Lets take a look at a few random bits and pieces...to wrap up the month!
USD, monthly'3 - fib retrace/outlook
The USD has a clear mid term top of DXY 100.71... with the biggest net monthly decline (-3.8%) since 2011. We're around half way to the secondary downside target of 90/89. Renewed upside looks due later this summer... and it then seems to just be a case of when King Dollar will break to 101... and then hyper-ramp to the 120s.
Trans, monthly
A net monthly decline of -1.7%, and notably.. the Trans has seen 4 monthly declines in the past half year. Overall though.. the broader upward trend is holding. Ultimate downside case for the bears this summer/autumn would be the lower bollinger... in the 7500/7000 zone. Underlying MACD (blue bar histogram) cycle settled negative, for the first time since Dec'2012.
Nasdaq comp', monthly2, 20yr
Despite a net Thursday decline of a rather significant -1.6%, it remains notable that the Nasdaq continues to broadly climb. The tech' saw a moderate net monthly gain of 0.8%, having hit a post 2009 high of 5119.. a mere 13pts shy of the March 2000 high. All things considered, it would be surprising if the Nasdaq doesn't at least test the all time high in May/early June.
WTIC Oil, monthly'2
Oil saw an extremely powerful net monthly gain of $12.14 (25.6%) to $59.63. We have the second consecutive blue candle.. and further upside looks probable across May/June.. to at least $65/67. Sustained price action above $75 looks unlikely this year... even if the USD fails to break back above DXY 100.
Copper, monthly
Copper climbed for the third consecutive month, with a net monthly gain of 5.3% @ $2.89. A monthly close above the $3 threshold will not be easy as world supplies of many resources remain above demand.
China, monthly
A rather incredible net monthly gain of 18.5%.. with the Shanghai comp' having broken a new seven year high of 4572. First soft support is the psy' level of 4K, and then the breakout zone of 3300/500s. The giant 5K threshold looks an easy target... with seemingly likely hyper upside across 2016/17.. possibly to the next monstrous psy' level of 10K.
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Looking ahead
A new month.... Friday will see PMI/ISM manu' data, consumer sentiment, and construction spending.
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Goodnight from London