Gold and oil have both surged as expected. Seasonal influences remain on the bulls' side for stocks for a bit longer.
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Category: General Market Commentary
Weekly Update
No Quit
The Central Bankers aren't giving up without a fight.
click chart to enlarge
click chart to enlarge
click chart to enlarge
I expect gold to catch up with a move higher now.
video discussion within for subscribers.
One Market
Japan and the US are one stock market when seen through the lens of a single currency.
click chart to enlarge
click chart to enlarge
I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now. The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.
Weekly Update
Never taunt a cornered central bank.
click chart to enlarge This divergence will not persist.
click chart to enlarge
click chart to enlarge
click chart to enlarge
Quartered
The intraday chart is set up for a potential island top, but given it is the end-of-quarter tomorrow, another day of prices holding seems likely. But Yellen's rally doesn't have much power behind it.
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Man vs. Nature
Market action is best described as man vs. nature with Yellen and the central banks taking on nature’s cycles. The banks have regained the upper hand, showing a mastery over the short-term Spiral Calendar points. But the Nature chart shows those points still having an effect, indicating we need to pay attention to them. I’ll post a detailed video update this evening for subscribers.
click chart to enlarge
click chart to enlarge
A Shoe Drops
The 135 minute RTH eMini chart has generated three sell indication in the space of two bars.
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