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The SPX may have another push higher to complete many waves as indicated in the chart. We may be looking at a very important top. The rally seems to be on borrowed time, especially as we evaluated the entire market landscape.
SPX 1Hour Candle chart
The TNX gave back all of its early gains yesterday, which is a signal of a continued risk off tone for the market. With the “safe haven” buying of treasuries and the S&P 500 running out of gas yesterday, it seems that a major risk off move could come at any time and may be getting underway now. We see the TNX as making another move lower the 15 level at a minimum, which is what we have been forecasting for months now.
TNX 4Hour Candle chart
Copper has moved higher in corrective fashion and has hit up against some stiff resistance at 3.75. This could be the end of wave (iv) for another push lower, which would be bearish for the economy.
HG 4Hour Candle chart
Crude oil continues to flirt with a 2-month old trend line that has acted as support and resistance. If price action breaks down again through the supportive trend line, we may be seeing the beginning of a big move to the downside.
CL 4Hour Candle chart
A very important long-term trend line has capped the move higher for the AUDUSD, which prevent the “risk on” tone from advancing. A failure to break above would mean that we could see a very sizeable move to the downside develop soon.
AUDUSD 4Hour Candle chart
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