Here below CS’s outstanding chart pack. I find it difficult to find many holes in this pack.
The longer term MACD moment comments on the equity markets generally are spot on and fit perfectly with a gradual topping out process in these equity indexes. But note so too are the SP500 near term call for the 1900 level as a probable near term outcome target. Note the HY spread Ive often commented on and note copper as mentioned. Also note the usdjpy pair and the nikkei. I got hit (slightly unexpectedly so) on a low buy order on the Nik225 on the Friday session. The nik225 weakness has been inverse to the US Euro equity indexes strength on the near term. Corrective or something more? I’m not sure yet but I am playing the spread mean reversion for now. USDJPY remains critical. Looking for a bounce near term in the $.
Many reports to get through today so ill save the comments for now. This report alongside the Citi technical analysis report I breakout as stand alone updates.
More to follow but here cs with their weekly chart update.
Rich