Bonds
While I think it would be ideal to get a new low under that of last year late this month or in September, I’m starting to worry about possible truncation on lower time frames. I’d characterize this as too late to sell and maybe a little early to buy for anyone looking for a longer-term trade, but worth keeping an eye on for a swing trade on the long side
Crude Oil
Crude took a dip last week but held above 79.00 which enabled a push for the next target at 83.20. The dominant weekly cycles are cresting in this area that stretches out to as late as the end of August. I think it likely to be very late in the advance up from May.
Dollar Index
I’ve been pretty happy with the performance of DX over the last few weeks though it is probably best to allow for a small consolidation prior to breaking over 102.70.
Euro
Promising push under 1.1060 with the next objective to push under the 20 period EMA and try to test 10813.
Gold
Gold should be poised to trend lower to at least 1904.60 over the next few weeks.
S&P 500
If I am correct in the form or a [b] wave, it is possible that the [b] wave high was set last week. Would be bears need to see 4472 fail in the next week or two to feel better about a reversal and later break under 4193 to really have bulls run for cover.
Bitcoin Futures
Not really much to say about BTC as it has traded sideways for a few weeks now. It is a minor win for bears that it has remained under 30970.
I’ve been asked to take a look at heating oil futures. I will include a weekly chart in the Monday evening post.