The bull market in the dollar index remains very much alive, but if the Fed surprises dovishly today, it is possible that technical and psychological support at 100 is violated which would lead to a pull back into the upper-90s.
Copper futures finally violated the post-election uptrend yesterday suggesting that some profit-taking will likely occur in the coming sessions. $2.50 should be looked to for initial support in the US futures contract.
WTI crude oil futures surged last week, but have yet to materially break out of their multi-quarter trading range between $40 and $50/barrel. Today, focus will be on the weekly EIA inventory report to see if the data can help propel the energy market back to fresh highs.
Since the unexpected Republican sweep in the US elections, the combination of strong growth expectations and more recently, upbeat Chinese manufacturing data has spurred an impressive rally in copper futures.
Gold futures declined yesterday, initially thanks to a stronger dollar; however, a reversal in the greenback saw precious metals close well off the worst levels of the day. Gold futures declined 0.34% on the day. It is clear that the precious metals market, specifically gold, has gotten crushed since the election, and there are a […]
The S&P 500 rebounded from morning losses to finish the session at yet another record closing high. The post election price action has been impressive and continues to strongly favor the bulls for the medium term.
Gold futures continue to hold on to critical support in the low $1200’s for now, but if the dollar rally continues, it will likely end the short-lived bull market we pointed out back in April.
The S&P 500 printed an “inside bar” on the daily chart yesterday which is historically a signal of indirection. But the bulls have momentum on their side since the election, leaving the path of least resistance higher.
Oil futures got caught up in “risk trading” during the election drama. Energy futures sold off hard with global stocks overnight Tuesday and then surged higher as money poured back into risk assets on Wednesday. That was about the extent of the effect that Trump had on the energy markets at least so far. Tyler […]
As volatility subsided yesterday in the wake of the election and money flows were still largely “risk-on,” gold futures came under pressure and are now testing key support at $1250/oz.