Whilst equities continue to see minor weakness, there is some real carnage in commodity land, as the USD continues to climb. Gold is -$22, with Silver -1.8%. Oil is lower by a rather severe 2.9%, with Nat Gas' -4.0%.
USO, daily (1x Oil, long)
UGAZ, daily (3x Nat' gas, long)
Summary
Suffice to say... a rising dollar will be a constant pressure on all US $ denominated asset classes...and that does of course included equities - although the effect is far less.
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Notable strength: TSLA +4.5%
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2.32pm... chop chop... but we're creeping a little back upward sp'1999.
A touch of weakness, but with new historic highs in the sp'500/Transports, it is another day for the bulls. Yet... the equity bears are still at it... still looking for minor down cycles within the broader and powerful upward trend. Pointless.... utterly .... pointless.
sp'daily5
Summary
*notable weakness in Oil, -2.7%, and this is probably why airlines are doing well. DAL +2.5%, UAL +3.2%.
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First support, daily 10MA @ 1994...should hold.
Whilst we do have econ-data across the week, Thursday will be the major day, with the market looking for some kind of QE from the ECB. This expectation is most certainly being reflected in the Euro/dollar pair, having slipped to 1.31.
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Intraday update from Riley
I'd agree with Riley, and look for late day strength.
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stay tuned..or awake...maybe both.
US indexes continue to see minor chop, although there are notable new historic highs for the sp'500 and Transports. Metals/Oil remain significantly lower, as the USD (still King) continues a multi-month climb.
sp'weekly8
Summary
Little to add.
Whilst many continue to call for a dip, retrace..or 'grand wave lower'...the market continues -as a whole, to grind higher, not least reflected in the two leaders - Trans/R2K.
Upper weekly bollinger is now 2027...and will probably be around 2030 by Thur/Friday. For now..that is the upside target.. whether this week or next... makes no difference.
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