meaningful trade deal with China in Q2/20 then the agriculture, industrial metals, livestock and energy components should all see upside. A breakout above 190 (now 181 – Chart #24) would be a great sign that this is occurring. The all time high was in 2008 at 474 for the CRB when crude oil peaked at US$147/b. The low was in early 2016 when crude oil was at US$26/b driving the CRB down to 155.