The DX correction should be close to over. I like to look at line charts on occasion as they can act as a noise filter. Here we see that the dollar went into a strong impulsive move once the down trend was broken. I see nothing so far that indicates that the trend is failing.
The banking sector has not kept up with the overall recovery in equities since the 2008-2009 crash, and that is even more true for the 25 large financial institutions that are represented in the KBW Bank Index. We chart a path forward in our latest article at TraderPlanet.
As we have been suggesting for the past several months, the better trades during 2016 will be aligned with the larger Copper downtrend – a trend that shows signs of continuing. We chart the path forward in our latest post at See It Market.
S&P 500 probably pushes past 2100 today but think it can be short lived. Crude should pick up speed lower after the EIA report if the bear is back. Continue to think that the DX is trying to base before a move up into late this year.
The S&P 500 held where it had to yesterday and rallied the rest of the day. Expecting that to bleed a bit into today but think it stalls in the morning. Crude is bouncing from the post Doha drop but think the down move will resume.