Rarely a dull market

It was a very pretty dynamic day for US capital markets, with the sp'500 seeing a very significant swing from 2005 to 1969, but settling +0.4pts @ 1989. Even more notable, the USD, which swung from initial gains of 1.3% in the DXY 98.40s, to settle -0.9% in the 96.20s.


sp'weekly1b

USD, weekly

Summary

Suffice to add, the bear market rally from sp'1810 is nearing completion.

I find it difficult to see how the equity bulls are going to manage to see any sustained price action above the 200dma - currently at sp'2020.
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Market chatter from Schiff



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Looking ahead

Friday will see the latest import/export prices.
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Goodnight from London