The GSCI Commodity Index ((GSG)) consists primarily of Energy, but also includes Agriculture, Industrial Metals, Livestock, and Precious Metals as part of its holdings. The index broke out to the upside during the last week, on the backs of the energy markets and a stronger US Dollar. A critical test was surpassed when it broke through the 33.70 level. It must hold his level and break through the 34 level if it wants to continue this new-found trend. GSG is up 5.22% year-to-date.

The Dow Jones-AIG Energy Index (JJE) consists of Natural Gas, Crude Oil, Heating Oil, and Unleaded Gas. Since the beginning of November, the index has been on a tear, breaking resistance at the 50 and 200-day moving averages. It was having trouble breaking past the 205 level though, but that all changed in the last week, as the index decisively broke out to the 210 level. The index is up 11.16% for the year.

The DJ-AIG Grains Total Return Index ((JJG)) consists of Corn, Wheat, and Soybeans. After a rough 2013, this year has been a spectacular one for the index, as it has blown through both moving averages on its way to a 16% gain in the 1st Quarter. The index has retreated some since, but finds itself at strong support at the 114 level. Holding support here is key to keep this run going. The index is up 6.07% so far in 2014.

The DJ- AIG Industrial Metals Total Return Index ((JJM)) includes Aluminum, Copper, Nickel, and Zinc. The index is in the process of forming a bottom. It currently resides just above its 50-day moving average and above strong support at the 264 level. JJM was one of the hardest hit by the weakening global picture in 2013, but its looking slightly more positive so far this year. JJM is down 1.96% YTD.

The DJ-AIG Precious Metals Index ((JJP)) includes Gold and Silver. It seems that the index may have finally reached a bottom at the 350 level after a volatile and tough 2013. In the last couple of months, it broke through support and was at risk of breaking down entirely, but it held support at the critical uptrend line (so far). We could be in for a ride higher if it breaks through that key 370 level. JJP is up 2.54% YTD.

The DJ-AIG Softs Index ((JJS)) includes Coffee, Cotton, and Sugar. JJS was on an absolute tear in the 1st Quarter, up just under 30%. But since then it was come back down to earth, and must hold the 121 level if it wants to continue this bullish trend. This market was one of the hardest hit commodity markets before a Brazilian drought brought about worries over sugar and coffee crop damage to the top grower of both commodities, propelling it throughout the year. The index is up 14.10% YTD.