US equities break new cycle highs, with the sp' hitting 2076 and the Dow 17859. VIX is naturally melting lower, -2% in the 14.40s. USD is +0.8% in the DXY 94.70s. Metals are weak, Gold -$12, with Silver -0.6%. Oil is -1.2% ahead of the latest EIA report.
*I could highlight the two leaders - Trans/R2K, both of which are yet to break new cycle highs, but it seems largely pointless.
With a break to new cycle highs, equity bears are absolutely back to square one... as price action currently offers little other than further upward melt into opex... and beyond.
No doubt we'll get renewed downside at some point, but right now, even the 2020s look out of range. Given a few more weeks... the 50dma will be 2040/50 and offer first support.
notable strength, DB, daily
A powerful gain, equity bulls just need the $21s to offer broader upside for rest of the year.