I have not looked extensively, but in viewing the MSfM I get yesterday’s flu virus fear hysterics, today’s relief and 3 significant and wealthy Amigos (Tudor Jones, Dalio & Tepper) talking about why you [still] should be in stocks. Over on the gold sites, surely you would think someone would have a juicy USD Death Cross headline; and yet… crickets.
But this is what would normally be a highly touted situation with Uncle Buck, as the SMA 50 crosses below the SMA 200. Let’s give it time. Maybe some usual suspects will appear after the signal gets a little more mature. Maybe they’ve been mute because USD has actually been bouncing hard, as a move opposite the implied direction often happens in response to a Death or Golden Cross.
As for the daily chart technicals, it would be a notable thing if USD were able to cross this moving average traffic and hold above it. Short of that it remains vulnerable, especially now that the bounce has already responded to the cross. A new breakdown, if it comes about, would likely send the inflation/reflation trades up again but USD is only really technically broken if it loses the June low. That’s been the story all along and I am sticking with it.
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