It was a bullish month for equities, SPX +241pts (4.8%) to 5277, with the Nasdaq comp’ +1077pts (6.9%) to 16735. WTIC declined by -$4.94 (6.0%) to $76.99. Copper climbed by +4cents (0.8%) to $4.60. The USD weakened by -148bps to DXY 104.62. The US 10yr yield declined by -17bps to 4.50%.
SPX, monthly
It was a rather bullish month, having printed a new hist’ high of 5341. Monthly momentum ticked back upward, and is on the high side. A very comfortable close above the key 10MA (4783), as the m/t trend remains bullish.
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Nasdaq comp’, monthly
A new hist’ high of 17032. Monthly momentum ticked back upward. A comfortable close above the key 10MA (14973), as the m/t trend remains bullish.
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WTIC, monthly
Oil fell for a second consecutive month, settling under the monthly 10MA. Monthly momentum remains marginally negative. Considering the geo-political situation on planet Krazy… oil is bizarrely cheap. OPEC+ are meeting Sunday June 2nd, and that might be the excuse for another push to break AND hold above $80.
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Copper, monthly
Copper printed a new hist’ high in May of $5.20, on very high vol’ of 224M. Whilst the monthly settlement was $4.60, it has to be seen as a net bullish month. Monthly momentum ticked upward, and could easily climb for another few months.
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USD, monthly
A net May decline for the king of FIAT land, but that was from a new multi-month high of DXY 106.38. Monthly momentum remains marginally negative. Short/mid term bullish the dollar unless <10MA (104s). Even then, things only turn interesting under psy’ 100, and I don’t expect that any time soon.
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US 10yr yield, monthly
Bond yields cooled back… if only a little. Monthly momentum remains marginally negative. Price action is pretty narrow range, as Mr Market is losing hope of rate cuts. Right now, a cut in Sept’ and Dec’ looks feasible. More broadly, I have to expect an eventual break >5.00%, and onward to 7.00%.
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Miscell’ things
Ms. Booth on the gaslighting, but then the financial/political class have always done that… if perhaps not as much as currently.
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The weekly wrap by Hunter (not pictured), whom is rather partisan, but the issues raised are important.
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The Celente remains distinctly bullish gold, and to some degree… silver.
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The weekend
Two days to rest and recover, although I’ve a fair few things to do.
As ever, feel free to message me via Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’12pm EDT @ https://tradingsunset.blogspot.com, and will detail ten of the world equity markets.
re: X. I will endeavour to cover as many of the end month individual stock settlements across the weekend as I can. As ever, if there is something you’d like me to highlight, let me know!