Watch Thomson Reuters Equally Weighted Commodities Index for clues.

Thomson Reuters Equally Weighted Commodities Index, will go miles towards telling us if we are headed towards very tough times or if the huge declines of late are actually in a bottoming process.
The index tracks a basket of 17 commodities, including cocoa, coffee, copper, corn, soybeans, cotton, crude oil, gold, heating oil, lean hogs, live cattle, natural gas, platinum, silver, soybean oil, sugar and wheat.

The index has been headed south over the last nine years, reflecting general weakness in commodities. In 2009, a then-29-year-old support level held, indicating that the worst of the financial crisis was priced in.
It’s testing that level again now.If the index holds at 2009 support, it would suggest that lows are in play and the worst has already been priced into the markets. If the index breaks this 40-year support/resistance level, it would suggest that some really tough times are ahead.