Might as well micro-manage the US dollar index a little more since it’s at a pivotal juncture. For the copper view to prove bearish on the fairly near-term USD would probably need to hold here around the SMA 200. It’s putting in a Hammer candle today so who knows, maybe that’s the start of a support hold. But as with Copper’s situation in a different way, USD’s technical situation is nothing to write home about either as described yesterday.
Meanwhile, we have indicators (reviewed in a subscriber post) telling of reflation trades to come. But they are also nearing potential termination points, maybe not of the run but very possibly for a rude interruption of it. USD would play a role in that as casino patrons run to liquidity as in the March spike.
There are a lot of balls (and indicators) in the air right now in the markets. It seems there are options aplenty. But this mess is showing more cards every week. Game plans are refined by those cards.
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