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Weekly Memorandum 7/25/2022

Stocks continued their rebound last week, but gave back some of those gains on Friday. Don't be surprised to see some backfilling this week as stocks digest the gains. If key support holds, it would fortify the short-term uptrend. We also saw consumer discretionary lead for the third week in a row, which is a bullish sign. Keep a close eye on energy this week as well.

Bonds are starting to behave in a more bullish manner, and could be pointing to another negative GDP reading later this week, which would render the economy officially into a recession. The U.S. Dollar is consolidating its gains, but with the Fed set to raise rates at least 75 basis points this week, need to be keen on another move higher.

Crude Oil is still struggling, but if bonds start to bid, be sure to watch metals closely. Cryptocurrencies are trying to digest their gains as well, but remain in a strong downtrend overall. Within the agricultural space, focus should be centered around livestock markets in the next couple weeks.

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