Outlook: Broad equity indices have shown strength in the face of bearish media, economists, and the like. Though I am still not calling for new all-time highs, the playbook remains the same. I anticipate new local highs as equities march on with higher duration risk (i.e. crypto) switching from leaders to laggards and will eventually play catch up.
QQQ: May meet sell pressure at this resistance zone but will march higher as tech leads.
SPY: Breaking out absolutely on a weekly close and eyeing 431 longer term.
DXY: The bounce off the retest of 101 doesn’t imply a bullish trend (sideways action at best).
Yields: 2s 10s and 30s are holding the 50W MA but bounces aren’t sticking. A breakdown along the curve appears inevitable.
Commodity Complex: None of the majors look exceptional, though natural gas is catching a bid and as stated several weeks ago I believe this is one that has to most room to mean revert.
Gold: Holding steady and not triple topping. I like an eventual breakout, particularly when conditions warrant monetary intervention.
BTC/ETH: Bullish price action continues to be beaten back but the refusal to breakdown implies a firming base that will lead to a leg up and runs at 37000 and 2500, respectively.