With a break of short term trend/support, it would seem the market finally has an opportunity to see the first significant retrace of the sp'1810-2111 wave. The sp'2050/40s seem a realistic target for the April close, which sure would help make the monthly candle much more tolerable for those holding to a broadly bearish outlook.
So... was sp'2111 a key mid term.. or just a short term high?
I'm well aware some were seeking sp'2116 or so, but surely 2111 is high enough to count?
Best guess: a retrace to 2050/40s.. then a bounce.. but putting in a lower high (<2111) in early May. From there... considerable chop, with opportunity of significant/sustained downside in latter half of May.
A May close <1950 would bode critically bearish for June.
Anyway... first things first... lets see how April settles in six trading days time.
USD floored? weekly
From a MACD (blue bar histogram) perspective, we're ticking upward. A weekly/monthly close above the giant DXY 100 threshold looks a given at some point.. after that... the 120s.
Gold chatter - Mr Long and Mr Rickards
I'm long term bullish the precious metals... and the related mining stocks.
More Gold/market chatter from new daddy... the Schiff
Friday will see PMI manu'.
Goodnight from London