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Last week: US equities were rocked by the high US CPI print, the most significant increase in 30 years, such that all four of the US stock index majors, the S&P500, DJIA, NASDAQ and Russell-2000, closed with bearish weekly candles. This bearish week has to be viewed in the context of a stock rally that […]
The high print for US CPI has driven the US$ up and US stocks down. There were sharp moves across Forex pairs but watch key S/R levels once this dust settles.
The stock rally has paused ahead of key US inflation data due out later today. Gold is higher though and has broken up through the multi month bear trend line but the EUR/USD remains near 1.16.
The US$ remains weaker despite higher yields, strong economic data and upbeat earnings and I am not the only one noticing this phenomenon. Kathy Lien made comments today along the same wavelength. The S&P500 has made its first daily close above 4,700 and Gold looks ready to take on a multi-month bear trend line.