Bonds still stuck going sideways. I still favor an eventual upside break but not in a hurry to do so. Would be bonds bulls need to see a base above 172^18 to make progress toward working higher.
Crude initially moved up today after the EIA numbers but fell back after test 48.61. I don’t think the drop has much follow-through as I think CL will firm up against 47.80 or 47.26. I’m giving crude a chance to press to one last high for the initial impulse up from the low in April.
Euro poked to a new high this morning but I think bulls need to be defensive. As much as I want to pound the table to short, it is probably a little too aggressive to do so until there is some evidence of a reversal. Would be bears want Euro to drop away from 1.2310 and break under 1.2275 to get something started.
Gold hasn’t done much over the last few days. Resist between 1899.45 to 1904.47 was rejected but hasn’t been able to drop under 1871.86. I’d say bears have a minor win in that gold isn’t advancing much as DX makes a new low. Probably best course of action here is to be on the sideline and observe.
