Stocks finished strongly last week and closed above a key resistance level. This increases the odds that a short-term low formed, although further upside is required to suggest a definitive low is complete. Bearish sentiment remains high, and there remain serious structural issues, but our call of a corrective decline in the U.S. Dollar leading to a bounce in stocks is unfolding accordingly.
Crude Oil cleared an important resistance level as well, and other commodities put in strong weeks too. Need to keep an eye on rates as they are in corrective decline territory, and if the relief stalls out here, they could start another leg higher. The U.S. Dollar still looks bullish despite the correction.
Cryptocurrencies are still bearish, but precious metals are trying to solidify a low. We are entering a seasonal period of the year where volume starts to taper off a bit.