The video in this report is only accessible to members
The video in this report is only accessible to members

Tough to make much of Tuesday’s intra-day reversal, but the strength in Technology looked like an interesting and positive development that served to take away a bit of the negatives of what’s been happening lately within the commodity space.  WTI Crude’s nearly 10% drop on Tuesday caused meaningful breakdowns in many Energy related ETF’s which looks to continue.  Meanwhile, breakdowns in Gold, Silver, Copper all look to show further weakness over the next few weeks.  Daily charts of SPX show the important areas of trendline resistance that will need to be exceeded to have any real confidence of a meaningful bottom.  Initial areas of interest lie at 3946 near late June peaks, which shouldn’t be surpassed before SPX makes a final stab lower to break 3636.  I’m expecting that Treasury yields bottom out in the next 1-2 days, and a lift higher in rates could cause a deterioration in Technology that should prove to be an excellent buying opportunity by the third week of July.  Overall, weakness in July should be buyable.

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WTI Crude tactical decline has started to pick up speed

While it might be early to speculate that recession fears are driving Crude lower, the Dollar’s rec...

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