A few items of interest...
US Indicies FuturesDow futures trying to make an after market push. A few areas of resistance.
Looking at the majors, these haven't pushed as much. I think it must be retail investors but I have nothing to substantiate that. But it could be institutions also, to make it appear like its going up. Again, no evidence to substantiate that.
Probably wait until the last hour of the day to see where this goes from here for tonight. Additionally, I think I saw someone's chart highlight these were near their support uptrend line. Last nights action has definitely broken that. A reversal of this break would mean trading (and staying above that line). We are now heading towards downtrends confirmed by chart patterns.
Bond YieldsThese are still smashing higher. Trend is your friend. Anyone who thought the 10 year would pull back (after the confirmation bounce from 1.7% level) should reassess their trading thoughts.
The 2 year yields are shooting higher. As I pointed out this is the segment the government has control over and this is a major signal interest rates are going to rise.. We would need to see a pullback to around 0.7% levels for a reversal of this at present.
Here's a list of various yields. Where an earlier yield bond overtakes a later dated bond, this has been a predictor of a recession. 20y overtaken 30y and the 7y is nearing the 10y.
Maybe this time is different.
Hahaha...
CurrenciesCurrencies against the USD were down, and now some have reversed this morning. This is confusing as bond sales may cause the USD to drop if funds are then leaving the country. Maybe just sitting on cash in banks?
Comparing these to the Weekly S&P 500 Futures, again it is confusing. Money is leaving stocks bonds, and also moving towards the US. Where is all the cash sitting? There hasn't been a move into Gold as the price there is just stagnant at present.
As I have mentioned before, cash needs a home otherwise it loses values (especially when thinking about the inflation). This signals to me, stock markets are going to continue down more so than up. With US representing 40% of global equities, I guess you pull your money out of other markets before a collapse of their currencies and sit it where you will have the most effective recovery.
CommoditiesEnergy still strong and the trend is up. A pullback may be a pre-emptive signal that the markets may turn lower (<$83.00 for Crude).
Metals have generally been heading higher, although Aluminium, Magnesium and Zinc have shown a little weakness / pull backs. Nickel and Tin (which I thought was coming down and wrong about that) have pushed higher. Maybe a blow off top especially with the recent surge in Nickel prices.
Agricultural products have started to show some weakness as they have started to come off recent highs (excluding Lumber, Orange Juice and Cotton). Maybe the buyer has enough supplies to get them through any crisis until their Summer comes.
Aussie MarketEarlier there was a 1:3 ratio of gains against losses. This has come off slightly showing 1:2. Volumes have been slightly less than average.
As we start to near the half yearly reporting season, expect to have a few market updates which are unlikely to perform. Self imposed lockdowns and uncertainty has reduced spending. This will cause a few 'unexpected' drops in shares and that will have an effect on the XJO.
As to today, maybe wait until the last hour of the day to see where the US might head but don't rely too much on that. It might show some ups, but most of the outcomes will be towards the downside going forward.
(20min delay)