5 Charts to Pay Close Attention to This Week
The US Dollar Index
The US dollar has been a must watch the last few months and it continues to be at the top of the list.
A weaker USD should provide relief to stocks as well commodities.
Technically it's still in an up trend but it has started to make a series of lower highs which could be indicative of a top.
Will it continue to probe lower this week?
Gold & Silver
A weaker USD is usually good for precious metals and on Friday we saw a nice rally in both gold (3%) and silver (7%).
Technically they are not out of the woods but I'll be watching to see if we get some upside continuation early this week.
Copper has been consolidating just above support but did get a nice bid to end the week on some positive news out of China with regards to the easing of their Covid-Zero policy.
If China's economy starts firing on all cylinders the demand for copper should increase substantially.
Will we see a breakout this week?
Crude Oil WTI
Oil finally broke out of it's persistent down trend that started in June and price has now made its way back above $90.
I'll be watching this week to see if it can start to make some headway starting with the recent high from October 10th around $93. Above there the next test will be the 200 day moving average.
Big Tech Stocks
Large cap tech stocks like AMZN, AAPL, GOOG, and TSLA have taken it on the chin this year and are starting to accelerate to the downside.
Will investor's continue to flee from these widely held names putting further pressure on the NASDAQ, S&P 500 and tech stocks overall?
What are you watching this week?
Let us know what you think.
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