SPX continues to lurk in what looks like a bear flag in preparation for more testing of the thick support zone.
Europe is dealing with resistance in the form of a neckline. The target for STOXX 50 would be around 3500 if it can get through here. More testing of the 50 and 200 day moving averages could come into play first.
Japan continues to look bullish. The convergence of the neckline and the SMAs 50 and 200 are critical support to keep the 19,300 target active.
Commodities don’t appear to be quite ready, as MACD could be rolling over and RSI has curled below its moving average (S/T trend). If CRB gets above 190 however, it would target 203. Watch for the 50 and then 200 day MA as key supports.
HUI remains firmly in a daily downtrend with the SMA 50 having declined to 228, but is nestled at its 200 day moving average, in a short-term consolidation. I think it can resume its bounce but now 230 +/- looks like the limit area (if this is only a bounce). The intermediate trend is down until the thick 230 to 250 zone is taken out. While it could mean resumed bearish activity in the short-term for the miners, this sector (fundamentally) needs for problems to develop in the global macro, resulting in gold resuming its rise vs. stocks and commodities. Are firming yield curves an early signal of that? Maybe.
Just an uncomplicated view of the daily technical status of a few key markets for your reference.
