Yet another week of not that much change in bonds. Yes, it did drop toward the lower end of the range that bonds have been stuck in the last six weeks. I’m still skeptical that bonds prices drop much before poking up over 182^14 first.
Crude had a nice move up last week but not expecting much higher before a retrace. Next resist zone at 28.96 and 31.51.
DX has been stuck in a sideways range form the last month that is frustrating as it is not clear it needs to drop much lower though it could and not damage the positive forecast. Next support is at 98.26 and the resist to beat is at 100.12.
First resist for a shallow wave ii has been holding for the last month in the Euro. While I would like to see a break lower away from 1.1001, I can’t guarantee that takes place. It certainly helps there is channel resist at 1.1001.
Gold has also been stuck in a range for the last few weeks. In the case of gold, still looking for a lower high to form and a break lower under 1703.60 and 1659.50.
I can’t say I’m happy with SPX recovering nearly all of the decline from the week before but it is what it is. Does that mean one should be very bullish? I don’t think so as it should still be in the late stages of wave (i) or even have wave (i) set and working on a ‘b’ wave high. Regardless of wave count, the next major resist is at 3002 and should also watch the channel harmonic around 2974 for possible reversals this week.