Last month this checkup pointed to stocks being in the better position compared to TLT or GLD. Stocks went a bit lower, but TLT and GLD got hammered. USO also started out strong.
3 /5 USA mains still OK here, as NDX is just a fraction below the 2000 top and both SPX and INDU are so far holding the 2015 monthly close highs as support. But the market has a breadth problem as RUT small caps and VTI (Vanguard Total Stock Market ETF) are more bearish, with RUT getting hit from the 2015 monthly close high that acted as resistance, and VTI falling below 2015 monthly close high as well.
TLT hammered and now closer to support. GLD in mixed condition. USO no follow through from last months bullish close above the 10MA is vulnerable. What looks clearly best here is DXY.
Though it below the 2015 high of 2134, the situation doesn't get serious until below the previous monthly close high of 2107.
Just slightly below the 2000 top of 4816 but not enough to be threatening. Back above that level will likely bring a surge of additional buying.
This has held the 2015 monthly close high at 18132. Not a coincidence especially as several indexes dropped last week and INDU held sideways.
Ugh, hit hard from the prior close high. 20MA possible support but flat slope, then 10MA below that.
Weaker than INDU here, below the 2015 close high.
That got hammered, didn't it. Big move in for now, and possible support at the 20MA.
Not as bad a bar as on TLT, as it held rising 10MA (aqua). But still pushed down from falling 50MA.
The first close above the 10MA since 2014 was last month, but no follow through. CL contracts will look different depending on continuous or current contracts, but still. Sigh.
I don't believe this chart will stop at head and shoulders. This means breakout above 100.