Commodities Countdown

Commodity Countries Surge 2018-05-04 Video

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Commodity Countries Canada and Australia charts both start to surge this week with Canada making a new three month high.


Australia.

When compared to the $SPX, we can see that commodity countries are starting to take the lead on the very short term. It's been a long time since they have outperformed. Below is the $SPX. It would need to rally 100 points to get back to three month highs. However, the MACD shape looks like it could start to turn up on the $SPX chart. Then we'll have to watch to see if they can keep up or lead an advancing $SPX.

Crude oil closed Friday below $70 once again for two weeks running. On Monday, crude surges above $70. The XOP ETF pushed to a fresh high as well. Perhaps this run in energy has more legs left.

There is a lot more information on the video. The currency trade is really important. I also discuss the summertime view for the European charts. There is some concern there and I explain why on the video.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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