Looking back, commodities had a high conviction in february based on a longterm trend. Combining macd and BB break out.
Markets have either risk-on sentiment or defensive. During risk-on phase people want to put money to work, there is too much money. During risk-off or defensive, people want money and safety. Assets become too expensive. Bitcoin rallies during risk-on phases. Oil or gold can be either risk-on and risk-off. Markets are fascinating.
Faang can be a risk-on and risk-off, till everything becomes too expensive to have. Markets leave clues. and they move on cycles.
It makes sense why commodities are risk-off. Small caps usually are risk-on (when economy does well, there are no global conflicts; ie the future is BRIGHT).
More concerns move the weight to risk-off, ie markets are a weighing machine longterm.
People tend to be stuck in one mood or another, and it's tough to adjust? markets can change gears quickly.