2pm update - minor up cycle due

US indexes continue to see minor weakness, but with two full hours to go, there is high likelihood of a minor wave higher into the close. The sp'500 looks set for a daily close in the low 1950s..which will keep the door open to 1960s by early Thursday.


sp'500 vs CRB

Summary

*chart from yesterday close.
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The disparity between equities and stocks remains almost as wide as ever.

I suppose the inflationists would say that commodities are merely consolidating sideways before the next lurch higher..and I'd be inclined to agree.

However, the one problem would be a rising USD..which as noted earlier..appears likely to rise across the summer/autumn.
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*I remain LONG, via WFM, I'd prefer a daily close in the 42s..that would keep viable the 43/44s later this week.
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back at 3pm