Just a quick note tonight about bonds in this crucial time. 30 year, 10,5,2 year and the 3 month $IRX.
Everything is still trading under the 10 week. On the two previous Euro Summits the $IRX - 3 Month Yield chart would rally briefly. This summit did not even motivate a rally and we closed the week on the bottom of the chart.
The $USD is at an important place on the chart.
Here is the Daily $USD.
We are testing a breakout on this $USD chart. This breakout would imply lower prices for commodities.
With the Fed meeting this really adds to the pressure on this chart.
Lastly, the $VIX weakened today on a big selloff day. Very odd. Is a rally is coming with no protection required because of the Fed?
We'll wait and see.
Good Trading
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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