Watching oil here – now exhibiting some “bottoming characteristics”. Still very early ( as thus far only the 1 minute, 5 minute and 15 minute charts have reversed ) but…….
What do we know about “the price of oil” and the “value of USD”?
Oil is priced in U.S Dollars right? A low in the price of oil could very well mark the high in USD no?
Both Gold and Silver ( including the miners ) look to have found some support these past days, regardless of USD poking a touch higher.
Looking at oil related currencies such as The Canadian Dollar as well The Mexican Peso we can also see USD weakness.
A flood of money coming into commodities in general would clearly suggest USD topping out “medium term”.
The SP 500 has now retraced a full 50% of the recent plunge ( now at 2035 ) so even a touch higher at 2051 would provide for a low risk entry – short.
Earnings season is gonna “suck” as there is not a U.S based multi-national company on the planet that can “honestly” report that they’ve increased bottom line profits in the face of the rising dollar, let alone the number of energy related companies that just got their asses kicked by falling oil.