Today U.S. Equity Markets weakened after Early Surge
equity markets finished down on Friday and barely avoided a closing price
reversal top which would have signaled the start of a possible retracement to
the downside. The March E-mini S&P 500 and NASDAQ made new highs for the
year while all three indices closed higher for the week. Friday saw the indices
spike higher then break lower following a better than expected U.S. Retail
Sales Report. As long as interest rates remain low, there is no other game in
down. If the Dollar weakens next week versus the Euro, then look for the rally
Early Friday, demand for higher risk along with a friendly
retail sales report pressured the June Treasury Bonds, but this market
recovered when the U.S.
equity markets weakened. Once again the inability to break the low of the week
at 115â€™27 triggered a short-covering rally. Technically, this market formed a
closing price reversal bottom which could lead to the start of a short-term
retracement rally. Watch for a follow-through to the upside on Monday.
April Gold tried to rally after the Dollar opened weaker,
but by the mid-session it was clear that the buyers had abandoned this precious
metal. The current downside momentum is likely to trigger a further decline to
the recent bottom at $1088.50. A break through this price will turn the main
trend down so the bulls are likely to mount a strong defense following a test
of this level.The strong stock market
rally appears to be taking speculative money away from gold.
June Crude Oil posted both a daily and weekly closing price
reversal top, setting up the possibility of a correction back to 77.28 over the
near-term. Demand for higher risk assets appears to be drying up which is
helping to trigger the sell-off. The daily chart indicates that this market has
plenty of room to the downside.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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