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