Here's a quick draw 5 macro technical charts (going as far as individual commodities, currencies, bonds, and sectors, as well as the rest of the major indexes). No comments on anything except the technical/price developments. Even if you're not technical analysis minded it's a useful way to keep on top of trends in some of the main financial markets and a prompt for further investigation...
1. Copper - Rectangle
-The large rectangle pattern in copper continues to play through with another touch of the bottom side
-RSI starting to turn up from oversold levels, thus short term the outlook is bullish
-Bias is to expect the rectangle to breakout to the upside as part of a larger bottoming process
2. US 10 Year - Ascending Triangle
-After a downside break of a descending triangle the UST10Y is putting in an ascending triangle pattern
-The 1.60% level is a critical line in the sand; the bottom line of the descending triangle 1.70% is the next hurdle if 1.6 can be broken
-We are just about at the apex of the descending triangle; interesting things tend to happen at the apex...
3. DXY - Short Term Uptrend
-DXY has been quietly putting in a series (3) of higher lows
-Recent low didn't even go below the stubbornly strong support level of 94
-(but) the 98 level is still going to be the big test for what has been a range bound market
4. XLF - Inverse Head and Shoulders
-Inverse head and shoulders pattern continues to play through for the financials sector
-Simple target rule (head vs neckline + breakout) = ~~ 27.5 (24-20+23.5); suggesting more upside is possible; will have meaningful implications for the rest of the market if it plays through
-Small upside gap last week on the weekly chart with high volume; a potential breakaway gap
5. WEAT - Capitulation
-Wheat had a major breakdown with heavy selling and RSI lighting up as oversold
-Clear and present downtrend though (price below 50, 50 below 200, 200 downward sloping)
-Looks tempting as a reversal play but be wary of going against the trend
