Bonds
Odds are increasing that the wave (a) bounce in bonds is over and now in the early stages of a (b) wave retrace.
Crude Oil
Yet another week of sideways in crude oil. I lean to a brief pop up before a drop, but the danger is the correction is taking place in time instead of price.
Dollar Index
DX has been doing well enough but starting to pause against 103.37. Fair to allow a modest retrace to gain energy before pushing higher.
Euro
Euro spent last week hugging the 20 period EMA. I favor lower but not sure the next leg lower is ready to start.
Gold
So far gold has been holding above the 2027.80 support level and may try to hold on till after the next cycle inflection in early February.
S&P 500
SPX finally made the push to a new high over the 2022 high last week and pushed to the lower end of the next target range of 4840 to 4860. I don’t think higher is required at this point, but I can’t rule out a push to higher targets. I wonder if we will see a catalyst for selling in the earnings coming out over the next couple of weeks.
Russell 2000 Futures
Contrast the SPX to how terrible the RTY looks. Does the market look healthy to you? Not me, as in a better market, RTY would be mirroring the rise in the SPX if not surpassing it.
Bitcoin Futures
I find it funny that after all the hype over Bitcoin ETFs that BTC is falling. Pretty much a classic ‘buy the rumor, sell the news’ type move.