This was a good week for the commodity space. Copper is nearing its previous peak and may take out the old high. If it fails it may set up the possibility of a double top. Actual vol is also failing as copper rises. This is also true of the more generalized DJ Commodity Index, which last week took out the old high of 690, also with declining actual vol.
The decertification of the Iran deal by Trump, potentially could impact the oil market if the US Congress were to reimpose sanctions on Iran. This is unlikely. The oil market is still largely consolidating is a broad 43-55 dollar range and even though LT momentum is turning, WTI still faces substantial topside resistance in the 52-55 dollar range.