Stocks rebounded nicely last week and cleared a key short-term resistance zone, which could mean the completion of a short-term low. It would still take a close above another key level of resistance that was outlined in the Mercator Letter to effectively confirm a bottom.
Interest rates cooled off in their rise last week, while the U.S. Dollar traded sideways in an attempt to consolidate its gains. So long as rates keep rising, the dollar should continue to benefit from the global carry trade.
Crude Oil tried to solidify a higher-low last week. If successful, it would serve to reinforce the existing bull trend. Precious metals continue to trade in a choppy, trendless manner, although they do seem to be trending downward more than upward. Cryptocurrencies are still in a clean downtrend, and should be treated accordingly.