Big Picture Charts Across Several Markets

Time again for a rundown of the big picture macro, beginning with the 3 Amigos.

Stocks vs. gold lurks beneath its likely limiter. Party on Garth until such time as this thing either registers or aborts.

spx/gold

Nominal long-term yields have perked up with 10yr making a play at the monthly EMA 90 and the 30yr still in its flag. Limiters are 2.9% and 3.3%, respectively. Party on Garth until these either register or abort (this is a bit more iffy as an indicator because the bond market can have several inputs informing price).

tnx

tyx

The yield curve flattens with the boom. Party on Garth while it is flattening. It is under no obligation to invert before the next trend ensues. That is arbitrary boilerplate from the financial media and conventional analysts. Regardless, the boom is still on.

yield curve

SPX long ago mocked my targets.

spx

Dow long ago mocked my target and is now channel busting. But no, it’s not a stock mania out there, ha ha ha…

indu

SOX eons ago mocked my targets.

sox

RUT, despite its recent grind is channel busting and interestingly, hitting a target right now.

rut

DAX has a target around 14,000.

dax

Nikkei made a key big picture breakout.

nikk

Here is the longer view w/ Yen as well. I sold DXJ hoping for a pullback from resistance. So far Mr. Miyagi says “wax still on”. Very bullish. Yen? Uninspiring.

nikkei and yen

EMs are shall we say, bullish.

emerging markets

Copper has held support and the pattern targets higher.

copper

Here’s a similar thing in the GYX index.

gyx

Crude oil is still in that pattern and targeting 75 (w/ resistance around 62). I am not really an oil bull, but just telling what the chart tells me.

crude oil

In response to the Never Ending Grain Pain I only say that patience (in waiting to buy) is likely to be rewarded when GKX hits 240 +/-.

gkx

Silver ambles along the trend line.

silver

Time for an even bigger view per a previous post. The chart is a bit dated, but the pattern is still in play.

silver

Gold hit the bull market gateway resistance and did what it was supposed to do and always was going to do. It pulled back. Relax.

gold

Gold Bugs index continues to be in a consolidation to what may well have been the 1st leg up (2016) of a new bull market. No proof yet, but proof is always in hindsight in the markets.

hui

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