sp'daily5
GLD, daily
Summary
*I'm not surprised to see the metals (finally) see a break back under $1200.. as the USD is naturally pressuring most $ asset classes lower.
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As for equities... I don't expect any sig' downside this week.
All things considered, the sp'2150s look due within two weeks, and 2170s by the next FOMC of June 17th.
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To be clear.... DXY to break into the 97s... but then turning lower for a month or two.
However, any sustained action in the 98s would be too high to be considered a bounce/retrace... and would instead by suggestive of a straight run to the 120s... before year end.
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*awaiting a truck load of econ-data this morning.
.. also notable.. Fed official Fischer is speaking on 'The Fed and the global economy' this lunch time in Israel. Mr Market will be listening.
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Have a good week
8.36am Durable Good orders, -0.5%.. not so pretty... but ironically above market expectations.
Indexes continue to cool.. if slowly, sp -5pts... 2121.
Metals are where the early sig' weakness remains, Gold -$16, with Silver -2.1%...
.. as the USD +1.1% in the DXY 97.00s.....
8.56am... the USD continues to climb.. pressuring everything....
sp-7pts 2119...
Gold -$18.... having lost the 50dma
Oil -2.0%.... looking problematic.. back in the $58s.