It was a bullish month for equities, SPX +156pts (3.6%) to 4530, with the Nasdaq comp’ +469pts (3.4%) to 14220. WTIC +$4.56 (4.8%), to $100.28. Copper +30 cents (6.66%) to $4.75. The USD strengthened by +167bps to DXY 98.36. The US 10yr yield climbed +49bps to 2.32%.
SPX, monthly
Nasdaq comp’, monthly
WTIC, monthly
Copper, monthly
USD, monthly
US 10yr yield, monthly
Summary
SPX: a rather powerful net monthly gain, back above the key 10MA, making for a bullish monthly settlement. However, momentum still ticked lower, settling fractionally negative. To be clear, I still hold to thresholds… bullish >4500, bearish <4400.
Nas: a rather powerful net monthly gain, but remaining under the 10MA, which made for a THIRD consecutive bearish monthly settlement. Momentum continued to weaken.
A H/S formation threatens 9000. Structure/target dropped if we break above the March spike high of 14646.
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WTIC: a fourth consecutive net monthly gain. Whilst the settlement of $100 was far below the high of $130.50, we’re seeing oil sustainably near/above $100. Yes, the March candle is VERY spiky, but considering ‘everything’, I have to expect the $130s to eventually be cleared, to test the 2008 historic $147s.
Copper: Breaking a new historic high of $5.04, if cooling back to $4.75. The March candle is spiky, but its outweighed by the new historic high. For confidence of the 7/8s, I need to see a monthly settlement above psy’ $5.00.
USD: the dollar strengthened for a third consecutive month, printing a new cycle high of 99.43. Broadly, its year EIGHT of chop. Bullish >104s, bearish <88s.
Bond yields: yields climbed for the sixth month of seven. Having cleared 2.25%, next natural target is psy’ 3.00%.
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Looking ahead
Friday will see Monthly jobs, PMI/ISM manu’, construction, vehicle sales
After the rather ugly end to March/Q1, Friday should be pretty interesting!
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If there is anything that gets me mad, its seeing people get deplatformed. I sure don’t agree with everything Hedges has ever posted, but what Google/Youtube continue to do is grossly immoral.
I just hope some of the smaller sites like Rumble, Odysee, and Bitchute can continue to grow, and remain independent.
Goodnight from London